TaxConnections


 

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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Canadian Tax FAQ – CRA Program Accounts

Grant Gilmour

The Canada Revenue Agency (CRA) has issued me a business number. Now what do I do?

In Canada, once a company is assigned a business number then it needs to request which type of program account it needs to be setup. There are five types of accounts:

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Focus On The Tax Climate Of Virginia

Monika Miles

This month we travel across the country to Virginia. One of the original 13 colonies, Virginia possesses a lot of living history with the Jamestown Settlement and Colonial Williamsburg being notable historic landmarks.

The Shenandoah National Park lies in the eastern part of the state deep in the Blue Ridge Mountains. Mostly forested, the park features wetlands, waterfalls and rocky peaks, like Hawksbill, and Old Rag mountains. It is also home to many bird species, deer, squirrels and the elusive black bear.

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MileIQ Mileage Tracking App – Lisa Jeffries

MileIQ

We’re happy to spotlight the amazing work MileIQ users do every day. This week, we’re excited to speak with Lisa Jeffries, founder of Raleighwood Media. See why there’s no typical day for this go-getter and how automatic mileage tracking comes in handy for her and her events-planning company.

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AICPA Requests Administrative Guidance By Dept Of Treasury

Peter Scalise

The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (hereinafter “RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from a quantitative perspective effective for tax years beginning on or after January 1, 2016.

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Webinar – TaxConnections Members Acquire Top Tax Clients

Kat Jennings

TaxConnections training webinar on Thursday, February 9th 2017 at 1:00PM PDT /2:00PM MST/3:00PM CT/4:00PM EST. With Kat Jennings, TaxConnections CEO as your host you will learn the following:

  1. How Do You Acquire New Clients Through TaxConnections?
  2. What Is A Virtual Tax Office? Why A Virtual Tax Office Is Your Future.
  3. How To Secure The Best Real Estate For Your Virtual Office Today

Real Examples Of New Business Acquired By TaxConnections Members With Virtual Offices… Read More

States Need To Get Ready For Federal Tax Reform

Annette Nellen

There is lots of talk about federal tax reform. We are likely to see some legislative language from the House in spring, according to Speaker of the House Paul Ryan (see Jeremy Quittner, “Paul Ryan Says Tax Reform Won’t Happen Any Time Soon,” Fortune, 2/2/17).

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A Proposed Border Adjustment Tax!

TaxConnections Member

Over the past few weeks, I’ve had numerous clients ask me about how they might be impacted by the border adjustment tax. In fact, so many have expressed concern that they’re already seeking advice on how to avoid being impacted, even though nothing has been enacted into law. For those of you whom are unfamiliar with the subject, the border adjustment tax is currently a proposal, not law. The idea is derived from the House Republican’s Ways and Means Committee tax reform blueprint, “A Better Way”.[i]

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