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Research Unclaimed Money Owed You By U.S. Government, States, Back Wages, Life Insurance, Corporate Retirement Accounts And More

Unclaimed Money U.S. Government Owes You
If the government owes you money and you do not collect it, then it’s unclaimed. This also applies to banks, credit unions, pensions, and other sources. Learn where to look for unclaimed money and how you can avoid scams related to unclaimed funds.

Currently, the government does not have one central website for finding unclaimed money by name, Social Security number, or state. To find unclaimed money from the government, start with your state. Then you can check a number of other sources, such as:

States’ Unclaimed Money
  • Search by State – Search your state’s listing of unclaimed funds and property.
Unclaimed Back Wages
  • Unpaid Wages – If you think you may be owed back wages from your employer, search the Wage and Hour Division’s (WHD’s) database of workers for whom it has money waiting to be claimed. WHD is a part of the U.S. Department of Labor (DOL).   Read More

Best Business Entity Structure After Tax Reform – S-Corp And C-Corp

William Rogers - Selecting S Corp Or C Corp

There’s no easy answer to this question, though the entity choice considerations have undergone some changes due to the new tax law. For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). The top rate, however, dropped only slightly, from 39.6% to 37%.

On the surface, that may make choosing C corporation structure seem like a no-brainer. But there are many other considerations involved.

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Treasury, IRS Issue Proposed Regulations On New Opportunity Zone Tax Incentive

Tax Opportunity Zones

The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive.

Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June, 8,761 communities in all 50 states, the District of Columbia and five U.S. territories were designated as qualified Opportunity Zones. Opportunity Zones retain their designation for 10 years. Investors may defer tax on almost any capital gain up to Dec. 31, 2026 by making an appropriate investment in a zone, making an election after December 21, 2017, and meeting other requirements. Read More

Senior Director of Tax (New Jersey Area)

Director of Tax Job - New Jersey-Pennsylvania-Delaware

TaxConnections has recently been retained to conduct a search for a Senior Director of Tax for a publically listed regulated company in the New Jersey area. With a presence in more than 46 U.S. states and Canada this company employs more than 7,000 professionals. Our client seeks a tax executive with experience in a regulated industry to lead and develop a strong tax team. Key Responsibilities:

  • Leads departmental research initiatives and interprets tax law; defines and implements corporate tax strategies, policies and standard operating procedures to ensure on-going compliance with statutory tax laws; manages exposure to risk; maximizes and leverages tax benefits and minimizes the company’s overall tax liability within a regulatory industry and rate case construct.

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Increase Communication Skills – TaxConnections Word Power

TaxConnections Word Power - Factotum

1. Factotum (fak-toe-tum) noun. This word refers to an employee or assistant who serves in a wide range of capacities.

Example: The VP Tax has a factotum Administrative Assistant in the tax department.

2. Irenic (eye-reen-ick) adjective. The word means favoring, conducive to a peaceful and conciliatory environment.

Example: Irenic tax organizations retain their tax teams for much longer periods of time and enjoy less turnover.

Director of Tax (North Dakota)

Director of Tax - Bismarck - North Dakota

TaxConnections has been retained to conduct a search for a Director of Tax for a publically listed regulated company in the North Dakota area. With a presence in more than 48 U.S. states this company employs more than 10,000 professionals. Our client seeks a tax executive with experience in a regulated industry to lead and develop a strong tax team. We would appreciate your review of this opportunity and referring this to anyone you feel would like to learn more about it.

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The Supreme Court Wayfair Case Continues To Make Headlines – California And Texas

Monika Miles - The Wayfair Case Continues To Make Headlines

It’s been over three months since the Supreme Court handed down its landmark decision in South Dakota v. Wayfair Inc., which made it easier for companies to create nexus in states. In turn, this made it easier for states to collect sales tax revenue from companies doing business in the state.

The Supreme Court’s ruling did not automatically make this the law of the land for all 50 states. The high court’s decision was that South Dakota’s economic nexus law was constitutional. Since this ruling, states have been jumping on the economic nexus bandwagon by enacting similar legislation. As we describe in a recent blog, economic nexus is based upon the amount of sales or number of transactions in the state. If a certain threshold is met, nexus is deemed to be created.

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Resolving Trust Fund Recovery Penalty Disputes

Venar Ayar - Trust Fund Penalty Dispute

What are Trust Fund Taxes?

Trust fund taxes include the Social Security, Medicare, and federal income tax a business withholds from its employees’ wages. These amounts are held in trust by the business until they are transferred to the IRS.

In other words, these taxes are effectively being paid by the employee to the IRS. The employer is just an intermediary responsible for facilitating the transaction.

When the employer fails to remit these amounts to the IRS, bad things can happen. First, the employer can face the failure to deposit penalty for unpaid payroll taxes if the payments are even one day late.

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Tax Reform Enables Deferral Of Taxable Gains Into Investments In Opportunity Zones

Charles Woodson- Tax Reform Enables Deferral Of Tax

Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity fund (QOF), which was created as part of the recent tax reform.

To help communities that have not recovered from the past decade’s economic downturn, lawmakers included in the Tax Cuts and Jobs Act the new code Sections 1400Z-1 and 1400Z-2, which are intended to promote investments in certain economically distressed communities through QOFs. Investments in QOFs provide unique tax incentives that lawmakers designed to encourage taxpayers to participate in these funds:

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100% Expensing For Certain Business Assets; Plus Deductions For Transportation, Bicycle Commuting, Moving And Meals

IRS - 100% Expensing Of Business Assets; Plus Deductions For Moving, Meals, Bicycling Commuting

Businesses are now able to write off most depreciable business assets in the year the business places them in service. The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

Fringe benefits
  • Entertainment and meals: The new law eliminates the deduction for expenses related to entertainment, amusement or recreation. However, taxpayers can continue to deduct 50 percent of the cost of business meals if the taxpayer or an employee of the taxpayer is present and other conditions are met. The meals may be provided to a current or potential business customer, client, consultant or similar business contact.
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TaxConnections Introduces Our Executive Search Services – View Tax Executive Jobs

Tax Executive Jobs - TaxConnections Executive Search Services Division

TaxConnections Executive Search Services division is spearheaded by our CEO Kat Jennings who is an internationally recognized tax executive search expert. For more than three decades, Kat and her highly trained search team have served multinational organizations in attracting the very best tax executives in the world.

The majority of TaxConnections clients seek a dedicated, tightly focused search process that focuses on clients’ particular needs. Our specialty is serving clients who demand the highest standards during the search process for a tax executive. Our executive search services team focuses on high caliber tax executives leading multinational organizations.

Please view our current management level tax searches.

 

 

U.S. Constitution 16th Amendment Gave Congress Authority To Enact An Income Tax – View First 1040 Tax Form In 1913

IRS- First Tax Return Form In 1913

Origin Of Internal Revenue Service
The roots of IRS go back to the Civil War when President Lincoln and Congress, in 1862, created the position of commissioner of Internal Revenue and enacted an income tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the following year.

16th Amendment
In 1913, Wyoming ratified the 16th Amendment, providing the three-quarter majority of states necessary to amend the Constitution. The 16th Amendment gave Congress the authority to enact an income tax. That same year, the first Form 1040 appeared after Congress levied a 1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000.

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