Tag Archives: taxes

Is Your Business Paying too Much in Virginia BPOL Taxes?

If your Virginia business is required file income tax returns in multiple states, you may be paying too much in BPOL taxes. Virginia localities are authorized to impose a Business, Professional and Occupational License (BPOL) tax for the privilege of doing business in the locality. The tax is also known as a “business privilege tax” […]

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D.C. Tax Reform Passes After Council Overrides Mayor’s Veto

On July 14th, the District of Columbia Council voted 12 to 1 to override Mayor Vincent Gray’s veto of the District’s Fiscal Year 2015 Budget Support Act of 2014 (B20-0749).  The legislation includes tax rate decreases for both individuals and businesses, as well as the heavily publicized “yoga tax” (i.e., sales tax on health club […]

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D.C. Moves Closer to Significant Tax Reform

On June 24, 2014, the District of Columbia Council will have its second vote on the District’s fiscal year 2015 budget (Fiscal Year 2015 Budget Support Act of 2014, B20-0750), which includes tax rate decreases for both individuals and businesses. The reduced tax rates, and a number of other tax reform items, were last minute […]

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Integrating Entity Structure & Accounting Method for Tax Optimization

The most powerful tax planning strategy available to an entrepreneur is the selection and integration of an entity structure and accounting method that balances personal needs with the overall business model.  Tax constraints and limitations make the selection process complicated, but with some careful planning and foresight, you can achieve tax optimization throughout the business […]

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Foreign Bank Account Disclosure Program (OVDP) Changes

IRS commissioner John Koskinen issued an announcement, and the IRS issued a press release, of major changes to its Offshore Voluntary Disclosure Program (OVDP) that will take effect July 1, 2014.  The OVDP was established in 2009 to encourage taxpayers with undisclosed foreign bank and investment accounts to come forward and comply with the reporting […]

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