TaxConnections


 

Knowing Business Value Is A Very Good Place To Start

Ron Oddo

In today’s economy, no one wants to spend money on something they don’t need today. So why do you need an estimate of your company’s value when you don’t expect to leave for several or many years?

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For All Who Travel for Work – New Per Diem Rates Published

John Dundon

If you travel for work surely you are in tune with per diem rates for lodging meals and incidental expenses. Did you know that your per diem changes based on where you hang your hat for the day or night? This list below will help you dial in your claims.

The US GSA has the rates detailed by tax year back to 2003 along with interesting break outs. The most important message to be shared is to make sure to substantiate your specific business purpose for each business related travel expense claimed.

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FBARs Blindsiding Canadians Present In The United States

Larry Stolberg

FINCEN114 due June 30th for the 2015 taxation year, reporting beneficial interest or signature authority in non-U.S. financial accounts where the annual aggregate highest balance is greater than $10K U.S., may have to be filed by Canadian taxpayers.

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Tax Planning for CFCs Seminar—Philadelphia

Kat Jennings

Networking Seminars one day technical update on Tax Planning for CFCs under Subpart F Income. One of the purposes of Subpart F is to prevent CFCs from structuring transactions in a way that are designed to manipulate the inconsistencies between foreign and U.S. tax systems to inappropriately generate low or non-taxed income on which U.S. tax may be permanently deferred.

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Waiver of 60 Day Roll Over Period for Distributions from Tax Deferred Retirement Plans

Harold Goedde

This article explains the “self-certification” waiver of the 60 day roll over requirement based on the provisions of the recently released Rev. Proc. 2016-47. The IRS required certification foe a waiver is also included.

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Part 1: Tax Treaties, Determining “Tax Residence” And New OECD Common Reporting Standard

J R 6.14

An article from Stikeman Elliot includes the following:

For CRS purposes, the term ‘reportable person’ generally refers to a natural person or entity that is resident in a reportable jurisdiction (excluding Canada and the United States) under the tax laws of that jurisdiction, or an estate of an individual who was a resident of a reportable jurisdiction under the tax laws of that jurisdiction immediately before death, other than: (i) a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a related entity of a corporation described in clause (i); (iii) a governmental entity; (iv) an international organization; (v) a central bank; or (vi) a financial institution. See definitional subsection ITA 270 (1).

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Special Mortgage Situations

J S 6.7

This is the third in a series of four articles on home mortgage interest. (Read Part I and Part II). There are several special situations relating to deductions for home mortgage interest and other costs. This is a brief overview of each. You should check with your tax professional should any of these apply to you.

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And Now, The Great IRS-Facebook Face-Off!

B F 6.8

I am not sure, if I were asked to, which one I would put my money on in this battle. While both are mammoth forces to be reckoned with, social media giant Facebook might be smarter. However, the IRS has been indomitable for decades.

According to the IRS, Facebook owes them billions – roughly $3 to $5 billion!

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Tax Planning for CFCs Seminar—September 19

K J 6.7

Networking Seminars one day technical update on Tax Planning for CFCs under Subpart F Income. One of the purposes of Subpart F is to prevent CFCs from structuring transactions in a way that are designed to manipulate the inconsistencies between foreign and U.S. tax systems to inappropriately generate low or non-taxed income on which U.S. tax may be permanently deferred.

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Beware The “Federal Student Tax”

John Stancil

Scammers are currently targeting students and parents, posing as the IRS and calling to collect payment of the non-existent “Federal Student Tax.” Callers are demanding immediate payment and if refused, threaten to report the student to the police. As this is merely an attempt to separate you from your money, your best response is to hang up. There is no such tax, and the IRS does not utilize such collection methods.

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Go Viral And Build Your Tax Reputation—Complimentary Webinar

K J 6.7

One of the most important things I learned consulting to multinational, public accounting, legal, and independent tax professionals is that they are generally hidden from the public. Unless you have a big advertising budget and unlimited funds to travel around the world, how are people going to know who you are?

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Failure to Plan Has a Price

R O 8.12

I never worry about action, but only about inaction.” —Winston Churchill

“I haven’t decided what I ultimately want to do with my business, or when I want to exit, or how much money I’ll need, or whom to sell to, so how can I plan my exit? Besides, I don’t want to exit right now.”

If you’ve said this, or thought it, you are not alone. Many business owners are either overwhelmed with the thought of exiting or are so busy fighting daily business fires that they assume they cannot plan their exits.

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