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We have all been promised that people that make under $250,000 a year would not see a tax increase during the Obama administration. Of course, that promise is highly unlikely to hold.
The IRS has created a disclosure program that allows you to reveal your identity to the government until September 23rd. If you do voluntarily come forward, it seems unlikely that the government will pursue the matter criminally which means jail time.
After meeting with your financial advisor, the two of you determine that it’s a good idea to convert your Traditional IRA into a Roth.
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If you pay expenses (in whole or in part) in foreign currency, you must translate it into U.S. dollars on your return.
They will be reported either as a capital gain on Schedule D or on Schedule C if you are engaged in an online business. A small gain on a novelty item is another matter.
Choose a record-keeping system that is best suited for your business and your management team. Consider the burden in keeping both accounting records and organizational resolutions especially if you decide to file as a partnership or corporation.
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