All U.S. business enterprises in which a foreign person (in the broad legal sense, including a company) owns directly and/or indirectly a ten-percent-or-more voting interest (or the equivalent) are subject to these reporting requirements. This includes foreign ownership of real estate, improved and unimproved, except residential real estate held exclusively for personal use and not for profit making purposes. Read More
Tag Archive for Tax Blog
One small provision in the final tax reform bill could impact the way people save for the education expenses of their children and grandchildren using 529 Plans.
The new law allows greater amounts of tax-free savings than what’s permitted in a Coverdell Savings account—and the funds can be used for the same expenses. This creates an opportunity to shelter additional investment portfolio income from taxes by expanding the type of expenses that are eligible for reimbursement using 529 account funds. Read More
During the final stages of an IRS Appeals Level of an OIC, I then received an audit for my 2015 corporate tax return. My personal side was settled and a figure agreed upon( took two years to get to this status). My question is “Does this mean that my OIC already negotiated will have to withdrawn?”
Is the OIC withdrawn automatically in Appeals? Are the Auditors attempting to take away the negotiated OIC and I have no choice in the matter? Is there any part of the code section that would tell me how this is handled. I am unable to find it and the lawyer representing me is unable to find any code section to protect an already negotiated OIC settlement.
President Trump signed the “Tax Cuts and Jobs Act” into law on Dec. 22, as noted and summarized from a report by Investopedia. The Senate passed the bill on Dec. 20 by a party-line vote of 51 to 48. The House passed the bill later in the day by a vote of 224 to 201. No House Democrats supported the bill, and 12 Republicans voted no, most of them representing California, New York and New Jersey. (Taxpayers who itemize and rely on the state and local tax deduction in these high-tax states will have their state and local tax deductions capped at $10,000 or $5,000 if Married Filing Separate). Read More
During the biennium budget process in 2015 Ohio House and Senate leaders crafted a study commission to look deeper into tax items outside of the budget process. The reason was that the budget is a hurried process with a definitive time frame and getting in-depth into forward looking tax policy issues was often too time consuming for the budget process. Since its creation, the 2020 Tax Policy Study Commission (“Study Commission”) has been meeting on several topics and last week issued a report to the General Assembly on the feasibility of moving Ohio from a progressive personal income tax to a flat rate personal income tax. Read More
The boom in United States real estate caused by foreign investors is about to get bigger as a result of greatly reduced U.S. income taxes for nonresident aliens and foreign corporations.1
Because of the new Trump tax law, (“the Trump Tax Bill”) a foreign investor could receive a forty percent (40%) reduction in the U.S. income tax of his or her gains and income from their real estate investments. For those foreign investors who already were invested in U.S. real estate, their after tax returns could now be forty percent more valuable without raising a finger.2 Read More
The IRS reminds members of the military and veterans that they may qualify for the earned income tax credit. This credit benefits certain people who work and have earned income that’s less than $53,930.
A tax credit usually means more money in the taxpayer’s pocket. The EITC can reduce the amount of tax someone owes, but it might also result in a refund. Here are some things members of the armed forces should know about this credit. These are all specific to the military: Read More
In this Ask a Tax Expert, our tax pro answers how to deduct tolls on your taxes. Remember, you can deduct nearly any toll as long as it’s related to business. But, what if your tolls are related to charity?
Can I Deduct Toll Expenses On Taxes?
Q. My wife volunteers for a hospice care organization. She travels there daily and pays a lot of tolls to get to some of her patients. Most of our monthly toll bill is for her volunteer work. Would we be able to deduct those from our taxes? Read More
Responsibilities include the timely and accurate completion of filings and various tasks related to the Company’s corporate sales, use, property and miscellaneous tax compliance. The Tax Manager will interact with the in-house tax department, IT, accounting and finance teams, co-sourcing service providers, and government tax agencies in meeting tax compliance and tax audit requirements.
Tax Compliance:
- Gather and prepare filings required for sales, use, property and miscellaneous tax compliance.
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017.
Standard Mileage Rates
The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Read More
Many US entrepreneurs set up an LLC in the beginning, because it is straightforward and not too expensive. Generally, this is a good approach for the start as LLCs offer liability protection and other advantages. However, entrepreneurs are often not aware that with increasing income, switching from LLC to S Corp makes financial sense.
Why you should consider switching from LLC to S Corp
As your income from your LLC increases, so does the self-employment tax. You earn more, you pay more tax, but your ability to contribute to retirement accounts does not change. This is where converting the LLC to S Corp has advantages. Read More
The new tax bill became law on December 22nd. Like many laws, some people will be affected more than others. The consequences of the new law will be felt as early as 2017, with some provisions set to start in 2018 and others in 2019. Below are a few of the items that may affect you.
Tax brackets have changed. There are still seven tax brackets, but income is now taxed at a different rate. Read More
Current Articles
Tax Policy Has A Powerful Impact On The EconomyWhile everyone is talking about the Heritage Foundations Project 2025, it is valuable to read the section on Tax Policy in Section 4, The Economy about the Department of Treasury which starts here: […]
Join Us Thursday July 18th For A CPE Webinar On § 174 UpdatesJoin us Thursday July 18th at 10 AM CST for a CPE Webinar on § 174 Updates. Participants will gain an understanding of the current landscape, legislative updates, and best practices for advising […]
Common Challenges When Claiming R&D Tax CreditsThe R&D tax credit is a governmental incentive designed to encourage research and development activities in the US. This credit offers a dollar-for-dollar reduction on federal taxes for […]
Foreign Housing Deduction: A Guide For Self-Employed US ExpatsLiving abroad as a self-employed U.S. expat comes with unique financial benefits, one of which is the Foreign Housing Deduction. This deduction can significantly lower your taxable income by allowing […]
Helping Some Taxpayers But With Much Complexity – SECURE Act 2.0 Sec. 115 Emergency WithdrawalsSECURE Act 2,0 with over 60 provisions mostly all related to retirement plans, was enacted December 29, 2022 as part of the Consolidated Appropriations Act, 2023 (P.L. 117-238). I maintain a table of […]
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