TaxConnections


 

Digital Nomads And The Foreign Earned Income Exclusion

Ephraim Moss

In today’s age of “digital nomads,” working remotely overseas has become increasingly popular. More companies are adding remote working options in order to benefit from a broader talent pool and give employees more lifestyle choices.

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Colorado Income Tax Planning Update: Form 104

John Dundon

The following items might seem new and/or different for Colorado taxpayers on the CO 104 Income Tax form, some are some are not. These points below basically represent some of the more persistent questions coming across my desk as part of year end tax planning.

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Can Self-Employed Take The Standard Tax Deduction?

MileIQ

Taking the standard deduction is one of the simplest ways to lower your tax burden. Can the self-employed take the standard deduction? Read on to learn more about the standard deduction, who is eligible to claim it and if it’s worth it for freelancers and small business owners.

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Filing Deadline And Some Refunds To Be Delayed

Harold Goedde

The IRS will not accept tax returns until January 23, 2017. The filing deadline will be April 18 due to April 15 falling on Saturday and the Emancipation Day holiday in Washington D.C. on April 17.

Congress (in the PATH Act) mandated the IRS to delay some refunds until February 15.

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Tax Residency In Canada: Deemed VS. Factual Resident

John Richardson

Tax Residency is becoming an increasingly important topic. Every country has its own rules for determining who is and who is not a “tax resident” of that country. The advent of the OCED CRS (“Common Reporting Standard”) has made the determination of “tax residence” increasingly important.

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Court of Appeals Reverses Santander’s Foreign Tax Refund

Ron Marini

The First Circuit Court of Appeals overturned an earlier $234 million victory for Santander Holdings USA Inc. after ruling on December 16, 2016 that an internal securities transaction the bank had engaged in lacked economic substance and does not qualify for foreign tax credits.

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Last Minute CPE Credits? Our Christmas Gift To You

Kat Jennings

If you are looking to acquire some more CPE credits before the end of the year, think about enrolling in a course through a partnership between TaxConnections and ACPEN. The courses offered by ACPEN cover a range of topics and ideas, and vary in time and price. If you only need a few CPE credits, you could easily manage to obtain those through a webinar that is provided.

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21st Century Cures Act Signed By President Obama

John Dundon

President Obama signed the 21st Century Cures Act into law creating an option for small businesses to offer employees a health reimbursement arrangement (HRA) that is funded by the employer.

Beginning January 1, 2017, the maximum employees can receive per year through the HRA is $4,950 for individuals who show they have individual coverage or up to $10,000 for workers who also have coverage for family members. The contribution cap will be indexed for inflation.

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Tax Rules When Selling Your Home

Ron Oddo

How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of some of these tax rules.

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Mileage & Parking Deductions With MileIQ

MileIQ

The mileage deduction is one of the largest tax savings you can get if you use a personal car for business purposes. But, there are various vehicle-related deductions for the self-employed. Let’s go over the parking deduction and see how it can impact your tax bill.

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Recklessness = Willful Failure To File FBAR

Ron Marini

A district court has found that the taxpayers’ failure to timely file a Foreign Bank and Financial Accounts Report (FBAR) was willful where, among other things, they stopped employing a bookkeeper or keeping any books after opening a foreign bank account and made several misrepresentations under penalty of perjury when they applied to participate in IRS’s Offshore Voluntary Disclosure Program (OVDP).

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Saving Taxes On Required Minimum Distributions

Harold Goedde

Taxpayers who have a tax deferred retirement plan (e.g., a 401K, 403B, 457B) or an IRA must take a required minimum distribution (RMD) when they reach age 70 ½ which is reported as ordinary income. In the year you become 70 ½, you can defer the first distribution until April 15 of the following year.

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