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National Taxpayer Advocate Releases Annual Report To Congress

National Taxpayer Advocate Report to Congress

The National Taxpayer Advocate submitted to Congress the 2019 Annual Report to Congress and the third edition of the National Taxpayer Advocate’s Purple Book, which presents legislative recommendations designed to strengthen taxpayer rights and improve tax administration for all taxpayers.

Section 7803(c)(2)(B)(ii) of the Internal Revenue Code (IRC), as amended by the Taxpayer First Act, dictates that the National Taxpayer Advocate submit a report to Congress each year describing the 10 most serious problems encountered by taxpayers and making administrative and legislative recommendations to mitigate those problems. The 2019 Report to Congress and the Purple Book do just that by identifying problems, making dozens of recommendations for administrative change, making 58 recommendations for legislative change, and analyzing the tax issues most frequently litigated in federal courts.

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IRS And Treasury Issue Guidance For Students With Discharged Student Loans And Their Creditors

IRS And Discharged Student Loans

The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.

Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.

The Treasury Department and the IRS have determined that it is appropriate to extend the relief provided in Rev. Proc. 2015-57Rev. Proc. 2017-24 and Rev. Proc. 2018-39 to taxpayers who took out federal and private student loans to finance attendance at nonprofit or other for-profit schools not owned by Corinthian College, Inc. or American Career Institutes, Inc.

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How To Address Members Of The United States Congress On Tax Policy

How To Address Congress On Tax Policy

The First Amendment to the United States Constitution guarantees the right of all citizens to communicate with their elected representatives. Congress is comprised of the Senate and the House of Representatives. Although Members of both Houses are technically Congressmen/Congresswomen, in the public minds the word Congressmen identifies Members of the House of Representatives. However, when you refer to individual members use Congressman (Name) and Congresswoman (Name).

You may address both current and former Congressmen as Mr./Ms./Mrs./Dr. (Name) which is the same way the House of Representatives formally address each other. It is very important to make certain you are sending your message to the right person representing you in your district. The best way to do this is go to http://www.whoismyrepresentative.com/ and type in your zipcode. Once you have identified the Representative in the United States Congress for your district we will show you how to address them properly in writing.

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Tax Supervisor-Family Office (San Francisco, CA)

Tax Job In San Francisco, CA Family Office

Tax Supervisor (San Francisco, CA)

TaxConnections has been retained to conduct a search for a Tax Supervisor for a high net worth family in San Francisco, CA. The Tax Supervisor is responsible for the preparation, review and filing of tax returns and supporting work papers for high net worth individuals, complex trusts, gifts, private foundations and entity tax returns for the family (the “Family”). Other tax compliance work includes the preparation of quarterly tax projections and determination of estimated tax payment requirements; tax research; and related correspondence with clients and contacts to request tax information.

This position is also responsible for providing year-round accounting and administrative support on recurring or special projects as determined by management. Responsibilities include preparation and review of federal and State income tax returns, including current knowledge of compliance and accounting matters for the following taxpayers:

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Is It Better To Start A New Business Or Relocate An Existing One Into An OZ?

start a new business or relocate an existing one into an OZ

As we enter into the third year of the federal Qualified Opportunity Zone (QOZ) program we have a slightly clearer picture of how taxpayers are using this flexible and impactful program.

Not surprisingly, the vast majority of early Qualified Opportunity Funds (QOFs) formed through Dec. 31, 2019 are focused on real estate projects as they begin directing their investments into Qualified Opportunity Zone Businesses (QOZBs). Preliminary reports in 2019 indicated that only about 5% of public QOFs were focused on operating businesses. However as the Treasury Department provided more guidance through new sets of proposed and final regulations, taxpayers and the OZ community have come to realize that using the OZ program for operating businesses can yield even greater long-term benefits for both OZ communities and investors compared to real estate projects alone.

OZ PROGRAM PARTICIPATION

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Tax Professionals Working Smart: High Performance Tax Calendar

Akore Tax Calendar

Having the luxury of a low cost, high performance Tax Calendar that covers every imaginable tax return is a welcome tool to manage any tax organization or a tax services firm client list. This low cost, affordable Tax Calendar provides much needed organization to  tax professionals in large, medium and small corporate tax organizations and tax services firms.

Akore Tax Calendar is easy to use, inexpensive, high quality and best of all it is simply an amazing tool that tracks all tax returns. Request a tour of this Tax Calendar and get organized in 2020!

Make your job at a tax professional so much easier this year. Click on the link below to learn more about this time saving calendar.

Request A Tour To Get All Tax Returns Organized In 2020

Are you a large corporate tax organization or a public accounting firm? Ask us about our scanning services to make your decision easier.

 

 

Illinois Sales Tax Deduction Cap On Vehicle Trade-Ins

Illinois State Sales Tax Deduction

When the final results are in, car dealerships in Illinois likely noticed a spike in revenue during December 2019 by customers looking to avoid increased Illinois sales tax. This increase is a result of a new Illinois sales tax law that is set to go into effect January 1, 2020. The tax law that was signed by Gov. J.B. Pritzker on June 28th caps the sales tax deduction on the trade-in value of vehicles. Previously, Illinois had no cap on the sales tax deduction allowable on vehicles that are traded in as a part of the purchase of a new vehicle. State officials estimate that the change in Illinois tax law will generate roughly $60 million in additional revenue on an annual basis. Proceeds will go to funding roads and vertical infrastructure projects under the Rebuild Illinois Capital Plan.

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Assistant Tax Manager, Pass-through Entities (San Francisco, CA)

Assistant Tax Manager - Pass-throughs, San Francisco, CA

Assistant Tax Manager (San Francisco, CA)

TaxConnections has been retained to locate an Assistant Tax Manager responsible for assisting the Director of Tax, Pass-Through Entities and the Senior Tax Manager in managing the tax planning and compliance functions for multiple business lines and other investments owned by family.

Primary emphasis is on tax compliance, planning, and support for Fremont’s pass-through entities.  Understand and apply the current tax laws and regulations including the tax implications of investment partnership structures and real estate development and operations.  Identify and communicate issues, positions, and opportunities both orally and in writing to management.  Manage members of the tax accounting staff.

Responsibilities include the following:

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IRS Willing To Consider Requests For Relief From Double Taxation Related To Repatriation

Double Taxation Related To Repatriation

The IRS announced that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA).

The IRS has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of the enactment of TCJA, it may be appropriate to provide relief from double taxation. When the same earnings and profits of foreign corporations are taxed both as dividends and under section 965, double taxation could result.

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Make Your Tax Clients Laugh – Even With A Big Tax Bill

200+ Tax Jokes From TaxConnections

Tax time is a very busy time of year for tax professionals in dealing with their clients. What we have discovered are the many tax professionals who have a great sense of humor. TaxConnections built an eBook of fun tax jokes and forms you can use with tax clients. You can help clients through tax time with a long list of fun jokes and forms to remind them to lighten up this year.

We invite you to request TaxConnections downloadable eBook titled Tax Jokes, Tax Quotes And Fun Tax Forms and have fun with clients. We invite you to leave a comment with one of your favorite jokes this year!

Request 200+ Tax Jokes, Tax Quotes And Fun Tax Forms eBook

With Our Compliments,

TaxConnections Inc.

Understanding Your IRS Notice Or Letter: Why Was I Notified By The IRS?

IRS Letter - What Do You Do When You Receive IRS Letter?

Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue.

If you agree with the information, there is no need to contact us.

If, when you search for your notice or letter using the Search on this page, it doesn’t return a result, or you believe the notice or letter looks suspicious, contact us at 800-829-1040. If you determine the notice or letter is fraudulent, please follow the IRS assistor’s guidance or visit our Report Phishing page for next steps.

Why Was I Notified By The IRS?

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IRS Publication Error: Were You Misled By The IRS Publication 54?

IRS Publication 54- Were You Misled?

The Federal tax return filing thresholds were updated for the 2018 tax year, with the most significant change being for individuals filing as “Married Filing Separately.” The income tax return filing threshold was reduced from $4,050 in 2017 to just $5 for 2018. However, Publication 54 – Tax Guide for U.S. Citizens and Resident Aliens Abroad, for the 2018 tax year, incorrectly stated that married taxpayers filing separately must file a return only if the individual filer’s gross income equals or exceeds $12,000.

Meanwhile, the IRS website and the 2018 instructions for Form 1040 correctly indicated that a married filing separately taxpayer must file a tax return if the individual’s gross income is at least $5. They failed to mention the change in the more detailed Publication 54 on which many US taxpayers living abroad rely.

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