Currently, in Our Undulating World of Taxation, Now is the Time to Focus on the Ball and Be Nimble.
Hopefully, you’ve exercised your choice to vote by now and now we have some things to consider about our Taxes moving forward… depending on who is our next U.S. President. Our two candidates are so divergent on their Tax Policies that many of our Customers are reaching out to us asking about what to do.
On the premise of these candidates’ divergent U.S. Tax perspectives, “Accounting Today” published an article that provides an insight into what other customers are asking of their Financial and Accounting Firms where I was quoted.
Business owners and individual taxpayers are constantly in a natural tug-of-war with governments and their tax authorities. It is well understood that the world's oldest profession isn't the one they reference in movies and school textbooks but more likely is tax evasion. While tax evasion is illegal, wrong, and in some countries is even a capital crime, tax avoidance is universally legal, moral, ethical, and prudent.
Of course, the difference between avoidance and evasion is frequently in the eye of the beholder. A revenue officer far too frequently sees evil whereas the taxpayer sees smart structuring.
While there are ...