The Hilton Head Island vicinity enjoys the presence of many individuals from the United Kingdom, South Africa, Canada, and many other fine countries. Foreign visitors often purchase real estate to use for both personal purposes and short and long term rentals.
Foreign persons who own real estate in the United States are faced with income tax withholding and/or reporting requirements for the years they rent their property. They may also be required to report any gain or loss incurred at time of sale even when the property was not used as a rental. Reporting requirements are only remotely similar to those imposed on U.S. Citizens. There are additional penalties via lost deductions for foreigners that fail to file timely tax returns. »» Foreign Buyers and Sellers of U.S. Property–Take Note!
Your identity helps define your life. Protect it! Information such as your social security number and birth date is widely used as tracking mechanisms by doctors, employers, insurance companies, financial entities, and government revenue agencies. Your identifying information is already too widely available to wrongdoers. Despite this, your greatest risk may actually be yourself. Click here to continue reading…
You can improve your business’s tax health by routinely performing a check-up on your record keeping habits. It may sound painful to make changes today but the payoff, in the event of an audit by a tax agency, will prove beneficial.
Checking Accounts – It is critical to keep separate checking accounts for each Click here to continue reading…
Are you buying real estate? Then avoid sinkholes, I say!
The sinkhole I am referring to may reside in the very property or homeowners’ association that you may become a member of upon closing your real estate transaction, and this applies to residential and commercial real estate. Click here to continue reading…
If you hold a South Carolina retail license, you have likely received a postcard from the South Carolina Department of Revenue indicating you will no longer receive sales tax booklets/forms. Instead, you will receive a single CD that contains a form specifically for your company. Click here to continue reading…
It is no secret that Intuit’s QuickBooks accounting program is very popular among small businesses. It is intuitive, reliable, and has strong support. Of course, like any off-the-shelf application, QuickBooks does have weaknesses including inventory. Click here to continue reading…
All companies should constantly seek ways to become more efficient and cut operating costs, hopefully without interfering with the backbone of all businesses–the customer. Still, when reviewing operations, policies, and procedures for methods of reducing costs Click here to continue reading…
Computers are a vital tool for our daily lives, yet most of us are actually paying too much money for them by purchasing name brands. Proponents of name brand computers will argue that the added cost is a worthwhile expenditure due to the attached warranty, but what they do not tell you Click here to continue reading…
It can be costly and time consuming to process customer checks. Yes, it seems odd that receiving checks–payments–can be costly, but think of the time spent (wasted) Click here to continue reading…
Are you aware that the role of a CPA in small business is changing? With the trend of business owners Click here to continue reading…
