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.
Tag Archive for Income Tax
20
Apr 2017
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.
18
Jan 2017
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!”
16
Jan 2017
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.
30
Dec 2016
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.
30
Dec 2016
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).
11
Nov 2016
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!”
06
Oct 2016
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.
13
May 2016
Deciphering Campaign Tax Proposals
Here is my 15 minute presentation to the San Jose Rotary Club delivered today (May 11) on deciphering campaign tax proposals and helping members increase their tax policy savviness.
Deciphering Campaign Tax Proposals
Presentation delivered to Rotary International San Jose Chapter (District 5170) on May 11, 2016. Read more
03
May 2016
IRS Provides Tax Relief to Houston Area Storm Victims; Tax Deadline Extended to Sept. 1
Texas storm victims, including those in the Houston area, will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Read more
30
Nov 2015
December 2015 Business Due Dates
December 1 – Employers
During December, ask employees whose withholding allowances will be different in 2016 to fill out a new Form W4 or Form W4(SP).
December 15 – Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in November.
December 15 – Nonpayroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in November. Read more
20
Oct 2015
Facing A Huge Gain From A Realty Sale?
If you are contemplating selling real-estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years.
The first and possibly most important issue is adjusted basis. When computing the gain or loss from the sale of property, your gain or loss is measured from your adjusted basis in the property. Thus, your gain or loss would be the sales price minus the sales expenses and adjusted basis.
So what is adjusted basis? Determining adjusted basis can sometimes be complicated, but in a simplified overview, it is a dollar amount that starts with your acquisition value and Read more
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Current Articles
The IRS’s New Passport Program (Part 1 of 2)In 2015, I wrote a blog post analyzing IRS collection performance, looking at the effects of different drivers of collection such as notices, installment agreements, liens, levies, and refund […]
An IRS Hot Button – What Is Really The Cost? Part IIPreviously, I discussed keeping documented support for the basis of real estate. The easy part was the purchase and direct capital expenditures. But consider some of the other factors that directly […]
Using Video to Grow Your Tax Business – Webinar June 29Do you have a brief video on your website? If not, you’re missing the biggest thing in online content. TaxConnections in conjunction with the Local Marketing Solutions Group is holding the […]
Everything About New York’s Online Sales TaxOverall, the topic of collecting online sales tax is not as cut and dry as some would first assume, with ambiguous meanings and regulations, often confusing business owners. And hopefully, that’s […]
Practice Ignition Training Webinar – Wednesday, June 28thPractice Ignition is designed to assist accountants manage their engagement letters, client payments and raise invoices. For you as a business owner, another major advantage of the software is also […]
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