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Archive for United States

Tax Principles For The Digital Age

Annette Nellen

At the start of the 21st century, I was involved with a project with the AICPA on tax reform. An outcome of our task force work was a set of ten principle of good tax policy. The goal was for lawmakers to apply these to both existing tax rules and proposals for change to identify where they did and did not meet the principles. Where not met, hopefully improvement could be made.

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How A Proposed Cash Flow Tax Could Impact Finance Industry

Ron Marini

The taxation of financial intermediaries has been a perennial problem for the design and administration of VATs. This has required countries around the world to resort to ad hoc solutions that are invariably inefficient and often complex. The House Republican destination-based cash flow tax, which is closely related to a VAT, could be headed down the same uncertain and haphazard path.

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Storm Extension – IRS Gives Extra Time To File Form 7004

We ran an article from John Dundon yesterday mentioning the deadline to file From 7004 was March 15th. If you have not been able to to file that form for an extension due to the storm, the IRS is deciding to grant you extra time.

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Congressional Tax Legislative Process And Contacting Members of Congress #3

Tom Kerester

This is the 3rd article in the TaxConnections Education Series on the Congressional Tax Legislative Process. This continues the legislative process education provided in previous articles (first article and second article), specifically on the TaxConnections Legislative Process that outlines the steps in the development of every tax proposal approved by the Congress.

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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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