If you’re a U.S. taxpayer with foreign bank accounts or financial assets, it’s crucial to understand your reporting obligations to avoid potential penalties. One of the key requirements is filing the Foreign Bank and Financial Accounts Report (FBAR), also known as FinCEN Form 114. Here’s a straightforward guide to help you navigate this process. What Is FBAR? The FBAR is a report that U.S. taxpayers must file if they have foreign financial accounts exceeding a total value of $10,000 at any…

With the NCAA’s decision to allow student-athletes to profit from their Name, Image, and Likeness (NIL), many athletes are earning money through brand deals, social media promotions, and public appearances. While this is great news, it also means you’ll need to handle taxes on that income. Here’s a simple breakdown of what you need to know. What Is NIL Income? NIL income is any money or gifts you earn from allowing others to use your name, image, or likeness. This can include: Brand…

Whether you’re a private consumer or the owner or a micro, small, or medium-sized business, it’s important to get help with your tax matters. Working with a certified public accountant in Orland Park IL can help you save money year-round. At Barbee Tax Consulting, LLC, we’re sharing five important reasons how. If you invest throughout the year to grow your wealth and bolster yourself against unexpected financial hardships, a certified public accountant (CPA) can help you limit your tax…

Businesses are obligated to pay duty. Therefore, you must track these tariffs. It is quite likely that your revenues will be audited by state or national governments. Keeping up with your sales and legal obligations can be overwhelming. The good news is that a Tax Consultant in Orland Park IL can help you. We guide our clients to ensure that they remain compliant. Since we provide a range of services, we effectively and efficiently carry out our services. We help your business, regardless of…

When opening or expanding a small business, owners will want to do everything in their power to meet with success. An innovative personal bookkeeper can help you keep track of your financial records so that nothing is left to chance. By partnering with a reputable certified public accountant in Orland Park, you’ll be sure to meet with success going forward. A certified QuickBooks consultant will give you the most bang for your buck. The software, in fact, allows you to keep track of every…