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Tag Archive for tax updates

Updates To California Tax Return Filing

Betty Williams, Sacramento, California, Tax Advisor, Tax Blog, TaxConnections

The California Franchise Tax Board (FTB) has updated certain aspects of tax return filing starting with returns for tax year 2017. The standard deduction for taxpayers filing as single increased to $4,236; for taxpayers who are married filing jointly, the new standard deduction is $8,472. Personal exemptions were also raised to $114 and $228, respectively.

California introduced the Schedule X, a new form which will replace the Form 540X for amending returns, along with five new voluntary funds to which taxpayers may contribute to support specific causes.

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TaxConnections Tax Jobs- Look At Our New Links To View Tax Jobs Or Post Tax Jobs

TaxConnections is a tax media site promoting the authority and expertise of tax professionals worldwide. We are here to drive new business opportunities to our members and help them gain more visibility in the market. Due to demand, we now have an Executive Search Services division where our readers can go to view high-level tax jobs on https://www.taxconnections.com/current_searches our retained search division handles.

We also just released a new feature to post lower level tax jobs and we link leads right over to your own site: https://www.taxconnections.com/featured_tax_jobs Read more

Are You Dealing With South African Tax, Legal and Financial Questions?

Africa Tax Legal Financial Questions

We have good news for anyone conducting business in South Africa. One of our super smart tax experts, Dr. Daniel Erasmus recently acquired the Africa Tax, Law and Finance Hub and is offering complimentary access to the site for a limited time only.

We highly recommend you go view our tax professionals video section and scroll down to meet him in the video presentation he has on TaxConnections. If you have any business operations in South Africa, Dr. Erasmus is extraordinarily knowledgeable on the subject. Read more

Top Tax Blogs from 2015

Top Tax Blogs from 2015

During 2015 readers of TaxConnections Worldwide Tax Blogs arrived from more than 200 countries and spent an average of 12:45 during each visit. These are mighty numbers and they are due to the tax experts who joined our community and submitted their tax expertise and blog posts throughout the year.

We would like to congratulate our top tax blog contributors and link you to the top posts this year. We are grateful for the journey we made with you throughout the year and look forward to enjoying a successful 2016 with you.

Check out the top 20 Tax Blogs in 2015!

Story of A Good Citizen Who Reports Foreign Bank Accounts But Forgets FBARs! Huh? – Manasa Nadig

How To Live Outside The United States In An FBAR And FATCA World – John Richardson

Read This Before Tossing Old Tax Records – Barry Fowler

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PATH Act ITIN Renewal Requirements: All ITINs issued before 2013

TaxConnections Member Larry Stolberg

On December 18th, President Obama, signed H.R. 2029, the tax (the “Protecting Americans from Tax Hikes Act of 2015”) and spending bills (Consolidated Appropriations Act, 2016) to fund the government for its 2016 fiscal year.

The PATH Act ITIN renewal requirements: individuals who were issued Individual Taxpayer Identification Numbers (ITINs) before 2013 to renew their ITINs on a staggered schedule between 2017 and 2020 either in person before an IRS employee or a certified acceptance agent or by mail under procedures to be developed. Documentation proving identity, foreign status and residency is required for renewal. The Act also provides that an ITIN will expire if an individual fails to file a tax return for three consecutive years.

Similar rules apply to individuals residing outside the United States such as Canadians who applied for ITINS and file U.S. tax returns reporting their net rental income from U.S. real estate. It’s important to keep in mind that the

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Rate Increase and Withholding of Tax on Dispositions for US Property Interests

TaxConnections Member Larry Stolberg

An important tax update was made regarding the rate increase and withholding of tax on U.S. property dispositions. On December 18th, President Obama, signed H.R. 2029, the tax (the “Protecting Americans from Tax Hikes Act of 2015”) and spending bills (Consolidated Appropriations Act, 2016) to fund the government for its 2016 fiscal year.

The December The Act increases the rate of withholding from dispositions of U.S. real property interests under §1445 from 10% to 15%, but remains at 10% for residences sold for less than $1 million.

The withholding exemption where the sale price is under $300,000US and the purchaser will acquire the property as their principal residence is still in effect.

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The PATH Act Significantly Enhances The R&D Tax Credit Program

Tax Advisor - Peter Scalise

On December 18th of 2015, President Obama signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) accomplished considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives while extending other tax incentives over either a five year period or a two year period.

In particular, the PATH Act meaningfully enhanced the R&D Tax Credit Program (hereinafter “RTC program”) on a myriad of levels. As an overview, the RTC program was initially added to the U.S. Internal Revenue Code (hereinafter the “Code”) in 1981 through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code. The RTC program had most recently expired on December 31, 2014. A tremendous paradigm shift to the RTC program was made possible through the PATH Act which not only renewed the RTC retroactively for all of calendar year 2015 but most importantly made the RTC program permanent. In addition, the enhanced RTC program has been considerably restructured to: Read more

A Legislative Tax Update From Capitol Hill

Tax Advisor - Peter Scalise

On December 18th of 2015, President Obama discussed a Legislative Tax Update on Capitol Hill. He signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) does considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives, including the Research & Development Tax Credit Program, the American Opportunity Tax Credit Program and the enhanced I.R.C. § 179 Expensing Program. The PATH Act further extends other key tax incentives, including the Bonus Depreciation Program and the New Markets Tax Credit Program for five years while reinstating other significant tax incentives for two years. The PATH Act also imposes a two-year suspension on the ACA Medical Device Excise Tax.

The subsequent synopsis will serve as a practical overview of just some of the many far-reaching changes enacted by the PATH Act affecting both business entities and individuals including, but certainly not limited to: Read more

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