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Tag Archive for Income Tax

17 Oct 2017

Written by Advertorial | Posted in Income Tax • Reimbursement

What Expenses Does Mileage Reimbursement Cover?

A mileage reimbursement program can be key for many businesses. But, often employees ask, “What expenses does a mileage reimbursement cover?” Let’s go over that, as well as some tips for a great reimbursement program.

What’s Included In The Mileage Reimbursement?

The mileage reimbursement covers the cost of operating a personal vehicle for business reasons. This includes the cost of things like gasoline, oil, maintenance and wear-and-tear.

Your business can decide how to handle other driving-related expenses. This may include the costs of parking and tolls.

No comments | Tags: Employers, Income Tax, MileIQ, reimbursement, Tax Advisor, travel

05 Oct 2017

Written by Claire McNamara | Posted in Europe

Taxation Of Irish Rental Income

What is Rental Income?

According to the Revenue’s website, Rental income includes:

“the renting out of a house, flat, apartment, office or farmland
payments you receive for allowing advertising signs or communication transmitters to be put up on your property
payments you receive for allowing a right of way through your property
payments you receive for allowing sporting rights such as fishing or shooting rights on your property
payments you receive from your tenant to cover the cost of work to your rental property. Your tenant must not be required to pay for this work per the lease
certain lease premiums, as well as deemed and reverse premiums
Conacre lettings
service charges for services connected to the occupation of the property
payments from insurance policies that cover against the non-payment of rent.”

No comments | Tags: Claire McNamara, Income Tax, Ireland, Offset of Rental Losses, Pay Related Social Insurance, personal tax, property tax, Rent-a-Room Exemption, rental economy, Taxation of Rental Profits, Universal social Charge

22 Aug 2017

Written by John Dundon | Posted in Tax Policy

Capital v Operating Lease—Tax Reporting Implications

We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles. Leased property includes real estate, machinery, and other items that a taxpayer uses in his or her business and does not own.

Payments for the use of this property may be deducted as long as they are ordinary, necessary and reasonable. However, special rules and limitations apply to business use of the taxpayer’s rented personal residence and leased automobiles. More information on these topics can be found in: Read more

One comment | Tags: Business Use Assets, capital lease, Income Tax, Operating Lease

19 Jul 2017

Written by Annette Nellen | Posted in State Tax

Are California Taxes That High?

Are California’s taxes high? I was asked this question recently by a reporter with Politifact California. Assemblymember Travis Allen who is running for governor had stated that California had the highest taxes. His website says that California has the highest personal income tax and state sales tax rates. [Chris Nichols article of 7/11/17]

If just looking at the rate structure, those are correct statements. The Federation of Tax Administrators posts helpful and current tables of the PIT and sales tax rates among the states. Read more

2 comments | Tags: California, Income Tax, sales tax, The Federation of Tax Administrators

21 Apr 2017

Written by Annette Nellen | Posted in Tax Filing

Tax Complexity And Filing Status

It doesn’t seem that one’s filing status should be confusing. You’re single or you’re married. But, many people qualify for head-of-household status. That one is confusing because of its multi-faceted definition.

2 comments | Tags: California, Franchise Tax Board, Income Tax, tax, Tax Reform Proposal

20 Apr 2017

Written by John Richardson | Posted in International

Digital Nomads Using The FEIE To Avoid Paying Income Tax

Digital Nomads are entrepreneurs who run location independent business. Many digital nomads travel outside the United States with their laptops. Although they have a presence in other countries, they rarely stay long enough in any country to become tax residents of those other countries. They typically conduct their businesses through non-U.S. (foreign) corporations and draw a salary from those foreign corporations. By drawing a salary from those foreign corporations, they ensure that their income is foreign and they they avoid paying U.S. self-employment taxes.

3 comments | Tags: American Citizens Abroad proposal, avoiding payment, Digital Nomads, FEIE, Income Tax, Republicans Overseas proposal

18 Jan 2017

Written by John Dundon | Posted in Corporate

Income 54: Shareholders of Partnerships and S Corporations

The Colorado Department of Revenue has finally revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax on their Colorado-source income. This Enrolled Agent says “About Time!”

No comments | Tags: Colorado, Corporations, Department of Revenue, Form 106, Income Tax, partnerships

16 Jan 2017

Written by Claire McNamara | Posted in International

Rental Expenses Ireland – High Court Decision

The High Court decision in Revenue Commissioners v Thomas Collins has just been published.

It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.

No comments | Tags: consolidation act, Income Tax, Ireland, non principal private residence, nppr

30 Dec 2016

Written by John Dundon | Posted in State Tax

Colorado Year End Tax Update: Focus on USE TAX – 50 Points

It is that time of year again where we work ourselves into a tizzy finishing off the year “strong” and simultaneously enduring another holiday season whilst purportedly planning for a new year. YIKES!

With internet sales exploding, it is a good idea to review each transaction you make to know if sales tax is being charged. If it is not, chances are good that you owe Colorado USE Tax on the item purchased.

One comment | Tags: Colorado, colorado tax return, Income Tax, internet sales, Use Tax

30 Dec 2016

Written by Ronald Marini | Posted in IRS

Revised Country List For Automatic Exchange Of Information

In a Rev Proc 2016-56,2016-51 IRB, the IRS has updated two lists of countries with which the U.S. has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country under Reg. § 1.6049-8(a) and Reg. § 1.6049-4(b)(5).

One comment | Tags: Automatic Exchange of Information, Income Tax, United States

11 Nov 2016

Written by Ronald Oddo | Posted in Corporate • Tax Tips

Choosing Between A ‘C’ OR ‘S’ Corporation – Weighing Tax Attributes

Question most CPAs as to what business form they suggest for the business clients and they typically answer, “A C Corporation—at least in the early capital formation years of the business.” Ask any Investment Banker or other Transaction Advisor what entity they prefer and you will likely hear, “An S Corporation or LLC (Limited Liability Company), or perhaps a partnership or sole proprietorship. Anything, anything, but a C Corporation!”

One comment | Tags: C Corporation, Income Tax, S-Corporation

06 Oct 2016

Written by William Byrnes | Posted in OECD • Tax Reform

Tax Policy Reforms Driven By Focus On Boosting Growth

While fiscal consolidation was the key driver of tax reforms in the years following the global economic crisis, the main emphasis of recent tax reforms has shifted back to tax measures aimed at boosting economic growth, according to a new OECD report.

No comments | Tags: boosting economic growth, Income Tax, vat

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