The qualifications of the TaxConnections Community Members are outstanding. Over the past year, I have learned many lessons from Tom Kerester, our Tax Ambassador in Washington who previously wrote impressive articles on how bills get through Congress. One of the most important pieces of information Tom shared with me as a former Tax Legislative Attorney in the United States Congress with the House Ways And Means Committee was this…
The state of Florida provides several sales & use tax exemptions for medical purchases made by hospitals and health care facilities. One exemption that provides an opportunity for sales & use tax savings applies to purchases that are required to be issued under a physician’s prescription and are only used for one patient. This is often referred to as the prescription-required single-use exemption for hospitals, surgical centers or other healthcare establishments.
Act 465 will significantly change the Arkansas sales and use tax exemptions available to manufacturers by phasing out two sales tax incentives while concurrently expanding the exemption for manufacturing repair parts and services. Arkansas Act 465, which was enacted on March 13, 2017, sunsets the InvestArk incentive as of June 30, 2017 and the Major Maintenance and Improvements incentive as of June 30, 2022.
I have heard questions about expired refunds. Let me summarize. “I faced a hardship and didn’t file tax returns for several years. Now, I learn that I cannot get my refunds for all those years. Can you help?”
What controls should be put in place to protect the company’s assets from fraud?
Company assets such as inventory, equipment and vehicles are highly susceptible to fraud and need to be protected. Internal controls should be put in place to protect these assets.
In a recently published Chief Counsel Advice, the IRS chief counsel’s office offered advice to taxpayers participating in its amnesty programs regarding the issue of whether refunds for past overpayments of tax can be used to offset additional taxes or penalties triggered under the program.
Before we get to the advice, let’s first review the amnesty programs that could potentially be affected by the conclusions made in the published advice.
You are cordially invited to a webinar on Compensation For Corporate Tax Executives. After spending a great deal of time this past year surveying tax executives on compensation, I am confident the information delivered during this webinar will be valuable to you.
Previously, we have look at the tax treaty tiebreaker and how it relates to taxation of Subpart F and PFIC income as well as eligibility for streamlined offshore procedures. This is another in a series of posts on the tax treaty tiebreaker (which is a standard provision in most U.S. tax treaties).
U.S. taxpayers who have foreign bank and/or financial accounts should be watching the clock. The window to voluntarily report foreign accounts in order to mitigate IRS penalties may be ending after 2017.
It looks as if taxpayers have to be wary and skeptical even when they send their personal information to the IRS. This government agency is supposed to be trusted with our personal information. Especially at a time when criminals are posing as IRS agents over the telephone, through email, through our employers human resources departments and through schools you would think the IRS itself would be safe. But no!
I recently had a client place family heirlooms with a service. Unfortunately, these were stolen while in the service’s possession. The items were not only valuable from a monetary perspective but also in a sentimental sense. And, it’s highly doubtful they will ever be found.