CNMI business owners and self-employed individuals learned the dos and don’t of IRS and CNMI tax filing in a workshop held on Saipan today.

Tax Attorney Tina Azarvand who owns Azarvand Tax Law recently moved to Saipan to help residents avoid common tax mistakes and stay compliant with regulations. 

The workshop included topics such as IRS filing requirements for self-employed CNMI residents & employers, foreign bank account reporting obligations, common penalties assessed against CNMI businesses and how to avoid them.

KUAM asked her what the biggest mistakes local businesses make when filing taxes.

“I think the biggest pitfall is not paying your taxes in advance. A lot of people think it is ok to just pay the taxes when the return is due but there are generally quarterly estimated tax payment obligations for self-employed individuals, -- that includes with the IRS and local,” said Azarvand. 

The next lunch and learn workshop is set for Sept. 21 at 11:30 a.m.