TaxConnections


 

Archive for United States

Border Tariff Or Border Adjustment Tax?

Ron Marini

There’s a lot of talk these days about borders and taxes in Washington. U.S. President Donald Trump wants to hit firms that outsource with a simple tariff on imports. Republicans in Congress have pitched a more complex idea, a border adjustment, built into a corporate-tax overhaul. We sort through the winners and losers.

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21st Century Cures Act Signed By President Obama

John Dundon

President Obama signed the 21st Century Cures Act into law creating an option for small businesses to offer employees a health reimbursement arrangement (HRA) that is funded by the employer.

Beginning January 1, 2017, the maximum employees can receive per year through the HRA is $4,950 for individuals who show they have individual coverage or up to $10,000 for workers who also have coverage for family members. The contribution cap will be indexed for inflation.

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Tax Rules When Selling Your Home

Ron Oddo

How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of some of these tax rules.

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Foreign Owned Domestic Disregarded Entities Must Report

Ron Marini

In April 2016, we posted US Pressured For Beneficial Ownership Rules where we discussed a speech by Treasury deputy assistant secretary Jennifer Fowler to a financial crime conference earlier in April noting that the Treasury is in the process of introducing a new rule forcing financial institutions to perform customer due diligence checks on new clients.

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Hawaii – A Focus On Tax Climate And Credits

Monika Miles

Aloha! This month we travel across the ocean to the island paradise of Hawaii. In the state, you can attend a luau to experience true Hawaiian culture, relax on the beach or hike in one of the many tropical forests or mountains.

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Employer EITC Notice To Employees – New CA Requirement!

Annette Nellen

Several states require employers to notify employees that they may be eligible for the federal (and perhaps also state) Earned Income Tax Credit (EITC). This year, California law was changed to require employers to also notify employees about the California EITC recently added to the law.

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Prepare For The Tax Pendulum To Swing

John Dundon

One thing to be be thankful for this holiday season is that the tax ‘policies’ of President Elect Trump and our Republican friends in the 115th congress will keep tax accounts and bookkeepers gainfully employed well into the foreseeable future. In fact I am adding staff again, which ‘sounds’ great!

Is it good for the US though – from a wonky economic perspective – that tax practitioners are expected to be in high demand well into the foreseeable future? Perhaps, perhaps not.

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ACA Taxes Generate More Revenue Than AMT

Annette Nellen

In reviewing some IRS stats for 2014 returns, I was surprised to see that two taxes added by the Affordable Care Act (Obamacare), generated more revenue in 2014 than was generated from the individual AMT. Here are the stats:

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Washington’s Minimum Wage Hike: What Do You Need To Know?

Monika Miles

Last month’s election results included more than determining the next president and allowing recreational marijuana in California; states across the country also passed legislation changing employment laws – specifically minimum wage and sick pay. I thought it would be interesting to take a look at one of these states (one of our neighbors to the north): Washington.

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Portland, Oregon Enacts New Surtax For High Executive Pay

Annette Nellen

This week, the City Council in Portland, Oregon modified the business license tax for publicly traded companies subject to SEC reporting. Basically, before the change, this tax is 2.2% of adjusted net income (City Code 7.02.500). The new language increasing this for either a 10% or 24% surtax, follows:

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International FAQ – What Is An EIN And Why You Need It!

Grant Gilmour

What is an EIN (Employer Identification Number) and why do I need one? Or why would I not want to have one?

The EIN is the United States of America (USA) equivalent of a business number. It is the number used to identify a business in the USA for federal taxation.

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Money Laundering Evaluation Of The United States

William Byrnes

The United States has a well-developed and robust anti-money laundering and counter-terrorist financing (AML/CFT) regime through which it is effectively investigating and prosecuting money laundering and terrorist financing. However, the system has serious gaps that impede timely access to beneficial ownership information.

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