TaxConnections


 

Tag Archive for tax code

“Corporations Are People Too ….. My Friend.” – Tax Law

Giving a speech on tax reform whilst stumping for president in what is now seemingly a woebegone era of politics, Mitt Romney quipped this now seemingly famous sound bite personifying the greed of purported capitalism. According to US tax law, unfortunately he is right. Corporations are ‘treated’ like people.

Since this is how we live, when it comes to writing tax laws it seems a reasonable expectation that corporations behave as moral agents of society just like the rest of us. After all, they have their own decision structures and choices to make between rightness and wrongness, goodness and badness that are justified with reasons just like us. Read more

U.S. Now Revoking Passports of Taxpayers With Unpaid Taxes!

Ron Marini

The tax code now provides for authorities to revoke or deny the passport of any U.S. taxpayer who has unpaid taxes in excess of $50,000 or who have not obtained or won’t provide a Social Security numbers. The IRS updated it website to state that the IRS had not yet started certifying tax debt to the State Department. However, Certifications to the State Department will begin in early 2017 and this webpage will be updated to indicate when this process has been implemented. Read more

Real Estate Professionals For U.S. Federal Income Tax Purposes

John Dundon

Everyday people misinterpret the tax code. It does not matter if you are a bookkeeper, accountant, unlicensed tax practitioner, Enrolled Agent, CPA, tax attorney, or even a Tax Court Judge, the tax code is complicated and confusing and many of us struggle understanding it, much less applying it in practicality.

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Webinar – U.S. Controlled Foreign Corporations Statute – May 30th

The controlled foreign corporation statute is a bedrock legal concept of U.S. international taxation. Enacted in the early 1960s, it is one of the most complex statutes in the U.S. tax code.

An Introduction to Controlled Foreign Corporations” will provide the CPA with an overview of this statute.

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Webinar – U.S. Controlled Foreign Corporations Statute – May 30th

The controlled foreign corporation statute is a bedrock legal concept of U.S. international taxation. Enacted in the early 1960s, it is one of the most complex statutes in the U.S. tax code.

An Introduction to Controlled Foreign Corporations” will provide the CPA with an overview of this statute.

Read more

Nine Tax Code “Head Scratchers”

John Stancil

Having survived tax season for one more year, I was struck by how complex our tax code really is. I’ve been preparing taxes for over 40 years, yet I ran into several provisions that I had not previously encountered. I am fully aware that there is much wrong with the code, that there are some major overhauls needed. In the midst of all this complexity, it struck me that there are provisions in the code which are not big deals, but are head scratchers. Why are these things in the code? Eliminating them can go a long way toward helping the middle-class taxpayer.

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An Introduction To The U.S. Controlled Foreign Corporations Statute – Webinar May 30th

Hale Stewart

The controlled foreign corporation statute is a bedrock legal concept of U.S. international taxation. Enacted in the early 1960s, it is one of the most complex statutes in the U.S. tax code.

An Introduction to Controlled Foreign Corporations” will provide the CPA with an overview of this statute.

Read more

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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Have You Been Caught By The IRS For Under-Reporting?

Barry Fowler

Are you the target of an audit for allegedly under-reporting income to the IRS?

Professional help by an experienced, Enrolled Agent tax attorney is a must in this type of situation. A little bit of understanding may also come in handy before you get sucked into the unraveling of your tax returns.

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Could Your Airbnb Rental Be Considered A Hotel?

William Rogers

Vacation rentals are nothing new. For centuries travelers have opted to stay in private residences over hotels for a variety of reasons. It’s quite common here in Southern California with the lure of our local beaches and mountains for property owners to rent out their properties on a transient basis. Vacationers have long used the Internet to search for available properties by visiting sites like Craigslist or VRBO.com (Vacation Rentals by Owner).

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Sending Personal Investments Offshore Is More Complicated Than You Think

Hale Stewart

A quick reminder about sending investment portfolios offshore.

The U.S. taxes residents on worldwide income. From the Treasury Regulations:

In general, all citizens of the United States, wherever resident, and all resident alien individuals are liable to the income taxes imposed by the Code whether the income is received from sources within or without the United States.

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Excess Depreciation Claimed – Now What?

John Dundon

Justin Fundalinski of Jim Saulnier & Associates, who I met while volunteering time for the betterment of the Financial Planning Association, asked me a procedural question about a fascinating situation he encountered regarding depreciation and disposition of residential rental real estate, causing pause. Tax questions that cause me to pause are the spice of life.

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