At TaxConnections, we are building a panel of experts that will answer your tax questions when you need. TaxConnections tax and financial experts are available to help you! In order to find the right expert to answer your inquiry, we need to shine the spotlight on our experts. We interviewed Jim Marshall, a tax and financial advisor out of Arizona.
Previously, we discussed that three taxpayers seeking to switch over to the IRS’ new “streamlined” compliance program for unreported offshore income argued to a D.C. Circuit panel that their lawsuit is not foreclosed by the Anti-Injunction Act’s bar on pre-enforcement tax challenges, attacking the government’s key defense in the case. The case is Maze et al. v. Internal Revenue Service et al., case number 16-5265, in the U.S. Court of Appeals for the District of Columbia Circuit. Read More
Mahess Rawoteea of the Ministry of Finance and Economic Development of Mauritius, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) in the presence of Douglas Frantz, OECD Deputy Secretary-General.
Based on expressed reservations at this point in time, 23 tax treaties would be impacted by this signing. Read More
IRS form 5472 is a U.S. filing requirement that affects some Americans living abroad who own or part-own corporations.
Form 5472 must be filed by U.S.-registered corporations that are 25% or more owned by a foreigner, and foreign corporations that trade in the U.S., that make any ‘reportable transactions’ during the filing period. A ‘reportable transaction’ typically means that they have received or transferred any money or assets. Read More
I will be speaking, July 19 in Claremont, CA at the Double Tree Hotel at the Inland Empire Chapter of the California Society of Tax Consultants. The topic is “Taxation of the Gig / Sharing Economy”.
The event will be from 7pm to 9pm PST. The event will be broadcast on Facebook Live. For those of you interested in viewing the event please be sure to visit my Facebook page at https://www.facebook.com/AscendBusinessAdvisory/ Read More
Despite the overall success of the IRS tax amnesty programs in recent years, many expats remain hesitant to enter the programs due to a number of misunderstandings surrounding their requirements and their outcomes. In this blog, we separate fact from fiction so that you can decide intelligently whether tax amnesty is right for you. Read More
The Tax Court has concluded that a foreign corporation’s proceeds from the redemption of a U.S. limited liability company that was treated as a partnership for U.S. income tax purposes was not U.S.-source income and was not effectively connected with a U.S. trade or business. Read More
On July 1 several tax changes will go into effect as part of the South Carolina Infrastructure and Economic Development Reform Act (“Act”) passed by the General Assembly during the 2017 legislative session. These changes are related to the Motor Fuel User Fee, Maximum Sales and Use Tax, and Infrastructure Maintenance Fee. The South Carolina Department of Revenue (SCDOR) is working to ensure a smooth implementation of these taxes for all taxpayers. Read More
In the past few weeks, we’ve been working on content around centralizing your client relationship data so that you can do a deep dive into those relationships, their status, inclusions and revenue with the hope that you can build a better practice once you have a decent source of truth.
This week, we’re excited to introduce you to the pipeline widget within Practice Ignition, another great addition to the dashboard. The new pipeline functionality allows you to visualize your momentum and success with the firm. Read More
How do I determine if my new vehicle is a Class 10 or Class 10.1 asset and what are the tax implications?
Any vehicle with a purchase cost of over $30,000 can be classed as a luxury vehicle (a 10.1 asset). This classification restricts the amount of depreciation that can be deducted from income which reduces your corporate expenses and increases your corporate tax. It also limits the amount of GST that can be recovered. The determining factor is whether the vehicle is a passenger vehicle or a motor vehicle by CRA’s definitions. Read More
The IRS announced that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program.
The IRS began sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies starting April 2017. Read More
American expats are, unfortunately, still required to file U.S. taxes from abroad. Thankfully though, there are several exclusions that reduce or in most cases eliminate their U.S. tax liability. The foremost among these is the Foreign Earned Income Exclusion. Not owing U.S. taxes doesn’t exempt expats from having to file a U.S. tax return though, as the exclusions that reduce or eliminate U.S. tax liability for expats must be claimed each year when expats file their federal return. Read More