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You must report offshore accounts in your tax return

It may not seem intuitive to report income from foreign countries and accounts in a U.S tax form, but it is required by law. You must include all income, wages, and interest from the year, even those earned in offshore accounts. Doing so does not necessarily mean that you will owe taxes on your offshore accounts, but avoiding/refusing to include them on your tax returns is very serious.

Don't forget to pay taxes on gambling winnings

Countless bars and civic groups in towns across Michigan (like local chapters of the American Legion and the Veterans of Foreign Wars, to name a few) offer weekly or monthly bingo games throughout the year. Many charitable organizations and churches also offer prize raffles, drawings and other contests as a way to raise funds.

Could your company be impacted by IRS inversion rule changes?

A lawsuit was recently filed by the U.S. Chamber of Commerce (joined by a Texas corporate advocacy and lobbying group, the Texas Association of Business) against an entity it accuses of usurping the rights of domestic businesses and restricting their right to make legitimate business decisions that could cut down on tax liability. This entity isn't, as some might assume, a foreign power or monopoly that could impact the rights of American corporations.

Failure to pay payroll taxes can get you in big trouble

The world of business taxation can get very murky. Many business owners turn their operations into LLCs to try to simplify matters. That may work depending on how you set up the LLC, and it does give you some flexibility. But, it is important to remember to take care of payroll taxes as they become due.

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