tax | Tax Blog

Tag Archive for tax

17 Jan 2018

Written by Ronald Marini | Posted in TaxConnections

Apple Could Get A $4B Timing Reduction In TCJA’S 15.5% Transition Tax?

Ronald Marini, Tax Advisor, Miami, FL, TaxConnections

According to taxproToday, Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up, provided their fiscal years don’t follow the calendar year.

A timing quirk in the tax overhaul that President Donald Trump signed last month may be good news for companies such as Apple Inc., Microsoft Corp. and Cisco Systems Inc., all of which began their fiscal years before Jan. 1. Firms including Alphabet Inc., Amgen Inc. and General Electric Co., with fiscal years that began on Jan. 1, appear to be shut out of the benefit. Read more

No comments | Tags: Apple, FL, Miami, Ronald Marini, tax, Tax Advisor, TaxConnections

27 Dec 2017

Written by Annie Long | Posted in Budget • Canada • Federal

2017 Federal Budget Bill #2 Receives Royal Assent

This bill implements certain measures announced in the 2017 federal budget. Bill C-63 also includes catch-up measures previously included in September 16, 2016 draft legislation, measures related to the principal residence exemption, and some specified cooperative income measures. Bill C-63 also contains some GST/HST measures related to pension plans and drop shipments, and other indirect tax measures that were previously released in draft legislation on September 8, 2017 (see TaxNewsFlash-Canada No. 2017-50). Read more

No comments | Tags: Annie Long, business, Canada, corporate income, federal bill, Federal budget bill, tax, tax connections

19 Dec 2017

Written by Ericka Stark | Posted in TaxConnections

Tax Debate Touches Every Individual, Business

Small business taxation, corporate tax rates, and changes to popular deductions are just some of the many complex changes to the Tax Code being debated in Congress. At the time this article was posted, the Senate is expected to approve, along party-lines, a sweeping overhaul of the Tax Code written by Senate Republicans. The House has already approved its tax bill, also along party-lines. If the Senate passes a tax bill, House and Senate conferees will seek to resolve differences between the two bills. Conferees will likely aim to reach an agreement quickly to send a bill to the White House before year-end. Read more

No comments | Tags: Congress, Corporate Rate Taxes, Erica Stark, Senate, tax, tax code, Tax Debate, Tax Letter

18 Dec 2017

Written by Lisa Nason | Posted in Tax Proposals

New Update: Trump Tax Proposals

Both the House and Senate have passed their versions of President Trump’s tax bill, and there are many similarities, including the limiting of itemized deductions to mortgage interest, charitable contributions, and property taxes (up to $10,000), and the doubling of the estate, gift, and generation-skipping transfer tax exemptions from $5.6 million to $112 million in 2018. These versions also differ in a number of ways. These differences will have to be resolved through a legislative conference committee. Some differences should be easy to reconcile, but resolving others is expected to take time and effort. Read more

No comments | Tags: House, Lisa Nason, passed bill, Senate, tax, Tax Advisor, tax connections, tax proposals, Trump Tax

15 Dec 2017

Written by Daniel Gray | Posted in ITIN • TaxConnections

ITIN For Bank Account Or PayPal

IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax. The old conundrum is that most USA banks will not open an account without an ITIN. IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax.

No comments | Tags: Canada tax, Daniel Gray, IRS, ITIN, tax, withholding

14 Dec 2017

Written by Betty Williams | Posted in IRS • TaxConnections

Steps to Avoid an IRS Worker Classification Audit

Any small business must hire more people as the business grows and thrives. At the initial stage when work is sporadic, it may make sense to hire contractors like a web designer to create an online presence or a bookkeeper to manage business accounts. But as work piles up, it may require hiring a full-time employee.

The line between independent contractor and employee is not always clear. A construction firm may have contracted with several roofers as projects dried up during the recession. As work picks up and the firm needs more help, several of the roofers may give up other jobs in exchange for steady schedules and access to the firm’s retirement savings plan. Does this mean that they should instead be classified as employees? Read more

One comment | Tags: Betty Williams, Full-time Employee, irs audit, IRS Worker Classification Audit, tax, Tax Advisor

14 Dec 2017

Written by Mashalla Afshar | Posted in FSA • Health Care

Tax And Health: Flexible Spending Accounts

Flexible Spending Account (FSA) allows employees to be reimbursed for medical expenses. FSAs are usually funded through voluntary salary reduction agreements with your employer. The benefits of an FSA are that no employment or federal income taxes are deducted from your contribution. Some employers will even contribute to your FSA account.

Withdrawals may be tax free if you use the funds for qualified medical expenses. You can withdraw funds from the account to pay for qualified medical expenses even if the funds are not yet in the account.

No comments | Tags: Deducting Medical Expenses, FSA account, Mashalla Afsar, medical expenses, medical health, tax, Tax Advisor

05 Jul 2017

Written by John Richardson | Posted in Citizenship

Expat Tax: Your Renunciation And When Your CLN Is Issued

Two questions that I frequently receive from people who have renounced U.S. citizenship are:

I. An immigration question: What if I attempt to travel to the United States during the period of time between my actual renunciation of U.S. citizenship and actually receiving my CLN (which is my proof of having renounced U.S. citizenship)? Read more

No comments | Tags: CLN, expatriate, tax, US Citizens

03 May 2017

Written by Hale Stewart | Posted in Tax Education

Learn About Captive Insurance – Webinar Tomorrow, May 4

It’s no secret that the U.S. economy is increasingly based on intellectual capital. This means the cost of defending one’s IP rights should be at the forefront of any business with intangible assets.

According to the 2015 Economic Survey conducted for the American Intellectual Property Association, the median cost of litigation is high.

No comments | Tags: Captive Insurance, economic survey, tax, US, Webinar

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

21 Apr 2017

Written by Marco Rossi | Posted in International

Italy Institutes New Register For Trusts

Under new anti-money laundering legislation due to become effective in Italy in 2017, all foreign trusts with tax effects in Italy shall have to be filed and registered on the Italian Register of Enterprises. They include trusts with Italian settlor, Italian beneficiaries, Italian assets, Italian source income or treated as Italian resident trust under Italian tax law.

No comments | Tags: Foreign Trusts, Italian Register of Enterprises, Italy, tax

17 Mar 2017

Written by Kat Jennings | Posted in TaxConnections

How TaxConnections Beat Facebook And LinkedIn

As the CEO of TaxConnections who has worked tirelessly to build a site for the global tax community, I want to share facts published by Amazon on March 13, 2017. Amazon/Alexa Analytics prove we are surpassing every site including LinkedIn and Facebook on Pageviews and Time on Site (minutes).

No comments | Tags: alexa ratings, networking, premium members, tax, Virtual office

« Older Entries

Current Articles
- Navigating The Shoals Of IRS Penalty Abatement – Types Of Defense (Part II)
  By John Dundon
  Now that you may have missed the income tax filing and payment deadline perhaps it is a good time to understand how to cope with penalization as it can get woefully expensive – not to mention […]
- Tax Professionals – Proposed Presidential Executive Orders Researched For You With Our Compliments
  By Kat Jennings
  Tax Advisors- you would never know what was hidden in these regulations unless you conduct extensive research which we did for you! We will give you our twenty-five hours of research with links to […]
- Canada: Capital Cost Allowance For Real Estate
  By Grant Gilmour
  Capital cost allowance (CCA) is the tax term in Canada for the deduction of amortization on capital assets. There are separate classes of CCA for property, plant and equipment and different rates […]
- Newly-Revised Estimated Tax Form And Publication Can Help People Pay The Right Amount
  By IRS
  WASHINGTON – With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay […]
- What Is Wrong With IRS User Fees?
  By Nina Olson
  The IRS has been increasing user fees to fund its operations. It recently increased or proposed to increase a wide range of fees including the fees for installment agreements […]
Search for:
Blogger List
Recent Comments
Archives
Archives

Meet Tax Experts At TaxConnections...

Annette Nellen

Director/Professor

San Jose State University

San Jose, California

Tag Archive for tax

Current Articles

Blogger List

Recent Comments

Archives

Meet Tax Experts At TaxConnections...

Director/Professor

San Jose State University

San Jose, California

Tax Partner

Mayer Brown

Palo Alto, California

Managing Principal

APTIS Global, LLC

Rancho Santa Fe, CA

Tax Partner

HCVT, LLP

Park City, Utah

Tax Partner

Cherry Bekaert LLP

Raleigh, North Carolina

Tax Partner/Audits

Baker Hostetler

Philadelphia, Pennsylvania

International Tax Lawyer

Bergquist & Rossi

Barrington, Illinois

Tax Practice Leader

Prager Metis CPAs

New York, New York

Managing Shareholder

Nason Accounting

Greenville, South Carolina

Consultant/Tax Technology

Brian Weaver Consulting

Des Plaines, Illinois

Tax Lawyer/International

Thompson Tax Law

Katy, Texas

Tax Advisor/Trust & Estates

Horizon Planning

San Diego, CA

Tax Lawyer

Citizenship Solutions

Toronto, Canada

ASCEND Business Advisory

Certified Financial Planner

Rancho Santa Fe, CA

Tax Advisor/International

Donnelly Tax Law

Panama City, Panama

International Tax

Bergquist & Rossi

Barrington, Illinois

Tax Advisor/Partnerships

JC Marshall, LLC

Scottsdale, Arizona

Tax Advisor/CEO

John L. Stancil, PhD

Lakeland, Florida

Senior Tax Principal

Max Refunds Express

Daytona Beach, Florida

Tax Financial Planner

BA Services

Standish, Michigan

Managing Tax Partner

US Tax & Immigration Law

Boca Raton, Florida

Managing Tax Advisor

AZS Accounting

Orlando, Florida

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

Learn from tax advisors, straight to your inbox