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We know you are busy and want to guide you to a very special page we made just for you. We often receive requests for this information and want to make certain you can access and receive these valuable resources.

You can now access United States Tax Treaties, Global Tax Authority Country Representatives, Verify Law Licenses, Verify State CPA Licenses, Learn About Opportunity Zones, Automobile And Truck Depreciation Charts, Motivational Inspirations, 250+ Best Tax Jokes and much more.

Click On This Link To Access As Many Reports As You Like

 

How Does Economic Nexus Apply To More Than Just Sales Tax?

Monika Miles

Last year’s Wayfair v. South Dakota decision changed the way states define nexus for sales tax purposes. In the past, a business needed to establish physical presence, but the Supreme Court’s decision set precedent for states to establish economic nexus parameters, thereby mandating a certain percentage of sales made within the state are subject to sales tax.

However, it’s important to note that economic nexus doesn’t only affect sales tax. If your company conducts a certain amount of business within the state, it may also be responsible for collecting and remitting all applicable taxes, not just sales tax.

AccountingWeb does a terrific job explaining the following ways states and cities are applying economic nexus to their jurisdiction. Note that some are not necessarily new, but more states ARE considering economic nexus in areas beyond sales tax. Here’s a quick summary to get you started.

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How Could The IRS Find Out That I Am Not Tax Compliant As An Expat?

Olivier Wagner

You’re living your adventure and you’re settled in your new home, having non-US bank accounts, a non-US employer and a non-US social life. You have limited ties with the US and since the people who pay you (banks, employer) are not in touch with the IRS, you consider simply not filing US tax return. What could go wrong?

As you might know, on some level… US citizens are required to report their worldwide income on a US tax return, regardless of where they live.

Think AGAIN…

IRS has a few proven ways they use to track people down.

Below you will find the most common ways that IRS can track you down and check if you filed your US tax return, no matter where you live in the World.

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Learn How To Clear Your Cache – Cell Phone And Computer

Clear Cache

We want to make certain you have a fresh view of Virtual Offices in the cloud on your cell phone. Our wonderful IT Team reminded us to tell people to clear their cell phone browsers. For those of you who may not be familiar with what you need top do to clear your desktop or cell phone browser cache, we will give you an important lesson today.

You need to clear your browser cache on your cell phone and computer because it prevents you from using old forms, it helps run applications better, and it protects your personal information. Clear your cache is the first response tech experts advise you to do when you encounter webpage problems.

The browser cache exists because of a basic assumption made by browser designers: the internet is slow. It is always much faster to get something from the hard disk on your computer than it is to get it from the internet. Browser designers noticed that most websites have many of the same elements on multiple pages. For example, if you see a company logo at the top of every page of a website, why download the same logo over and over again on every page you look at? Why not just download it once and then keep a copy so we can display it again without downloading it every time to your desktop computer or cell phone?

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2 Million Individual Taxpayer Identification Numbers Set To Expire In 2019

IRS

Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal    application soon, the Internal Revenue Service said today.

An ITIN is a tax ID number used by taxpayers who don’t qualify to get a Social Security number. Any ITIN with middle digits 83, 84, 85, 86 or 87 will expire at the end of this year. In addition, any ITIN not used on a tax return in the past three years will expire. As a reminder, ITINs with middle digits 70 through 82 that expired in 2016, 2017 or 2018 can also be renewed.

The IRS urges anyone affected to file a complete renewal application, Form W-7, Application for IRS Individual Taxpayer Identification Number, as soon as possible. Be sure to include all required ID and residency documents. Failure to do so will delay processing until the IRS receives these documents. With nearly 2 million taxpayer households impacted, applying now will help avoid the rush as well as refund and processing delays in 2020.

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Tax Professionals – Need To Access Your Office From Any Location? Get A Virtual Office Today!

TaxConnections Virtual Office

Have you ever been in the position where your desktop computer stopped working or your internet was down? Or perhaps you needed to evacuate your office for some reason (i.e. flood, fire, hurricane, or any number of things that could affect your business). It has always been our belief that you need a backup office in the cloud; and you should be able to access the things most important to you in your office via your cell phone. We have accomplished this for all of our members.

TaxConnections Members have all of these features for less than one dollar a day:

  1. Virtual Office, Your Cloud Based Office
  2. Mini Website Promoting Your Tax Expertise
  3. Steady Stream of Prospective Clients
  4. Marketing Services That Draw Attention
  5. Distribution Of Your Profile To High End Audience
  6. National And International Clients Find You
  7. No One Ever Pays To Send You A Message
  8. Everyone Always Sees Your Full Profile
  9. Metrics That Outperform Competitors
  10. Promotion And Distribution Of Your Blogs
  11. Promotes You When You Answer Questions
  12. No Need For Remote App To Access Files

We offer all of the services above to you for less than one dollar day. Discover the growing world of tax professionals who are building trust with a steady stream of prospective new clients.
All TaxConnections Members have a Virtual Office that they can use anytime. A TaxConnections Virtual Office organizes and stores all the links you need to operate your business from any location in the world(through your mobile phone). It is simply amazing!

Now you have great business backup plan!

Virtual Currency: IRS Issues Additional Guidance On Tax Treatment And Reminds Taxpayers Of Reporting Obligations

Cryptocurrency And IRS

As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency.

Expanding on guidance from 2014, the IRS is issuing additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs).

The new revenue ruling addresses common questions by taxpayers and tax practitioners regarding the tax treatment of a cryptocurrency hard fork. In addition, a set of FAQs address virtual currency transactions for those who hold virtual currency as a capital asset.

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Tennessee And Texas State Sales And Use Tax Laws

Aaron Giles

Tennessee State Sales And Use Tax

The state of Tennessee levies a 7% state sales tax on the retail sale, lease or rental of most goods and some services. Local jurisdictions impose additional sales taxes ranging between 1% and 2.75%. The range of total sales tax rates within the state of Tennessee is between 8.5% and 9.75%.

Use tax is also collected on the consumption, use or storage of goods in Tennessee if sales tax was not paid on the purchase of the goods. The use tax rate is the same as the sales tax rate. Returns are to be filed on or before the 20th day of the month following the month in which the purchases were made. For example, purchases made in the month of January should be reported to the state of Tennessee on or before the 20th day of February.

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How To Qualify For An Offer In Compromise

How To Qualify For An Offer In Compromise

If you have an outstanding tax debt with the Internal Revenue Service (IRS) but you’re concerned that you are unable to pay it, you may have the option to settle the debt for an amount lower than what you owe. The IRS provides a solution called an Offer in Compromise (OIC) that allows qualifying taxpayers to enter an agreement to pay off their tax liability. An attorney who specializes in tax debt relief can assist you with applying for this tax debt relief program.

The guidelines for qualifying for an Offer in Compromise are somewhat strict but certainly straightforward. First, your reasons for applying must be one of the following:

  • Doubt as to Liability – If the IRS has reason to believe that the amount of your tax debt is incorrect, this would be considered doubt as to liability.
  • Doubt as to Collectibility – When the IRS doubts that it would be able to collect the full amount of the taxpayer’s debt, it may accept an Offer in Compromise. This is often the case if the amount of the taxpayer’s income and assets is lower than the amount of the liability.
  • Effective Tax Administration – The IRS may also accept an Offer in Compromise if paying the tax debt would create a financial hardship for the taxpayer or if collecting the tax debt would be unfair or inequitable.

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Dutch Tax Minister: U.S. Won’t Take Immediate Action Against Banks Over FATCA Info Shortcomings

Dutch Tax Minister, FATCA

Dutch tax minister Menno Snel has said that his country’s banks and financial institutions should not feel a need to panic over those of their so-called “Accidental American” account-holders who lack U.S. Social Security numbers and other key data soon to be required by the U.S. tax authorities, as he has been assured that any repercussions for failing to comply with the regulations in question could be delayed by as long as several years.

Snel’s comments came in a 16-page update to fellow Dutch lawmakers, written in Dutch, on various tax matters. He also made similar comments in recent briefing of Dutch MPs, according to DutchNews.nl, an English language news website based in the Netherlands.

Snel’s reading of the situation is likely to be viewed with interest and in some cases, relief by expat “accidentals” who lack Social Security numbers and who have been warned that they stand to lose their bank accounts by Dec. 31, or earlier, because of this. That’s the date when a “grace period,” during which non-U.S. banks and financial institutions have not had to report to the U.S. internal Revenue Services the Tax Information Numbers (TINs) of all of their American citizen account holders, ends.

U.S. authorities have not been forthcoming on the matter, nor have most non-U.S. financial institutions, beyond telling their clients that they need to get a Social Security number as soon as possible if they are not to lose their accounts. As many as 300,000 accidental Americans are believed to live in the European Union alone, according to European Parliament estimates, of which around 1,000 have been estimated to live in the Netherlands.

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Gig Worker Compliance Challenges Including AB 5

Annette Nellen On Gig Economy

On 10/1/19, the Franchise Tax Board (FTB) held a meeting, chaired by State Controller Betty Yee, focused on compliance for gig workers. You can see by the agenda that many topics were covered including background data on understanding the gig economy which for the meeting meant those finding income opportunities from web platforms such as Uber, Postmates, TaskRabbit or hundreds of other similar sites.

I was honored to participate on a panel on Challenges and Opportunities for Tax Compliance in a Gig Economy. A few points I offered:

  • The issue of worker classification is decades old and a big issue that Congress left unaddressed since at least 1978 with “Section 530” of the Revenue Act of 1978. This provision results in some workers being contractors for purposes of the employer’s employment taxes, but employees for other purposes including for the worker’s tax obligations. It is unfortunate that the multitude of classification schemes among federal and state laws has been allowed to continue for so long. I was hoping that the emergence of the platform work arrangement might finally be a time to look at this broken system, but apparently not yet. Instead we are getting more variations (such as California’s AB 5 making many workers employees where other states enacted laws in 2018 clarifying that the platform workers were contractors).  The hearing didn’t delve into the possibility of the need for a third category of work arrangement as this was focused on compliance rather than policy changes via legislation.
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Register To Attend Award Winning Tax Calendar Tour

Award Winning Tax Calendar

Join us for an overview of AKORE TaxCalendar as we cover:

1. Organize all of your client files in one secure place in the cloud.

2. Easy access year after year so you can find client files easily

3. Alerts – Email alerts to avoid fees for missing filing dates

4. Dashboard- quickly sorts and structures your tax client workload

5. Reports- fast access to workflow status, hours, payments, etc.

6. Security- Assign levels of access for staff

7. Keep your clients information safe and secure

The complimentary webinar will be followed by a Q&A session for attendees. Those in attendance will receive a special code to get 14-months of service for the price of twelve.

Register For Complimentary Webinar Thursday,October 10th 2019