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Big-Game Hunter Becomes Hunted by IRS

Big-game hunting has fallen into disfavor in recent years, as wealthy hunters take expeditions to Africa and other far-away locations to hunt big game for sport. What we are referring to here is not hunting game for food, it is just for the “thrill of the kill.” I didn’t say “thrill of the chase,” as there is often no chase, as the game is rigged so that the animal is essentially trapped.

One such big game hunter is Paul Gardner. Gardner maintains a “trophy room” in his home, displaying many of his exploits. But after a while, Gardner began running out of space. Some of what he displayed was full body, but much of it was from the neck up, hung on walls. In these cases, there are a lot of “extra” parts that are not on display.

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Want To Set Up A Company In Spain? Summary Of Taxes In Spain

There are a number of alternatives open to individuals wishing to invest in Spain.  These include setting up a limited company or forming a branch / permanent establishment.

Due to the number of foreign clients with trading companies in Spain, we have prepared a general summary of the taxes arising.

This is not a full and comprehensive guide to Spanish taxes and does not provide detail on the local operation of taxes.  As a result, we would always advise anyone with Spanish interests to seek the advice and expertise of a local tax professional.

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An Interview With A Tax Luminary – Eric Ryan

This is part of the series of interviews I am conducting of highly respected tax experts and luminaries in Silicon Valley. Many of them will be speaking at the 2017 TEI – High Tech Tax Institute Conference in November. Eric Ryan is one such Silicon Valley tax luminary who was also responsible for receiving the world’s first Bilateral Advanced Pricing Agreement (U.S. – Australia). I know of Eric Ryan’s professional accomplishments since Apple Computer retained me to find him many years ago. Eric Ryan was formerly the Head of Tax at Apple Computer, a National Tax Partner/Transfer Pricing with PWC and is an international Tax Lawyer with DLA Piper, Palo Alto, CA. He understands the world of tax from all perspectives.

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Tax Effects Of A FEMA Disaster Declaration

If your county has been declared a FEMA disaster area due to the recent hurricanes, you have more time to file your tax returns and make certain tax payments. Individual and business income tax returns that previously received extensions to October 16 and September 15, respectively are now due January 31, 2018. Tax-exempt organizations who received an extension will have their return due date extended likewise.

In addition, any tax payment deadline of September 4 or later has been extended until January 31, 2018. This includes estimated quarterly payments for Third and fourth quarter 2017. Individual tax returns that were originally due April 18, 2017 and received a six-month extension are not eligible for the extended due date, as that payment was actually due in April, 2017.

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Seven Facts about Dependents and Exemptions

Some tax rules affect everyone who files a federal income tax return. With that in mind, here are seven facts about dependents and exemptions that taxpayers should know about.

1. Exemptions lower your income. There are two types of exemptions: personal exemptions and exemptions for dependents. You can usually deduct $4,050 for each exemption you claim on your tax return.

2. Personal exemptions. You can usually claim an exemption for yourself. If you’re married and file a joint return you can also claim one for your spouse. If you file a separate return, you can claim an exemption for your spouse only if your spouse had no gross income, is not filing a return, and was not the dependent of another taxpayer.

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Should A Large Corporation Agree To An IRS Appeals Conference By Telephone Or Video?

With its budget in crisis and facing cuts each year, the IRS has attempted to reduce costs where possible.  One idea that the IRS is pushing to reduce costs is to hold Appeals conferences remotely through either conference calls or video conferences. Is this a good idea? In short, the answer is no.

The IRS recently changed the Internal Revenue Manual section on IRS Appeals conferences.  The revised manual section states that the Service will no longer automatically offer in-person appeals conferences, and that the IRS prefers teleconferences and video conferences over in-person meetings in order to reduce travel expenses and expedite the settlement of cases.

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How To Respond To The IRS’s “Agreement of Facts” IDR

The IRS, within the last year or so, has begun issuing a final Information Document Request that requests the taxpayer to agree to underlying facts relating to an issue under audit (the Facts IDR).

My general advice to clients is not respond to the Facts IDR.

The Facts IDR is problematic in that you generally do not have the Agent’s Notice of Proposed Adjustment (NOPA) when you are asked to agree upon the facts. Consequently, you are not yet in a position to know the Agent’s legal theory for proposing an adjustment on the tax issue under consideration. It might not be clear whether the facts being set forth are even relevant to the disputed issue. In addition, a list of agreed-upon facts can be used to write many alternative narratives (not alternative facts!), and different conclusions might be drawn from the same facts.

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Tax Job – Tax Manager/ Partnerships – Bay Area, California

 

Tax Manager/Partnerships (Pleasanton, CA)

The Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Tax Manager/Partnerships will be responsible for a range of projects including:

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IRS Dispute – At-Risk Limitations (IRC 465) – Part 1

I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At-Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that involves equipment leasing by a closely held C Corporation.

Complimentary references for this post originate from:

What are the At-Risk Rules?

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Don’t Count On A Hurricane For Tax Extension

The IRS has granted an extension of time to file 2016 income tax returns for individuals and businesses impacted by Hurricane Harvey. The new deadline is January 31, 2018. Eighteen Texas counties are included in this extension – Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton. Other counties could be added. In addition, if a taxpayer outside the designated area can demonstrate that records necessary to complete the return are located in the affected area, an extension may be granted.

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Tax Expert Spotlight Interview – John Stancil

In order to find a tax professional to answer your questions, we spotlight interview our tax experts. This week, we interviewed tax expert John Stancil headquartered in Lakeland, Florida.

John has been practicing for over thirty-five years and is a top tax expert and tax writer. He also serves on our AskTaxQuestion.com panel of tax experts. Given his diverse client base with individuals, small business and non-profits, John is also an expert on foreign earned income, small business healthcare tax credits, and church and clergy tax issues.
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Truckers, Limousine Drivers, Rideshare Drivers – They Have Taxes

TaxConnections has a wide range of tax professionals with tax specialties. One of our members specializes in taxes for truckers, limo drivers and rideshare drivers. They are all taxpayers in the profession of transportation. When I interviewed TaxConnections Member Daniel Farmer, he told me he has enjoyed a lifelong interest in trucking and transportation. Daniel currently works out of Clearwater, FL where he manages an accounting practice serving small to medium size businesses. In fact, when Dan told me he has a collection of trucks I asked him to share it with us.  Read more

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