In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or business ventures, these foreign assets come with specific reporting requirements mandated by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN). Understanding these requirements is crucial to […]
Tariffs aren’t just numbers on a spreadsheet anymore. They’re eating into your profit margins, creating supplier drama, and forcing you to rework your entire budget. If you’re an SMB owner or financial manager, you’re probably wondering how to navigate this new normal—especially when these U.S. trade policies keep shifting.
In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to lay off approximately 6,700 employees right in the middle of tax season. As of the announcement, the IRS had expanded its workforce to roughly 100,000 employees after hiring initiatives initiated by the Biden administration, which aimed to enhance enforcement, […]
