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Archive for TaxConnections

Pre Immigration Income Tax Planning

There are several techniques to insure that accumulated wealth and income earned prior to becoming a United States taxpayer can be protected from United States taxes. This requires planning in advance by nonresident alien individuals who will become United States taxpayers.

Have a question? Contact Richard Lehman. Your comments are always welcome!

How To Preserve The Value That The Oil Shale Industry Creates?

While working in open markets with many players, companies cannot influence the market situation and with low energy prices we have to find other ways to cope. By introducing a flexible regulation dependent on the market price the state can certainly alleviate the situation in the industry, but such decisions are not made overnight and such decisions alone will not keep the industry afloat.

Eesti Energia strongly contributes by doing what the company can do on its own. These efforts can be summed up as “industrial innovation”. We focus on development projects that increase energy production efficiency and reduce the environmental footprint. Read more

Tax Reform Changes How You Itemize

The media is abuzz with Tax Reform news, here to allay your confusion regarding the cut to some deductions and tax rates is my latest blog post. The media is abuzz with Tax Reform news, here to allay your confusion regarding the cut to some deductions and tax rates is my latest blog post.

The tax rates change has been the most publicized but there are many deductions on the chopping block that will drastically change how you prepare your taxes and/ or your bottom line.  Read more

Does Choice Of Law Include The Parol Evidence Rule?

On the ante-penultimate day before Christmas, the California Court of Appeal issued an opinion that should be of interest and concern to lawyers documenting merger and acquisition agreements.  Kanno v. Marwit Capital, No. G052348, 2017 Cal. App. LEXIS 1150 (Ct. App. Dec. 22, 2017).  The opinion covers many important points that I plan to cover in several future posts.

How it began . . . Read more

Tax Cuts And Jobs Act: Key Provisions Affecting Businesses

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses.

Here’s a look at some of the most significant changes. They generally apply to tax years beginning after December 31, 2017, except where noted. Read more

How The New Tax Bill Affects You

The new tax bill became law on December 22nd. Like many laws, some people will be affected more than others. The consequences of the new law will be felt as early as 2017, with some provisions set to start in 2018 and others in 2019. Below are a few of the items that may affect you.

Tax brackets have changed. There are still seven tax brackets, but income is now taxed at a different rate. Read more

Gov. Christie Orders NJ Towns To Accept 2018 Property Tax Prepayments

In anticipation of the new tax law, some taxpayers are seeking ways to try to minimize their future tax burden. Due to the incoming $10,000 cap on the state and local tax deduction, this includes prepaying 2018’s property taxes for deduction on their 2017 tax return.

On December 27, 2017, NJ Governor Chris Christie issued an executive order allowing NJ homeowners to prepay property taxes for the first two quarters of 2018. While some towns were already accepting prepayments, this order instructs all municipalities to accept at least partial 2018 prepayments from residents. The prepaid property taxes must be postmarked by the end of the year to be eligible for deduction.  Read more

2018 Q1 Tax Calendar – Important Deadlines For Businesses

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Read more

Taking Your Fund Private: Transitioning From Investment Fund To Family Office

An increasing number of investment fund managers are returning outside investor capital in order to focus on managing their personal and/or family wealth. The decision to “go private” can be driven by a number of factors, including dealing with an ever more complicated regulatory environment, fee compression,
increasing difficulty in finding alpha in stretched markets, the advancing age of the principal, or even as one of our clients recently told us: ”You know, it’s just not fun anymore.” But whatever the reason, PKF O’Connor Davies can provide the road map, and we have the experience, personnel, and systems in place to assist in all facets of the transition.

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Taxing Capital Gains Of Nonresident Aliens Residing In The US- The 183- Day Rule

Ephraim Moss, Tax Connections

For a unique group of foreign individuals (i.e., non-US citizens referred to in the tax world as “aliens”), living in the U.S. does not trigger “resident” status for tax purposes. These so-called “exempt” individuals include foreign studentsforeign scholars, and alien employees of foreign governments and of international organizations in the United States. U.S. tax law considers this lucky bunch to be exempt from counting days of presence in the United States for the purposes of determining whether they are resident aliens of the United States. Read more

The 6 Most Basic Rules Of Tax Preparation

Dealing with kids and marriages

If you’re married or divorced be sure that you and your spouse’s last names match all social security records, because your return will be rejected if they don’t. Also, if you’re divorced with children, be sure you know who’s claiming the kids. The rule is that whoever files first will initially get the credit and if it’s not the right person, correspondence with the IRS will be required by both parties to resolve the matter. To avoid that mess, it’s something you NEED to work out beforehand. Read more

Congress Is Enacting The Biggest Tax Reform Law In Thirty Years….

Amy Thompson, Tax Connections

One that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Here’s a quick rundown of last-minute moves you should think about making. Read more

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