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Tag Archive for Tax Rates

Corporation Tax Residence And Registration – Ireland

Claire McNamara

Registration

If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form:

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Tax Changes Coming In 2017: What U.S. Expats Need To Know

Ephraim Moss

While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as we enter 2017. We also share a few highlights from President-elect Trump’s current tax plan.

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Choosing The Correct Filing Status – Qualifying Widow/Widower With Dependent Child (QW)

Surviving spouses receive the same standard deduction and tax rates as taxpayers who are filing Married Filing Jointly. In the year of your spouse’s death, if you do not remarry, you can file a joint return with your deceased spouse. For the following two years, you can use the Qualifying Widow/Widower with Dependent Child filing status, if you have a dependent child living with you. After two years, if you have not remarried, you must change your filing status to either Single or Head of Household, depending on your circumstances.

You can consider the Qualifying Widow(er) filing status if you are a widow(er) and:

• You could have filed a joint return with your spouse for the year your spouse died.
• Your spouse died in either of the two tax years preceding this current year. Read more

Continued Bonus Depreciation Or Tax Reform?

One of the fifty seven federal tax provisions that expired at the end of 2013 was 50% bonus depreciation. That has been a temporary provision for several years, primarily aimed at helping economic recovery. It’s also been a generous provision (it was even 100% for a few years). With 50% bonus depreciation, a business claims depreciation on new equipment in the year it is placed in service equal to 50% of the cost plus normal depreciation on the balance. If the company was also eligible for Section 179 expensing, it would first claim $500,000 and then take 50% of the balance and then normal depreciation on the balance.

Temporary tax provisions are often renewed well after they expire. These temporary provisions all “cost” money because they result in reduced tax collections. To be extended in a revenue neutral bill, Congress has to find “offsets” – other tax increases or spending cuts. Read more

New Jersey Estate & Inheritance Tax: Reducing the Size of the Estate Through Gifting

New Jersey is one of only a few states that impose both an inheritance tax and a state estate tax. The inheritance tax applies when someone who lived in New Jersey, or owned property there, leaves property to someone who is not a close relative. The tax rate depends on how closely the inheritors and deceased person were related.

(1) How are inheritors classified?

The transfer inheritance tax is imposed, at graduated rates, on property having a total value of $00 or more that passes from a decedent to a beneficiary. New Jersey classifies inheritors into different groups, based on their family relationship to the deceased person. Read more

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