TaxConnections


 

What To Know About Texas’s Online Sales Tax

Monika Miles

Have you been following the online sales tax debate? Congress hasn’t been able to come up with a solution at this point, so states are taking matters into their own hands. This series showcases how various legislatures across the country are approaching the issue. So far we’ve covered Colorado, Alabama, and Washington. This week we take a look at Texas.

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Potential Consequences For US Expats Of The Trump Tax Plan

Ephraim Moss

The Trump administration has revealed its official tax reform plan. While it’s clear that the plan would make drastic changes to the current U.S. tax system, the brevity of the plan leaves a host of ancillary issues and details either unclarified or unaddressed in the one-page document. This is particularly true for expats – the tax plan gives little insight into whether changes will be sought by the administration that specifically address U.S. expat concerns.

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FATCA’s Same Country Exemption Won’t Work

John Richardson

Introduction: If you were to REPEAL FATCA

A previous post discussing the what exactly is meant by FATCA and the Mark Meadows “Repeal FATCA” bill, described:

FATCA is the collective effect of a number of specific amendments to the Internal Revenue Code which are designed to target both (1) Foreign Financial Institutions and (2) those “U.S. Persons” who are their customers.

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Startups Can Now Claim R & D Tax Credit

Startups with qualifying research expenses have for the first time an additional option whereby they can choose to apply up to $250,000 of its research credit against its payroll tax liability. This new option is available to any eligible small business filing its 2016 federal income tax return this tax season.

If, somehow, such a small business failed to choose this option while filing their 2016 Tax return, and still wishes to do so, it can still make the election by filing an amended return by Dec. 31, 2017. This new option was introduced through the PATH Act enacted in 2015.

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New Mexico—Tax Focus And Business Climate

Monika Miles

Welcome to the Land of Enchantment! This month we travel to the southwestern state of New Mexico. The states of New Mexico, Colorado, Arizona and Utah come together at the Four Corners in the northwestern corner of the state, the only such occurrence in the U.S. Although a large state, New Mexico has very little water, with a surface area of only about 250 square miles.

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Great Feedback On Hale Stewart’s Webinars

The content of the webinars presented on www.taxconnections.com is important! We just received a very nice message from Rajendra Singh who attended the “Captive Insurance For CPAs” taught by Hale Stewart last week: “I enjoyed your webinar yesterday. You will make one of the best-liked teachers on any campus. I bought your book on Captives.”

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Negligence Penalty Where Partner Omits Partnership Item

Ron Marini

The Tax Court has held that, where a partner omits a partnership item from his individual tax return, and the partnership itself was subject to a TEFRA audit, the Court has jurisdiction to determine that partner’s resulting negligence penalty.

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Tax Partners/Tax Directors – Want An Exciting Career Change?

TaxConnections has developed innovative technology in bringing Virtual Tax Offices into the profession. We are searching for bright Tax Partners/Tax Directors who want to leave public accounting, a law firm or corporation to leverage their career equity. We have worked tirelessly to build a media platform to drive new business to tax professionals at www.taxconnections.com. We are at a stage of development that we want to bring in the best minds in the tax profession to scale the company. There is so much opportunity here for anyone who knows the tax community and understands its unique needs. You will be part of the team who brings TaxConnections through the next stages of development of our Virtual Tax Office technology.

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What Corporate Tax Executives Are Paid Today – Webinar – Friday, May 12th 2017

You are cordially invited to an educational webinar on Compensation For Corporate Tax Executives. After spending a great deal of time surveying tax executives on compensation, I am confident the information delivered during this webinar will be valuable to you.  We released a report on Lead Tax Executive Compensation earlier this year at a cost of $2500 per report, this presentation will provide an overview and understanding of tax executive compensation we researched and published.

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Tax Justice Network Finds The Necessary $70 Billion

William Byrnes

Forgive the alarmist headline. But I just read Tax Justice Network (TJN)/ITEP defending FATCA again because it can raise $40 billion to $70 billion tax revenue a year for the U.S. Enough already. I hope that Tax Justice/ITEP are correct and that $70 billion a year remains to be recovered by the IRS from non-reported foreign income.

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Canada Tax FAQs – What Is A Schedule 91?

Grant Gilmour

What is a schedule 91 as part of a T2 corporate tax return?

Schedule 91 is for non-resident corporations that carried on business in Canada or disposal of taxable Canadian property in Canada that was treaty-protected any time in the year.

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Turning An Accounting Reserve Into A Captive Insurer

Hale Stewart

“A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. By setting aside a reserve, the board of directors is segregating funds from the general operating usage of a company.”

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