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Tag Archive for Florida

You Are Personally Liable When You Have Signature Authority On Foreign Accounts

Kazim Qasim Foreign Accounts – Changes In Reporting

When most people think of foreign accounts, they think of ex-pat living overseas and utilizing banks for the accumulation of their payments.  However, many taxpayers may also be subject to the federal Foreign Bank and Financial Accounts or FBAR reporting without realizing it. The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) 114 form is filed alongside taxpayers’ federal tax return and reports information for those that have a financial interest or signature authority over a foreign financial account.

Financial interest is defined as: directly owning an account; directly owning or indirectly owning more than fifty percent of a corporation’s voting power and/or shares when that corporation owns an account; directly owning or indirectly owning more than fifty percent of a partnership’s profits or capital when that partnership owns an account, or directly owning or indirectly owning more than fifty percent of the voting power, total value or the equity interest or assets, or interest in profits of any entity that owns an account.

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BYOD Policies – Are They Right For Your Company?

Kazim Qasim- BYOD Policies - Are They Right For Your Company.

As technologies advance and real estate costs increase, more and more companies are moving towards allowing workers to telecommute.  With the advantages of having remote employees, comes the question of how these employees interact with the company resources.  While many companies choose to provide workers with computers and cellular phones, technology allowances have also become a method by which companies request that the employee provide his or her own technology.  Additionally, many workers prefer to utilize their own devices for work, even if the company does not provide reimbursement.  Many companies have welcomed this drive in their employees as it lowers their own costs, as well as provides an increase in productivity.  With any remote system accessing company data, security and legal compliance become risk factors that must be analyzed.

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Is A Bitcoin Donation For Churches?

John Stancil, Tax Advisor, Florida

Bitcoin… Most likely you have heard of it. Maybe you have an idea about what it is. But what if a member of your church asks you, as Pastor or Treasurer, if they can contribute bitcoin to the church. How do you reply? Can it even be done? Most smaller churches are not set up to receive donations of stocks or other securities, much less something as new as bitcoin. Obviously, one does not want to turn away a legitimate contribution with no strings attached, but what is the process? To get the big question out of the way, yes, your church can accept bitcoin contributions, but it is not as simple as a member dropping a check in the offering plate or making an online contribution with a credit card.  The church must be prepared to receive such contributions.

But let’s take a step back and look at what bitcoin is. Bitcoin is the most well-known virtual currency now in existence. It is sometimes referred to as cryptocurrency. It not the province of any government, but is a virtual currency used in commerce. Since it is essentially a “private” currency the value of bitcoin changes much as the value of stocks or other securities change value. In fact, the IRS does not recognize bitcoin as cash for purposes of charitable contributions. Therefore, it must be treated as a noncash gift similar to the handling of contributions of other securities. Consequently, the church should not assign a value to the contribution but simply issue a letter acknowledging the contribution.

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The IRS Issues 2018 “Dirty Dozen” Report To Highlight The Biggest Scams The Public Needs To Avoid

Every year the IRS issues its “Dirty Dozen” report to highlight the biggest scams that the public needs to avoid.

The IRS has released the following press release:

This year’s “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk. Read more

The Tax Reform Impact On Meals, Entertainment, And Automobile Parking

If you’ve formed certain habits related to how you handle meals, entertainment, transportation, and parking as it relates to your business and taxes, the time to change those habits has come.

As this report notes, tax reform law commonly referred to as H.R. 1 Tax Cuts and Jobs Act of 2017 has changed the deductibility of certain meals, entertainment and transportation expenses. Before 2018, a taxpayer could deduct 50 percent of business meals and entertainment and 100 percent of meals provided through an in-house cafeteria or meals provided for the convenience of the employer (i.e., also known as a de minimis fringe benefit). Read more

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

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

The Key To A Legal And Successful Reduction In Your Tax Liability Is Planning

The key to a legal and successful reduction in your tax liability is planning. We don’t just comply with tax procedures but we also recommend proactive tax saving measures to maximize your income after tax deductions.

We take it upon ourselves to master the current tax laws, new tax rules and the complicated tax codes by frequently attending tax seminars. Read more

How Are Nonprofits Affected By The Tax Cuts And Jobs Act?

After a lengthy process, Congress and the President did what they had to do in late December 2017 to put into law one of the most significant pieces of legislation in decades: the Tax Cuts and Jobs Act (TCJA). The Act put into place a number of provisions that will affect Not for Profit Organizations. Note the following areas of tax impact that the provisions of the TCJA  brought in relation to Not For Profit Organizations, as noted in Yeo Yeo:

  • Changes the computation of unrelated business taxable income (UBIT) if an organization has more than one unrelated trade or business. It’s possible that more nonprofits will have to pay UBIT. As Nolo explains:

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What Is Cryptocurrency?

There is plenty of misunderstanding about the definition of cryptocurrency. Wikipedia’s well-researched entry on the topic defines “cryptocurrency” as follows (with their links included):

[Cryptocurrency is] a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. Read more

The 2017 Tax Act And U.S. Real Estate: The Foreign Investor And Unusually Low Tax Rates

The boom in U.S. real estate caused by foreign investors is about to get bigger as a result of greatly reduced U.S. income taxes for nonresident aliens and foreign corporations.

Because of the new 2017 Tax Act, foreign investors could receive a 40% reduction in the U.S. income tax of their gains and income from their real estate investments. For those foreign investors who already were invested in U.S. real estate, their after-tax returns could now be 40% more valuable without their raising a finger. Read more

The Down And Dirty On The New Tax Rules And Estate Planning

Most articles about the passage of the Tax Cuts and Jobs Act in December buzz about the resulting income tax consequences for individuals and businesses.

But what about the intersection of the TCJA and estate planning?

In a report by Stefi Gascon Hafen, published by AccountingToday, she comes to some interesting conclusions about the TCJA’s significant impact on estate planning. Read more

Listen To Complimentary Webinar On Pre-Immigration Income Tax Planning And Investments

This webinar will provide tax counsel and advisers with a comprehensive guide to the tax and investment planning challenges and opportunities for high net worth foreign clients seeking to immigrate to the United States. The panel will discuss strategies for minimizing the U.S. tax impact of foreign-source ordinary and capital income prior to establishing tax residency in the U.S., detail the EB-5 program for nonresidents seeking to establish permanent residency through investment in the U.S. economy, and outline the tax issues that can arise from participating in a regional center. Read more

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