TaxConnections


 

Tax Aspects of the 2017 Tax Reform for Economic Growth and American Jobs

On April 26, 2017 the White House released an overview of their tax reform proposal entitled The 2017 Tax Reform for Economic Growth and American Jobs: The Biggest Individual and Business Tax Cut in American History, which outlines President Donald J. Trump’s (hereinafter “President Trump”’) proposal for significant tax reform. While the proposal is largely consistent with President Trump’s conceptual framework during his presidential campaign pledges of dramatically reducing tax rates with the expectation of growing the economy and creating jobs within America much more deliberation needs to occur to properly examine and reconcile this proposal.

Lower Individual Effective Tax Rates, but Only for Select Individuals

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Webinar – Intro To International Tax – May 3

Hale Stewart

It has never been easier for a U.S. company to sell products or services internationally. But once a company earns international income, it also must content with internal tax consequences. This is made more complicated because of the myriad number of tax statutes implicated by international sales. An Introduction to U.S. International Taxation offers the CPA introduction to the basic rules and structures used in international transactions. The program is broken down into the following sections:

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Idaho Keeps Sales Tax On Groceries

Annette Nellen

Many states exempt groceries from sales tax per the premise that food is a necessity of life. This is a poorly targeted exemption though in terms of helping low-income taxpayers. Higher income individuals spend more on food so get the bulk of the tax savings. If instead, groceries were taxed, tax relief could be better targeted to the taxpayers who need it via a refundable income tax credit based on income.

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Equity Stripping – Creating A Plan

David Southwell

There are a number of viable alternative plans for equity stripping and for protecting your home and other assets. We recognize that everybody’s financial situation is unique and work with everybody individually to tailor a plan that best protects their properties.

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United’s Disaster Illustrates The Need For Captive Insurance

Hale Stewart

Last week, footage of the Chicago Transit Police forcibly removing a United passenger went viral. But just as shocking was United’s response. Their first public statement will go down in public relations history as one of the most tone deaf responses ever. It took the company 24 hours and three attempts before its communications contained the appropriate level of contrition. In the intervening period, their stock price dropped and public perception of the company plummeted.

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IRS Launches New Online Tool To Assist Taxpayers

Lisa Nason

The Internal Revenue Service (IRS) has announced the launch of a new online application to help taxpayers. The new tool, available on IRS.gov, allows taxpayers to view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you view your balance, you can take advantage of online payment options, including direct pay, pay by debit or credit card and Online Payment Agreement.

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FATCA: How Does The Meadows Bill Interact?

John Richardson

(This is a continuation of a previous post by John Richardson titled, “Introducing FATCA – What Does It Mean In Your Life?” It gives a great summary of FATCA and leads directly into this article.)

First, About the FATCA legislation …

2012 – The world according to FATCA – For the compliance industry: “The Gift That Just Keeps on Giving.”

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Webinars—International Tax/Captive Insurance—Register Now

Hale Stewart

Hale Stewart is teaching 2 upcoming webinars next week that offer CPE credits: An Introduction to U.S. International Tax and Introduction to Captive Insurance. If you are serious about continuing your tax education, you should register with haste. Scroll down to read descriptions about the classes offered.

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Protecting Your Company: Bank Reconciliations

Grant Gilmour

How does preparing bank reconciliations help to detect and prevent possible fraud?

A bank reconciliation explains the difference between the balance in the bank account per the accounting records and the balance actually in the bank at any given time. The bank reconciliation should be prepared and reviewed monthly to analyze the differences and help detect errors or fraud. This internal control will also help deter fraud.

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Proposed 15% Corp. Tax Rate & Repeal of 3.8% Obama Tax

Ron Marini

A 15% tax rate for corporations, cutting the top individual tax rate from 39.6% to 35%, reducing the number of rates from seven to three and the repeal of a 3.8% tax on net investment income are the top priorities in the Trump administration’s tax reform agenda, according to a plan released by the White House today April 26, 2017.

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More Art, Less Science: Managing A Tax Dispute

Monika Miles

On March 23, 2017, the IRS Large Business and International (LB&I) division announced the initial identification and selection of 13 “campaigns” to combat perceived tax compliance issues, with more campaigns to be identified and launched in coming months.

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Car Allowances vs. Mileage Reimbursement

mileiq, mileage reimbursement, car allowances

If you use your personal car for your own business, you can take a mileage deduction to save on your taxes. But what if you drive your own car for your W2 job? Your employer can reimburse you and that often comes through a car allowance or a mileage reimbursement.

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