Understanding the Impact of Incoterms on Import Tax Compliance
What Are Incoterms?
Incoterms, or International Commercial Terms, are globally recognized rules published by the International Chamber of Commerce. They define the responsibilities of buyers and sellers in international transactions, specifically regarding the shipment of goods. Common terms include:
…
For owners looking to sell their business, it can be a daunting and confusing task. Not only the process itself, but hiring the right team can be difficult, especially when one isn’t well versed in the mergers and acquisitions (M&A) industry. There are two main types of firms who sell businesses – business brokers and M&A firms (also known as…
For many small business owners, when tax season comes it brings a mix of pressure and strategy. You’re not just trying to stay compliant; you’re trying to be smart about what your business spent over the year and what makes sense to deduct to reduce your taxable income. Deductions can ease the tax burden when used correctly. But pushing…
If you own real estate or run a business, you might be wondering what IRS audits will look like in 2025. The good news? The IRS isn’t ramping up random audits as much as some had expected. The bad news? They’re getting better at spotting tax mistakes, and they’re focusing more on people with complex filings—like real estate investors and…
If your business imports goods into the United States, you could be subject to a Customs and Border Protection (CBP) audit—even if you’ve never had a shipment flagged or goods held at the port. Unlike an IRS audit, a CBP audit is about how your goods entered the country, what you claimed they were, how much you said…
Whether you’re running a business or working in a role that requires you to travel, you need to understand how this applies to your tax return. Properly accounting for your travel and meal expenses can help lower your tax bill and reduce the risk of problems if the IRS audits your return. However, making a mistake in deducting work…
#top .av-special-heading.av-mab902nk-44659691b0ddb9dd7902afa2ab6f4b5b{
padding-bottom:10px;
}
body .av-special-heading.av-mab902nk-44659691b0ddb9dd7902afa2ab6f4b5b .av-special-heading-tag .heading-char{
font-size:25px;
}
.av-special-heading.av-mab902nk-44659691b0ddb9dd7902afa2ab6f4b5b .av-subheading{
font-size:15px;
}
California FTB Tax Audit Guide: What You Need to Know
What to Expect When You Receive an FTB Audit Letter
The audit process begins with a contact letter from the Franchise Tax Board. This document includes the auditor’s name, contact information, the tax years being audited,…
If you’re navigating a loved one’s declining health or mental capacity, you may be wondering what legal tools exist to help manage their affairs, especially when prior plans are in place. During such an emotional time, it’s common to wonder: Does a guardianship override a power of attorney (POA) in California? The short answer is: Yes, it can, but it…
If you were named the executor of a will, this is a tremendous honor. But it’s also a considerable responsibility that involves a variety of executor of a will duties, many of which require precision, legal knowledge, and attention to detail that not everyone possesses. This role is not just a ceremonial or symbolic title; executors play a pivotal role…
IRS Audit Adjustments? You Must Notify California’s FTB—Here’s Why
When the IRS audits your return and makes adjustments that increase your tax liability, that’s not the end of the story—especially if you live in California. State law requires you to report those changes to the Franchise Tax Board (FTB), and how quickly you act can significantly impact your exposure to…
