TaxConnections


 

Did Mr. FBAR Pay A Surprise Visit To Canada?

John Richardson

This is one more of my posts about Mr. FBAR. Mr. FBAR is a mean, nasty vicious thug who has no place in any civilized society.

Thomas Jefferson once said:

Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.

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New FATCA Agreements Released, 2014 Agreements Expire

William Byrnes

The IRS released Revenue Procedure 2017-21, which contains the updated withholding foreign partnership (WP) agreement and withholding foreign trust (WT) agreement.

The revenue procedure provides information on submitting an application or request for renewal of a WP or WT agreement.

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Hale Stewart’s Captive Insurance Webinar – April 4th

Hale Stewart

While captive insurance companies have been used by large companies for over 60 years, their use by small and medium sized companies is still in its infancy. There are numerous reason for this, but perhaps the most important is the simple lack of knowledge.

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Don’t Miss These Credits That Will Grant You Tax Relief!

Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund.

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Canadian Tax FAQ – Shareholder Loans On A Balance Sheet

Grant Gilmour

What are Shareholder Loans on a Balance Sheet? The Shareholder Loans category may appear as a short term or long term liability on a Balance Sheet. Shareholder Loan is a loan by a corporation to one of its shareholders.

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2017 Budget Is Trouble For the IRS

Ron Marini

We previously discussed that IRS employees could be in for a rocky ride if President-elect Donald Trump and Congress move forward with sweeping pledges to rein federal employee benefits and cripple unions.

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Tax Professional’s Job Security- A Virtual Office

It is important to explain why I work so passionately for the tax community worldwide. What would motivate a person to work seven days a week for years on TaxConnections is a story worth learning. For those of you who know me through my executive search practice, you know firsthand my client list demands a lot from me. It is the lessons learned working with multinational corporations, law firms, public accounting and independent tax services firms that taught me about the lives of those in the tax profession. The knowledge gained counseling tax professionals over many years placed me in the unique position of being able to provide valuable solutions for the tax profession.

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Nigel Green: ‘My Fight To Repeal FATCA’

The Foreign Account Tax Compliance Act was signed into law by President Obama in March, 2010; a few months later, the deVere Group announced that it would begin to formally start looking after American expatriate clients.

Here, Green discusses his opposition to FATCA and why it remains a priority, even at a time when other issues, including the changing landscape for UK pension transfers, are also demanding his attention.

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Tax Court Denies FEIE In Two Recent Cases

Ephraim Moss

Following the trend of the past several years, the Tax Court continues to review foreign earned income exclusion cases at a relatively high rate. In most of the recent cases, the Tax Court has denied the FEIE claims on a number of different grounds.

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April 4th – Captive Insurance Webinar – Register Today

Hale Stewart

While captive insurance companies have been used by large companies for over 60 years, their use by small and medium sized companies is still in its infancy. There are numerous reason for this, but perhaps the most important is the simple lack of knowledge.

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Pennsylvania- Clarification Issued On Tax Legislation?

Monika Miles

Businesses obviously grow by selling their products outside of their local boundaries and across state lines. Pennsylvania (PA) has experienced, like most states, a relatively large amount of sales from companies outside PA, and, with that, the loss in sales tax revenue from those sales, as out of state companies do not often collect sales tax. Pennsylvania has a growing economy, and like most states, it is continually modifying its tax laws to be current with changing conditions and technologies.

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Changes To The Canadian Principal Residence Exemption

Larry Stolberg

On October 3, 2016 changes were announced to the computation of the available principal residence exemption. Changes were made to properties held by individuals and to properties held by trusts. Discussion below is limited to the changes affecting individuals. Changes to trust is more complex and may be addressed later.

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