Tax Compliance | TaxConnections

10 Jun 2016

Foreign Business Entity Classification: The Risk Of Doing Nothing

When it comes to international tax compliance, the US is a sought after tax haven for non-US Taxpayers. Money just tends to quietly flow into the USA—ALL THE TIME!

For non-US taxpayers the line is blurred at best between ‘investing’ in the US and ‘sheltering’ assets from foreign taxation by ‘hiding’ those assets in the US. This is a direct result IMHO of the seemingly random and varied Limited Liability Company (LLC) regulations governed at the state level and taxed at the federal level.

Written by John Dundon | Posted in Foreign Entity • International • IRS • Tax Compliance

10 May 2016

When Is a Tip not a Tip?

When is a tip not a tip? According to the IRS, “when it is a service charge.” Under rules effective January 1, 2014, the IRS has redefined the terms “tip” and “service charge” for tax purposes. Under these rules, restaurants that charge an automatic percent charge for large parties may no longer treat these amounts as tips. Read More

Written by John Stancil | Posted in FICA • Form 4666 • IRS • Tax Compliance

01 Apr 2016

2016 Important Tax Filing Dates And Tax Deadlines To Know

We want to provide you with important tax dates and tax deadlines during 2016. Keep this list for reference throughout 2016! Check the list to ensure you have met all tax filing obligations for these dates.

January 15, 2016

January 15^th is the tax deadline for self-employed people and for others who pay quarterly estimated tax to pay their 4^th quarter 2015 tax payment.

January 19,2016 Read More

Written by Kat Jennings | Posted in 1099 • Tax Changes • Tax Compliance • Tax Dates • Tax Extensions 2016 • Tax Filing • Tax Forms

30 Mar 2016

Tax Compliance Alert: The IRS Issues Transition Period Guidance for Recently Revised Form 3115

Introduction

The Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method” which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as while most tax forms and publications are updated annually, this was the first update to Form 3115 since December of 2009. Read More