Compliance Matters

Series 2/2: Not Filed Taxes or Ready to File Your Return?

(Missed Series 1?: View it here.)
Not Filed Your Tax Return?
If you don’t file on time and you owe money to IRS, you will find yourself paying more than merely tax. IRS charges penalties and interest associated with Not Filing and Not Paying on Time. The Failure to File Penalty is immediately greater than the Failure to Pay Penalty. Taxpayers ought to consider that even if they can’t pay, they should timely file their Returns to initially minimize their penalties and interest.
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Ready to File your Return and You OWE MONEY!

Taxpayers could unexpectedly owe taxes at the end of the year. If Taxpayers are self-employed, or have other income wherein taxes have not been withheld, they should make quarterly estimated tax payments.

Another reason for a Taxpayer owing taxes at the end of the year is if the Taxpayer did not have enough tax withheld by an Employer. Employers withhold taxes based on information that an Employee provides on form W-4. So, Taxpayers might need to increase the amount of tax that the Employer withholds. .

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Download Common Reporting Standard Whitepaper
CRS requires financial institutions resident in participating jurisdictions to implement due-diligence procedures, to document and identify reportable accounts, and to establish a wide-ranging reporting process. Start by downloading our free whitepaper!
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FATCA Products & Services
Foodman CPA & Advisors has several products and services which help U.S. and Foreign Financial Institutions (USFIs and FFIs). For more information on these products, please contact us.

Foodman can help you create a FATCA manual, which is a legal requirement for a FFI to have in place. The FATCA manual can be tailored, personalized and can easily be converted to the FFI's policies & procedures manual.

FATCA Helpdesk is an extremely powerful tool to answer your specific questions. See an example.

FATCA Training can be coordinated on-site or via webinar. View our offerings.

We have much more to offer you. Please contact us or visit our site.

About Us
Foodman CPAs & Advisors is one of Florida's most respected forensic accounting and advisory services firms. Our clients include some of the best-known names in law and business, locally, nationally and internationally. We serve attorneys, large and small businesses, government entities, not-for-profits and individuals.
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1201 Brickell Ave., Suite 610 Colonnade Plaza Miami, FL 33131
305 365 1111