TaxConnections


 

Blockchain And Corporate Taxation: Change Is Coming

Scott Nelson, Tax Advisor, Tax Blog, San Francisco, California, USA, TaxConnections

While the technology can sound quite complex, a blockchain is essentially an immutable, distributed ledger. This means that instead of a single, third-party record holder, every authorized party within the blockchain holds an instantly updated record of all transactions. Blockchain maintains data integrity this way because it’s virtually impossible to alter the data of every single ledger. Any discrepancies found will be compared against every ledger and any fraudulent data found will be disregarded. Read More

Important Facts To Know About IRS Levy

Bernell Ward, Tax Advisor, Tax Blog, Bronx, New York, USA, TaxConnections

A levy is a legal seizure of your property to satisfy a tax debt. Refusal to pay the tax will have the following result. The IRS will usually issue a levy after they assess the tax and send a tax bill or a Notice and Demand for Payment.

If you still refuse to pay, then the IRS will issue a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy. The IRS may give you this notice in person, leave it at your home or business, or send it to your last known address by certified or registered mail with return receipt request. Read More

One Of The Latest Tax Scams To Be Aware Of And How It Works

Tax Scam, IRS Scam, Barry Fowler, Tax Blog, Tax Advisor, Houston, Texas, USA, TaxConnections

I have written frequently about the multitude of tax scams.

And once again, the scammers have found a way to play to and outwit your insatiable curiosity. Here’s one of the latest scams to be aware of, and how it works.

Scammers know that more and more people are screening and not answering calls from unrecognized or private numbers. So now, the crooks have developed software that allows them to display irresistible ‘fake’ numbers. Read More

Combat Zone Tax Benefits Now Available To Armed Forces Members Who Served In The Sinai Peninsula

Tom Kerester, Tax Ambassador, Tax Blog, Washington D.C., USA, TaxConnections

WASHINGTON — U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service.

Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army, U.S. Navy, U.S. Marines, U.S. Air Force, and U.S. Coast Guard who performed services in the Sinai Peninsula can now claim combat zone tax benefits. Eligible service members should review Publication 3, Armed Forces’ Tax Guide, available on IRS.gov. Read More

Tips For Staying One Step Ahead Of Tax Issues

Jon Neal, Tax Advisor, Tax Blog, Milwaukee, Wisconsin, USA, TaxConnections

The last thing you need as a small business owner is to have to spend time unraveling tax problems you could have avoided. There are many tax issues that can trip up small business owners — here are a few.

Mixing Business And Personal

Keeping your personal bank and credit card accounts separate from your business accounts isn’t always easy. But “commingling” business and personal accounts creates a record keeping nightmare. When it’s tax time, you may not be able to identify all the appropriate business expenses. As a result, it could be difficult to accurately determine your business income and you might lose deductions. Read More

Government Grants For Small Businesses, Financial Assistance For Entrepreneurs

Small Business Tax, Government Grant, Business Revenue, Mile IQ, Tax Blog, TaxConnections

On the hunt for free money for your small business? Government grants are one source. But funding from Uncle Sam isn’t as easy to come by as you might think. Find out who is eligible for government grants for small business and how to find and apply for grants.

Which Businesses Are Eligible For Government Grants?

Essentially, the source of grant funding comes from tax money allocated through the legislative and executive branches of government. As a result, a limited number of government grants are available and only to select business types. Read More

How To File U.S. Tax Return If You Are A U.S. Citizen Living In The UK

Olivier Wagner, Tax Traveler, Tax Blog, Vancouver, Canada, TaxConnections
Recently we’ve been asked to cover the topic on filing US federal income tax return if you are a US citizen living in the UK. You asked and we delivered! Read further to learn more about your US and UK tax obligations.
The starting point for any US expat tax-related topic is gaining a clear understanding who needs to file US taxes. Individuals, who are US citizens, including the ones with dual citizenship (UK/US in this case), or Green Card holders abroad who earn a minimum threshold for filing a US tax return are required by US tax law to file a tax return and pay taxes you may owe. Below are numbers for 2017:

Read More

Residential Property Tax Abatements: Are You Overpaying Your Property Taxes?

Thomas Zaino, Tax Blog, Tax Advisor, Columbus, Ohio, USA, TaxConnections

It is no secret that tax incentives are commonly offered to businesses in exchange for job creation and community development. It is lesser known, however, that tax incentives serving a similar purpose are also offered to owners of residential property. Community Reinvestment Areas, or “CRAs,” are designated areas within municipalities or unincorporated county areas that local governments designate as neighborhoods containing housing facilities or structures of historical significance and where “new construction” is discouraged. The underlying goal of establishing a CRA is to revitalize, rehabilitate, and remodel existing structures within the boundary of the CRA. Ohio currently has over 400 cities, townships, and villages with established CRAs. Read More

Resolve Tax Issues And End The Misery The IRS Is Making You Go Through

Robert Marsh, Tax Advisor, Tax Blog, Bonita Springs, Florida, USA, TaxConnections

Owing the IRS is a very severe problem for you. Although it may take several years for the IRS to catch up with you, they are very unrelenting and merciless when it comes to getting back every single penny owed. When it is time to collect, they will make your life a living hell and cause you devastation in all aspects of your life.

IRS Audit Representation

Our clients rarely talk with the IRS. We take control on your behalf so you need not leave your job to handle any paperwork or official procedures of the IRS. Read More

Inflation Adjustments Under Recently Enacted Tax Law

Tom Kerester, Tax Ambassador, Tax Blog, Washington D.C., USA, TaxConnections

WASHINGTON — The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.

The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:

  • The standard deduction for married filing jointly rises to $24,000. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,000; for heads of households, $18,000.

Read More

How To Prepare Taxes For Deferred Action For Childhood Arrivals (DACA) Recipients

On June 15, 2012, the U.S. Department of Homeland Security (DHS) announced that it would not deport certain undocumented youth who came to the United States as children. Under a directive from the DHS secretary, these youths may be granted a type of temporary permission to stay in the U.S. called “deferred action.” The Obama administration called this program Deferred Action for Childhood Arrivals, or DACA. This article is designed to provide guidance for tax professionals preparing and filing tax returns for DACA recipients.

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How To Prepare An Income Statement

Income Statement, Financial Health, Profit And Loss Statement, Mile IQ, Tax Blog, TaxConnections

An income statement is an important document for your company’s financial health. Yet, many small business owners stumble when preparing it. Read on for help in preparing your own income statement.

What Is An Income Statement?

An income statement is a report of revenues generated and expenses incurred by your business. It’s most commonly recorded over the course of a year, a month or a quarter. This statement is sometimes called a Profit and Loss statement because the report arrives at a net profit or loss. Read More

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