Archive for TaxConnections

Tax Advisors Complimentary Copy – TaxConnections Best Tax Jokes And Quotes eBook

TaxConnections annually updates the Best Tax Jokes And Quotes eBook and provides it to you on a complimentary basis. We enjoy the good humor tax professionals have and especially so this time of year.

Add a smile to your day with TaxConnections Best Jokes And Quotes eBook. Request your complimentary copy and we will send it on to you right away. You will also receive the winning Tax Advisor video a few days after you receive the eBook.

When your experience with TaxConnections is a happy one, we know you will have a much more to offer the opportunities that come to you through TaxConnections.

Request your complimentary copy Best Tax Jokes And Quotes eBook.


IRS Releases Draft FATCA Certification Questions For Individuals, International Taxpayers, Small Business And Self Employed And Large Business And International Corporations

In an effort to assist Responsible Officers in preparing to complete the FATCA certifications, for both certifications that relate to an entity’s preexisting accounts (“COPA”) as well as another that relates to the entity’s compliance with various FATCA requirements (“periodic certification”), the IRS has released the draft certification questions.

The due date for submitting both FATCA certifications (one that relates to an entity’s preexisting accounts (“COPA”) and another that relates to the entity’s compliance with various FATCA requirements (“periodic certification”) is July 1 following the third full calendar year after the date the entity registered and received a GIIN. The update to the FATCA Registration Portal containing FATCA certifications will not be available prior to July 2018.

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How Does The Foreign Earned Income Exclusion Work?

Olivier Wagner, Tax Nomad, Tax Blog, Vancouver, Canada, TaxConnections
Living and working abroad comes with many exciting benefits. In addition to exploring new lands and learning about new cultures, expats often earn additional income beyond just their regular salary. Foreign earned income can come in many forms. In addition to the wages that are earned, those who are working outside the United States also must declare as income bonuses, tips, commissions, and the like.
It is also common for expats working overseas to have non-cash income as part of their employment package.

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How Long Should You Keep Business Records For Tax Purposes?

Small Business, Business Records, Tax Return, Tax Preparation, Tax Filing, Tax Season, Mile IQ, IRS, Tax Blog, TaxConnections

If you own a small business, you need to keep business records. These can include digital or hard copies. They may contain financial information and licenses. Business record retention is necessary for your annual tax filings. It’s also necessary for potential audits.

What Are Business Records?

You know saving business documents is important. Now, you need to figure out what documents to save. The term “business documents” can refer to many things, including: Read more

Good Luck Trying To Call The IRS!

Ronald Marini, Tax Advisor, Tax Blog, Miami, Florida, USA, TaxConnections

The IRS will receive more than 95 million calls this year. They expect to answer about 60% of them during the current filing season. After that, the number is estimated to decline to 40%.  Figure in the calls with questions about the new tax law and the answer rate may be even lower. And that projection was made before lawmakers rewrote the tax code in December.

The number of calls is likely to spike, if prior tax law changes are any indication. After Congress passed economic stimulus legislation in 2008, the IRS was “deluged” with more than 150 million telephone calls from taxpayers, a 125 percent increase from the previous year, according to the report.

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Tax Advisor’s Guide On President Trump’s Executive Orders Regarding The Proposed Elimination Of 298 Existing Regulations

Tax Advisors would never know what was hidden in these regulations unless they conduct extensive research which we did for our members. We provide tax advisors our hours of research with links to the Code of Federal Regulations.

Based on a preliminary review, these proposals could be very far reaching and effect a wide range of our member’s clients. These proposals deserve your immediate attention and review.  You should study this very important information to make comments or request a public hearing on areas that may impact your clients. If you want to comment or request a public hearing you must do so before May 14, 2018.

Request your complimentary copy at this link:


Mortgage Insurance Premiums For Taxpayers

Nanda Kumar, Tax Advisor, Tax Blog, Sterling, Virginia, USA, TaxConnections

Mortgage insurance in the simplest of terms is the backup plan for a lender. In the unfortunate event that the borrower is unable to repay the loan, the lender can cash in the mortgage premium and recover the losses. However, there is more to it than what meets the eye. Here are some more details of this rather intriguing insurance and why you should opt for it.

What Is It?

Statistics reveal that most home buyers pay less than 20% of the entire property cost as up front or commonly known as down payment. Read more

IRS Issues FAQ’s Regarding How To Report Section 965 Transition Tax On 2017 Tax Returns

Ronald Marini, Tax Advisor, Tax Blog, Miami, Florida, USA, TaxConnections

On March 13, 2018, the IRS added Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns on its website.

This document provides answers to questions regarding return filing and tax payment obligations arising under Section 14103 of “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” P.L 115-97 (“the Act”), which was enacted on December 22, 2017. Read more

Tax Counsel M&A – Santa Clara/San Jose, California

Tax Counsel, Santa Clara, San Jose, California, Tax Job, TaxConnections

TaxConnections has been retained by a corporation to conduct a search for a Tax Counsel in the Santa Clara/San Jose, California area. We would genuinely appreciate your taking the time to review this opportunity and kindly refer this to anyone you know who may be interested in learning more. Our internationally recognized client is searching for a tax lawyer whose primary responsibilities center around M&A transactions.

The Tax Counsel will advise on corporate business operations regarding U.S. tax consequences of domestic and international business operations including: international business restructurings, reorganizations and acquisitions and the integration of these transactions. Read more

1st Taxpayer Victory In A “Willful” FBAR Penalty Case

Ronald Marini, Tax Advisor, Tax Blog, Miami, Florida, USA, TaxConnections

On September 20, 2017, the Eastern District of Pennsylvania issued an important taxpayer friendly opinion regarding the willfulnessstandard in FBAR penalty matters.

In Bedrosian v. United States, Case No. 2:15-cv-05853-MMB (E.D. Pa., Sept. 20, 2017), the court held that the government had not met its burden in proving that Bedrosian had willfully violated FBAR reporting requirements.

This opinion could have a major effect on future IRS decisions in the offshore compliance arena and may cause some taxpayers, to seek a more aggressive approach in addressing prior non-compliance. Read more

IRS Alerts Taxpayers About Refund Scam

Dan Gordon, Tax Advisor, Tax Blog, Bangkok, Thailand, TaxConnections

The IRS warns taxpayers of a new twist on an old scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers.
Here are the basic steps criminals follow to carry out this scam. The thief:

• Hacks tax preparers’ computers to steal taxpayer data.

• Uses the stolen information to file tax returns as the taxpayers.

• Has refunds deposited into taxpayers’ bank accounts. Read more

US Tax Reform: 5 Things Americans Overseas Need To Know

Olivier Wagner, Vancouver, Canada, Tax Traveler, Tax Blog, TaxConnections

What Are The Important Updates One Needs To Know About U.S. Tax Reform?

The New Tax Bill “Tax Cuts and Jobs Act” presents the first major overhaul of the United States federal income tax system in more than three decades. The major benefits will be mostly felt by the large and small businesses. But what’s about tax reform’s impact on Americans overseas?

What Has NOT Changed For Americans Overseas?

  1. You can still use Foreign Earned Income Exclusion or Foreign Tax Credit to lower your tax bill. In 2018 a U.S. expat can exclude up to $104,100 of foreign earned income.
  2. The reporting requirements for FBAR stay in place: you need to file FinCEN Form 114 if you have an aggregate value of over $10,000 in any foreign financial accounts you own or have a signature over.
  3. FATCA and Form 8938 also didn’t have any changes (unfortunately).

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