TaxConnections


 

Corporations: Changes For 2016

Manasa Nadig

One of the most positive aspects of my job is to talk to people who come in with their start-up ideas. Whether those are tried & tested ideas or totally out of the box schemes, the excitement at starting something new is always palpable. It’s like planning a baby’s room or buying a new house.

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Focus On Wyoming

Monika Miles

Vast plains and the Rocky Mountains paint the landscape of Wyoming, the Cowboy State. Its famed Yellowstone National Park, a nearly 3,500 square mile wilderness area, is home to hundreds of animal species (i.e., bears, wolves, bison, elk and antelope), dramatic canyons, alpine rivers, lush forests, hot springs and gushing geysers, its most famous geyser being Old Faithful. Yellowstone was the nation’s first national park and the first national monument was Devil’s Tower. Known for its backcountry skiing areas, forested trails and Snake River is Grand Teton National Park.

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IRS Wins Big At 2016 Summer Olympics

Barry Fowler

With the exciting 2016 Summer Olympics not too far behind us, the thrill of victory for the American athletes may be diminishing slightly. What’s probably coming up for many of them though is the tiring topic of taxes.

Just how much of their wins will they have to turn over to Uncle Sam?

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No More Face to Face Meetings at IRS Appeals Division?

Ron Marini

The IRS announced that effective Oct. 1, 2016, it will rarely conduct Appeals Conferences in person. More specifically, Internal Revenue Manual (IRM) 8.6.1.4, blandly entitled “Conference Practices,” provides that ALL conferences will be held by telephone except under certain specific enumerated circumstances.

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Canadian FAQ #202 – Difference Between PST & GST

Grant Gilmour

Tax Question:

How does PST work and how is it different from GST?

Facts:

PST (Provincial Sales Tax) is a provincially-levied retail sales tax that is generally applied to goods or services acquired for personal use in British Columbia, unless there is a specific exemption.

GST (Goods and Services Tax) is a federally-levied value added consumption tax that is applied to the supply of most of the goods and services purchased in Canada.

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How To Protect Yourself From The IRS On Travel Expense Mileage – Free Mile Tracking App

Kat Jennings

The IRS has stringent rules regarding taxpayers. In the case of using your business car for work, you must be able track everything perfectly. If you don’t, the IRS will not allow you to deduct expenses.

If you plan on deducting the miles you drive to attract and meet prospective clients, you would have to keep an accurate record of your travel. This would include:

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Singapore is Now Automatically Sharing Your Account Information!

Ron Marini

On July 25, 2016, we posted Tax Havens Coming Clean and Becoming Transparent where we discussed that the Inland Revenue Authority of Singapore has issued an e-Tax Guide on the territory’s general anti-avoidance rule in Section 33 of the Income Tax Act. The guide, issued on July 11, 2016, explains the three tests to determine whether the GAAR should apply.

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The Service Issues New Administrative Authority Governing TPR Compliance

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The Internal Revenue Service (hereinafter “IRS”; or “the Service”) recently issued on September 14th of 2016 an Audit Techniques Guide (hereinafter “ATG”) governing Tangible Property Regulation Compliance (hereinafter “TPR Compliance”).

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Tax Positions Of The Major Presidential Candidates And Their Impact On Non-Profit Organizations

John Stancil

When one embarks on looking at what might happen with taxes, that path is fraught with many hazards. What a candidate says may not be what is actually proposed. What the elected candidate proposes may be modified or totally shot down by Congress. What Congress passes may not be signed by the President. However, I have my crystal ball and can foresee what the future holds in terms of future changes in taxes. Yeah, right. Unfortunately, that crystal ball is extremely cloudy and I cannot say with certainty what will happen.

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Want To Build “The Million Dollar CPA Firm”? Salim Omar Will Teach You The Secrets

Salim Omar

Although the process of becoming a CPA requires extensive study and learning, it usually includes little practical education on how to establish and grow a successful practice that allows you to live the lifestyle you want.

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What Is Your Business Really Worth?

Ron Oddo

For many owners, the answer to one question determines their ability to leave their companies: “How much money will I get when I sell?” This question is indeed critical. Realistically, you can’t exit your business unless you achieve financial independence, and the primary source of that independence is likely to be the funds you receive for your business when you leave.

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US – Israeli Dual Nationals Lose FATCA Challenge In Israel

Ron Marini

An Israeli Supreme Court panel has thrown out a challenge to a tax information-sharing agreement with the U.S. and removed a temporary block on FATCA’s implementation, rejecting arguments that the agreement violates the rights of Israelis.

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