-
The True Cost of Non-Compliance: Demystifying IRS Penalties and Interest
By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Introduction: Beyond the April 15th Deadline For many taxpayers, April 15th is the only date on the calendar that carries weight. However, as a matter of federal tax law, compliance is not a single annual event but a continuous, three-pronged…
-
When Tax Savings Create Bigger Problems Later
By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Tax planning often focuses on reducing current-year tax. In many situations, that is reasonable. Problems arise when tax savings are achieved without considering future income levels, tax brackets, or loss of flexibility. Tax savings are not absolute. They depend on…
-
Health Saving Account Intro and 2026 Update
By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com A Health Savings Account (HSA) is a personal account, not an employer plan. In my view, when used correctly, it is one of the most versatile tax-advantaged accounts available. Key Features: Contributions are tax deductible when made. The account belongs…
-
Impact of the Affordable Care Act on Businesses
By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com In the previous article “Tax Aspects of the Affordable Care Act”, I have discussed how the Affordable Care Act impact individuals and families by introducing new surtaxes, premium credit, penalties. In this article which is Part 3 I will be…
-
The Basics of the Affordable Care Act
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com What is the Affordable Care Act?The Patient Protection and Affordable Care Act (PPACA), is a statue signed into law by President Obama on March 23, 2010, commonly known as the Affordable Care Act (ACA). Among many of its regulations and requirements, the primary rule…
-
What Small Businesses Need to Know about Financial Statements
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com Although the term financial statements is often times associated with large corporations and Wall Street, small businesses will also run into situations where a formal financial statement is needed. The most common users of small businesses financial statements are 1) banks and other…
-
South Carolina Active Business & Trade Income
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com What is South Carolina Form I-335? South Carolina Active Business and Trade Income is not very well understood by many self-employed people with good income level. The name sounds quite confusing as if it is an extra tax, but it is actually a…
-
LLC and Federal Tax Classification
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com A limited liability company (LLC), in the plainest language, is a hybrid entity sharing elements of a regular corporation (for limited liability) and a partnership or a sole proprietorship (for income flow through). It is not to be confused with a regular corporation,…
-
H1b Worker and Income Tax Status
By Yigang Xu, CPAXU CPA, LLCGreenville, SC www.mygreenvillecpa.com To many young people in foreign countries, the U.S. is highly desired after as a place for higher education, prosperity and freedom. Many then decided to leave their home country and came to the U.S. to pursue their dream of career achievement…
-
Reporting of Foreign Bank Account, Financial Assets and Gift by U.S. Persons
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com It is not uncommon for many U.S persons (citizens, permanent residents, and certain resident aliens) to have interest in a foreign bank account, to be beneficiaries or grantors of foreign trusts, or to receive gift and money from a foreign relative or other…
-
Tax Aspects of the Affordable Care Act – Individuals and Families
By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com In the previous article “Basics of the Affordable Care Act”, I have discussed a few of the very basic concepts of ACA, like the individual mandate, the essential minimum coverage, penalty and the marketplace. In this article, I will discuss some tax…
