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Updated by SDG Accountants on Aug 21, 2021
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U.S. Tax Guide

At SDG Accountant, our U.S. tax specialists provide compliance services and professional advice on U.S. federal, state and local taxes for businesses and individuals including...

FBAR Compliance

Anybody who has a foreign bank account (or multiple bank accounts) that have an aggregate of more than $10,000 must file an FBAR. The $10,000 threshold is in US dollars – foreign currency should be converted to US dollars. If you are required to file the FBAR, you will file it with the Financial Crimes Enforcement Network...

Difference between US Citizens and Green Card Holders

When it comes to filing federal taxes, there is pretty much no difference in tax compliance. Even though you may be classified differently for immigration law purposes, Green Card Holders are considered US tax residents – just like US citizens. So the rule of US citizens being taxed on their global income applies to Green Card Holders...

Failing to File Taxes

The Internal Revenue Service (IRS) is quite strict when it comes to employers/businesses failing to pay or even file taxes. There is no financial scenario that exempts you from paying taxes, and this is regarded as a significant infringement. Here is what happens if you do not file/pay your taxes, what you can do to avoid penalties, and how we can help...

Calculate Capital Gains Tax on Cryptocurrency

Cryptocurrency is a digital currency or payment system that may be used to buy and sell products and services on numerous online platforms. It enables everyone in the world to send and receive money from the comfort of their own home. Cryptocurrency exists entirely as a digital currency that can be used everywhere...

Filing an Income Tax Extension Due to COVID-19

Many people have valid reasons for failing to file their taxes by the deadline. Every year, you must file your taxes by Tax Day, which is April 15th (Tax Day is usually on April 15 but was set back in 2020 and 2021 due to COVID-19). Here is how to avoid penalties for failing to file your taxes by the due date...

How to File Back Taxes?

Do you have any unfiled previous tax returns? Do you find it difficult to file your taxes? Don’t be concerned! We can show you many simple ways to file back taxes, as well as what you can do if you are unable to pay any past-due taxes...

How Divorce Affects Your Taxes?

Every day, about 2,400 divorces are filed in the United States, resulting in an average of 16,800 divorces each week and more than 875,000 divorces per year. Divorce affects 13.2 percent of the population in Florida, making it the fourth most divorced state. Many areas of a person’s life alter after a divorce, including their tax filing. Find out the answers to your tax-related problems, most importantly filing taxes after divorce...

Being Audited by the IRS

IRS audits are uncommon, but they can be extremely harmful if not handled properly with appropriate representation and proof. Many taxpayers become terrified when they hear the words “audit,” particularly “IRS audits,” since it takes their breath away. However, many people are unaware that IRS audits are not as awful as they believe...

How to Claim a Dependent on Your Tax Return?

Many parents are unaware that claiming their children as dependents might save them money on taxes. Claiming a dependent can drastically cut your taxable income and enhance your tax return. All of this is dependent on whether the dependent meets all of the IRS requirements and passes all of the tests...

The IRS Streamlined Filing Compliance Procedures

Many expats who leave the United States are unaware that the United States is one of two countries that force expatriates to pay taxes regardless of where they live as U.S. citizens. The streamlined filing compliance procedures (“streamlined procedures”) describe below in detail...

What Happens If I Do Not File or Pay my Payroll Taxes?

Payroll taxes are the most strictly enforced by the IRS of any sort of tax. They are highly concerned about unpaid payroll taxes and have hefty penalties for late payment. A company that receives payroll taxes from its employees is obligated to pay those taxes on their behalf. If a company fails to pay its taxes, it is considered fraudulent and is dealt with accordingly...

IRS Payment Plans and Agreements

The IRS offers a variety of payment plans to help taxpayers pay off their back taxes. These programs differ; you may receive a free installment plan or a pricier one. See below for more information on the various types of IRS payment plans and how you can benefit from them...

How to Respond to IRS CP2000 Notice?

The IRS can send many notices to your house that were uncalled for, and they could be confusing and stressful to look at. These notices can go over your head because of the tax forms they are referring to and the unending due dates. Here is a complete guide of what one of these notices means and how to handle IRS CP2000 notice...

How to Apply for Currently Not Collectible (CNC) Status from the IRS?

Every American is required by the IRS to file their taxes each year, with the assumption that they will pay their tax obligation immediately after filing. The majority of taxpayers file and pay their taxes on time, however, some do not. According to records, approximately 5 million people fail to pay their taxes, and approximately 3 million set up payment plans and agreements, but what about the remaining taxpayers...

How to File an Amended Tax Return?

Filing federal and state income taxes is not as simple as you would believe. It’s all too easy to make minor errors on a tax return, such as reporting income incorrectly. Here’s what to do for filing an amended tax return and the steps you need to take...

Alternative Minimum Tax (AMT)

Although most taxpayers pay a fixed rate, some are paying a parallel tax rate. This may apply to everyone for various reasons. Exemptions and varied tax rates are included in Alternative Minimum Tax (AMT). Read below to find out more...

IRS CARES Act and Tax Implementations

We’ll go over the four CARES Act relief programs: Paycheck Protection Program, Economic Injury Disaster Loans, Employee Retention Credit, and Payroll Tax Postponement in order to assess your taxes. Depending on your type of business and situation, these scenarios may vary. Contact your Miami Tax Accountant, SDG Accountants, if you have a question concerning your business that isn’t answered in this article...

The Complete Guide to Inheritance Taxes | SDG Accountants

Many people in the United States wonder if they have to pay taxes on inheritances. Let us begin by defining what inheritance is. An inheritance is a gift from a deceased person; a relative, or a friend. If you have received an inheritance, you may now be subject to three types of taxes. Inheritance tax, capital gains tax, and the estate tax would be the three taxes...

Traditional Vs. Roth IRAs: Key Differences | SDG Accountants

Individual Retirement Accounts (IRAs) are the best option for your financial future. In every manner, it’s correct. Many Americans begin saving in Individual Retirement Accounts (IRAs) as soon as they begin their careers since it is the most advantageous option. Traditional IRAs and Roth IRAs are the two most popular IRAs in the United States...

How to Know If I am Exempt from Federal Tax Withholding? | SDG Accountants

Many Americans worry about whether they are eligible for a federal income tax exemption or if they must pay. Don’t worry, your Miami Tax Accountants, SDG Accountants, can assist you with a team of highly skilled tax advisors! Read this article to learn how to be exempt from federal tax withholding and if you qualify for an exemption...

Changes to Inherited IRA Rules: New Vs. Old Rules | SDG Accountants

You can inherit a decedent’s IRAs in the same way that you can inherit their property. If a relative, friend, or spouse died before withdrawing funds from an IRA to which they had contributed for a long time. Many descendants leave their IRAs to their spouses or close relatives, but the family does not have immediate access to the decedent’s IRA. To be allowed to withdraw money from the decedent’s IRA, they must fulfill certain regulations...

401(k) Plans: The Complete Beginner's Guide | SDG Accountants

A 401(k) plan is a type of retirement savings account that is primarily offered by employers to their workers. The 401(k) plan is tax-advantaged, meaning it is tax-free. The 401(k) plan gets its name from a section of the Internal Revenue Code in the United States. Automatic payroll withholding to their 401(k) account could be used to make contributions to the plan. The contributions might then be matched by the employers for their employees...

The Benefits of a 403(b) Retirement Plan | SDG Accountants

A 403(b) plan, commonly known as a Tax-Sheltered Annuity (TSA) plan, is a type of retirement savings plan. A 403(b) plan is similar to a 401(k) plan, but it is only available at specific workplaces. It is for those who work for tax-exempt organizations, certain healthcare groups, or public school employees who meet certain criteria...

Personal Property Tax | SDG Accountants

A personal property tax is a levy imposed by state or municipal governments on certain types of properties held by residents. Personal property refers to assets that are not considered real property, such as land or houses. Personal property taxes are typically collected by the local government or the state to fund public works projects. This might involve things like road construction and school construction. Property tax is not required in every state, and the states that do levy it have varied rates...