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The National Taxpayer Advocate “Purple Book”: A Summary Presentation Of Our Top 50 Legislative Recommendations

Nina Olson, Washington D.C., USA, Tax Blog, TaxConnections

Last week, we issued the National Taxpayer Advocate’s annual report to Congress. As some of you probably noticed, we also issued the first-ever edition of the National Taxpayer Advocate “Purple Book.” In this week’s blog, I will explain why we developed the Purple Book and what it’s intended to accomplish.

Section 7803(c)(2)(B) of the Internal Revenue Code requires the National Taxpayer Advocate to issue an annual report to Congress that, among other things, proposes legislative recommendations to resolve systemic taxpayer problems. Read More

IRS Urges Travelers Requiring Passports To Pay Their Back Taxes Or Enter Into Payment Agreements; People Owing $51,000 Or More Covered

Thomas Kerester, Washington D.C., USA, Tax Ambassador, Tax Blog, TaxConnections

WASHINGTON ─ The Internal Revenue Service today strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy.

This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. Read More

U.S. Now A Black-Listed Country For Purpose Of Italy’s CFC Rules

Marco Rossi, Tax Advisor, New York, USA, Tax Blog, TaxConnections

Pursuant to the Tax Cuts and Jobs Act (“TCJA”) passed on Dec. 22, 2017, the U.S. will tax U.S. corporations with the following tax rates:

– 21 percent general corporate income tax rate,
– 13.125 effective tax rate on U.S. corporation’s foreign derived intangible income (“FDII”), for taxable years from 2018 through 2025;
– 10.5 percent effective tax rate on the U.S. corporation’s pro rata share of global intangible low taxed income (“GILTI”) of a controlled foreign corporation (“CFC”). Read More

Irish Employment Tax

Claire McNamara, Tax Advisor, Dublin, Ireland, Tax Blog, TaxConnections

It’s very difficult to keep up to date with all the amendments to the Irish tax system so here is a summary of some of the changes to be mindful of in 2018:

1. Annual Membership Fees paid to a professional body (Revenue eBrief 04/18 published on 9th January 2018)

https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0042018.aspx

The updated Revenue guidance notes allow an employee to claim a deduction for professional membership fees only in circumstances where: Read More

Taxpayer Advocate Criticizes Hardships Faced By Nonresident Aliens Trying To Obtain Refunds Of Withheld Tax

Ephraim Moss, Tax Advisor, Tax Blog, New York, USA, TaxConnections

In a scathing blog published this past week, National Taxpayer Advocate Nina Olson criticized the significant roadblocks that meet nonresident aliens (“NRAs”) trying to rightfully obtain refunds of withheld tax from the IRS. The roadblocks stem from a recent general freeze by the IRS on credits claimed on Forms 1040NR, U.S. Nonresident Alien Income Tax Return, which do not match with the information provided on Forms 1042-S filed by withholding agents.

The Taxpayer Advocate is an independent office within the IRS tasked with helping people resolve tax issues with the IRS and recommending changes that will prevent future problems. It’s always interesting to hear the point of view of the office responsible for taking the IRS to task for its missteps in handling taxpayer issues. Read More

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The First In A Series Of NTA Conversations Is Now Available For Online Viewing

Nina Olson, Tax Advocate, Tax Blog, Washington D.C., USA, TaxConnections

The NTA is hosting a series of conversations that bring together experts to discuss relevant issues that impact and influence tax administration.

The first NTA Conversation panel discussion “An International Ethnographic Perspective on Tax Administration and Tax Compliance” was held on Dec. 1, 2017. The discussion included five international tax researchers who shared their approach to tax research and their work experiences with tax administration and tax compliance. Read More

Sorry Folks- Internal Revenue Service No Longer Accepts Your Fax

Thomas Kerester, Tax Ambassador, Tax Blog, TaxConnections

All Forms 8809, Application for Extension of Time to File Information Returns, filed on paper are now processed by the Internal Revenue Service Center in Ogden, Utah. These paper forms must be mailed. Faxes will not be accepted.

The Department Of The Treasury Mailing Address Is:

Department Of The Treasury
Internal Revenue Service Center
Ogden, UT 84201-0209

Read More

Another Year, Another Set Of United States Tax Changes

Chortney Ruesch, Tax Advisor, Salt Lake City, Utah, Tax Blog, TaxConnections

Now that Congress has made final the latest Tax Act, I thought I would take a moment to share with you a summary of the changes so you may understand how they may affect you. These are in place 2018 until 2025.

Individuals

Income Tax Rates

The 39.6% tax bracket has been removed and the rates have been condensed.

The system for taxing capital gains and qualified dividends did not change except the income levels for the 15% rate will start at $77,200 for married filing joint and $38,600 for single filers. The 20% rate will start at $479,000 for married filing joint and $425,800 for single filers. Read More

Why It Is Important To Keep An Eye On Your Cash Flow

Jon Neal, Milwaukee, Wisconsin, USA, Tax Advisor, Tax Blog, TaxConnections

If profits are up and the projections look good for the next month or two, should you kick back and relax? Maybe not. No matter how positive other signs may be, if you’re not keeping a close eye on your company’s cash flow, things could go haywire.

Even a temporary crunch resulting in late debt payments could cause your credit rating to fall and your cost of borrowing to rise. If you miss a loan payment or two, the lender might even call the loan. Here are some suggestions to help you maintain a healthy cash flow. Read More

Irish Taxes- 4% Stamp Duty Rebate On Development Land Used For Residential Development

Claire McNamara, Tax Advisor, Tax Blog, Dublin, Ireland, TaxConnections

A stamp duty refund scheme in respect of land purchased to develop residential property was signed into the 2017 Finance Act on 25th December 2017.

The Act provides that where stamp duty, at the new higher rate of 6%. is paid on the acquisition of land which is subsequently used to build residential property, the purchaser will be entitled to a rebate of 4% being 2/3rds of the duty paid.

It is important to keep in mind that the refund of stamp duty is only applicable in relation to the proportion of the land used for residential development. Read More

Head Of Tax And Treasury (San Francisco Bay Area)

Head Of Tax, Tax Jobs, Tax Blog, San Francisco, California, TaxConnections

TaxConnections Executive Search Services Division has been retained to conduct a search for a Head of Tax with a very successful San Francisco Bay area company.

Head Of Tax And Treasury (San Francisco Bay Area)

The Head of Tax will work closely with management in reviewing global corporate tax compliance, the global tax provision, transfer pricing and treasury strategy. Responsibilities include managing global outside tax consultants and reviewing processes and procedures. The Head of Tax will partner with internal business leaders to effectively manage exposure. Read More