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A business selling both groceries and prepared food runs two tax regimes at once: exempt food products on one side, meals
Massachusetts requires a restaurant to register with the Department of Revenue to collect meals tax before the business opens, not after
A voluntary tip is never part of the taxable meal price. A mandatory service charge can also escape Massachusetts meals tax,
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A Costa Rica holding company can create Form 5471 reporting for its U.S. owners even when the
A U.S. person who owns Costa Rica real estate through an S.A. or S.R.L. may need to
A foreign life insurance or annuity policy with a cash value is an other financial account for
Form 14653 is the certification for the Streamlined Foreign Offshore Procedures. It carries a narrative, signed under
FBAR for Crypto, Gambling, and Offshore Payment Accounts: When Is There a Foreign Financial Account?
Money sitting offshore is not automatically an FBAR account. The report reaches bank accounts, securities accounts, and
Under FinCEN Notice 2020-2, a foreign account holding only virtual currency is not currently defined as a
Yes. A U.S. person who is not the tax owner of a foreign non-grantor trust can still
Your business can owe its own FBAR. U.S. persons include domestic corporations, partnerships, LLCs, trusts, and estates,
A disregarded entity is disregarded by the tax code, not by FinCEN. Form 8858 reports the foreign