TaxConnections


 

Border Tariff, Border Adjustment Tax, Or U.S. VAT?

Ron Marini

Earlier this month, we posted an article, “Border Tariff or Border Adjustment Tax?,” where we discussed that 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.

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Could Your Airbnb Rental Be Considered A Hotel?

William Rogers

Vacation rentals are nothing new. For centuries travelers have opted to stay in private residences over hotels for a variety of reasons. It’s quite common here in Southern California with the lure of our local beaches and mountains for property owners to rent out their properties on a transient basis. Vacationers have long used the Internet to search for available properties by visiting sites like Craigslist or VRBO.com (Vacation Rentals by Owner).

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Sending Personal Investments Offshore Is More Complicated Than You Think

Hale Stewart

A quick reminder about sending investment portfolios offshore.

The U.S. taxes residents on worldwide income. From the Treasury Regulations:

In general, all citizens of the United States, wherever resident, and all resident alien individuals are liable to the income taxes imposed by the Code whether the income is received from sources within or without the United States.

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Extended Due Date For Calendar Year Corp – What?

Annette Nellen

In 2015, Congress changed the due date for several types of entities as well as for the FBAR (for foreign financial accounts). The AICPA has a wonderful chart with all of the new dates noted.

When Congress made the changes for C corporations, they apparently had a concern with a change that would move a due date from one government fiscal year into the next fiscal year. The federal government’s fiscal year ends September 30.

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A Former Credit Suisse Client Gets a 7 Month Jail Sentence!

Ron Marini

We previously posted on November 7, 2016 we posted “Swiss Bank Rats Out NYU Business Professor – Results in Fine of $100M & Up To 5 Yrs in Prison” where we discussed that a former client of Credit Suisse Group AG who pleaded guilty to hiding $200 million from U.S. tax authorities was sentenced to seven months in prison after a judge granted him leniency for cooperating with prosecutors, a Justice Department official said.

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The Secret Weapon For Small Business Tax Deductions

MileIQ

We’ve talked a lot about can’t-miss tax deductions for the self-employed but I wanted to highlight one that can lead to major savings. That’s right, this is potentially the secret weapon for small business tax deductions.

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TaxConnections Free Webinars – February 16 & 17

Kat Jennings

TaxConnections is committed to bringing you the best information about improving your tax business. Over the years, we have hosted many opportunities to our members to build the connections and gain the knowledge they need to succeed.

TaxConnections is partnering with two professionals in the field of networking in order to offer free webinars to help you grow your business.

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Business Entity Selection And Tax Consequences Of Converting

John Dundon

For this post, Brandon Rains, founder of the Rains Laws Firm and an expert on business formation, espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein.

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Be Careful What You “Fix For” – Mr. Kentera Meets Mr. FBAR

John Richardson

The “unfiled FBAR” continues to be a problem for certain Homeland Americans with “offshore accounts” and all Americans abroad, who continue to “commit personal finance abroad”.

Introducing Mr. and Mrs. Kentara

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BEPS Project May Have Set Backs – EU’s Apple Decision

Ron Marini

In September, 2016, we discussed that the European Commission’s probe into Apple, which resulted in an order for the tech giant to pay up to €13 billion ($14.5 billion) in back taxes to Ireland, was prompted by a U.S. Senate investigation, European Union Competition Commissioner Margrethe Vestager said on Friday.

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Next Week – TaxConnections Free Webinars – Register Now!

TaxConnections is committed to bringing you the best information about improving your tax business. Over the years, we have hosted many opportunities to our members to build the connections and gain the knowledge they need to succeed.

TaxConnections is partnering with two professionals in the field of networking in order to offer free webinars to help you grow your business.

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5 New Tax Myths Debunked By The IRS

Barry Fowler

It’s true that this tax season some taxpayers have been unaware of a new rule that requires the IRS to hold tax refunds for taxpayers who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit. As a result, the IRS has acknowledged that there are now a number of “misunderstandings and speculation about refunds.”

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