Tag Archive for Tax Blog

Tax Payment Options You Need To Know

For those of you who may have to fork over some additional funds to Uncle Sam, there are several options available for making payments.

If you can’t pay your tax bill in full, a payment plan may be an option. Additional information about all payment and payment plan options can be found at www.irs.gov/payments and in Publication 5034, Need to Make a Payment? (English & Spanish).

The IRS also offers taxpayers the ability to pay using their mobile device through the IRS2Go app, available on the Apple or Google Play store. Read More

Written by | Posted in IRS • Tax Tips

Tips For Updating Form W-4 After Doing A Paycheck Checkup

With recent tax law changes, the IRS urges taxpayers to look into whether they need to adjust their paycheck withholding and submit a new Form W-4 to their employer. Taxpayers can use the updated Withholding Calculator on IRS.gov to do a quick “paycheck checkup” to check that they’re not having too little or too much tax withheld at work.

Taxpayers who use the calculator and determine that they need to change their withholding must fill out a new Form W-4, Employee’s Withholding Allowance Certificate. Employees will submit the completed Form W-4 to their employers. Read More

Written by | Posted in Form W-4 • IRS • Tax Return • Withholding Calculator

5 Common Tax Mistakes All Small Businesses Should Avoid

Tax season is the collective groan heard around the world. We get it. No one enjoys filing their taxes, even when they turn preparation over to a skilled professional. If you’re doing your taxes right, managing your small business taxes should be a year-round process.

Keeping up to date in real-time makes the effort come tax season exponentially easier. But if you’re not staying on top of things, you could make these five common tax mistakes for small businesses. Read More

Written by | Posted in IRS • Tax Mistakes • TaxConnections

Pennsylvania And The Economic Nexus Bandwagon- No April Fools!

As you know from reading our blogs, multi-state tax can be difficult to navigate! When businesses sell their products across state lines, they need to think about whether they have taxable presence, or nexus, in the state and if their products are taxable.

Generally companies establish nexus by having a physical presence in the state. However, several states have recently been pushing the boundaries of defining the physical presence notion in order to generate more revenue. The concept of “economic nexus” is gaining greater momentum. Read More

Written by | Posted in TaxConnections

The New Tax Code: Consider Savvy Restructuring

We won’t say we were barraged with questions of concern after the announcement of the most sweeping U.S. tax legislation in more than 30 years, but pretty darn close. At least we’re starting to have “Strategic” conversation about Taxes now instead of it being an afterthought.

The 2017 Tax Cuts Jobs Act And Opportunities

While the new legislation includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state, and the local tax deduction, full-expensing for five years, and lower individual tax rates, discipline is essential. Read More

Written by | Posted in Tax Cuts Jobs Act

Part III. General Descriptions Of APAs Executed In 2017

Part III. General Descriptions Of APAs Executed In 2017

This Announcement is issued pursuant to § 521(b) of Pub. L. 106-170, the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the Secretary of the Treasury to report annually to the public concerning advance pricing agreements (APAs) and the Advance Pricing and Mutual Agreement Program (APMA Program), formerly known as the Advance Pricing Agreement Program (APA Program). The first report covered calendar years 1991 through 1999. Subsequent reports covered each calendar year 2000 through 2016 separately. This nineteenth report describes the experience, structure, and activities of the APMA Program during calendar year 2017. It does not provide guidance regarding the application of the arm’s length standard. Read More

Written by | Posted in Advance Pricing And Mutual Agreement Program • IRS • TaxConnections

Owe Taxes? These Tips Can Help

A few of us received an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep.

Do Not Delay

If you receive that envelope from IRS, do not be a skeptic and not open it at all. I have seen quite a few friends who just do not wish to open the envelope. There are chances that your tax filing might have a minor error that you need to fix. Whatever the reasons could be, do not forget to open and read the letter as soon as you receive it. Read More

Written by | Posted in IRS • Tax Filing

UK Tax: Corporate Tax And The Digital Economy

The speed and scale of the changes caused by digitalisation have had implications for the UK tax system especially in respect of corporation tax, where the development of certain business models has challenged the understanding of how and where companies create value and ultimately how that value is taxed.

At the Autumn Budget 2017 the government set out its initial position on the issue underlining the principle which underpins the international corporate tax system that the profits of a business should be taxed in the countries in which value is created. The government were concerned that this principal was being challenged by certain digital businesses and the paper published in November 2017 sought to address that question, by assessing three possible challenges that have been put forward: Read More

Written by | Posted in United Kingdom Tax

Can I Deduct Mileage For A Job Search?

If your interview was during 2017 (or earlier) and for a job in the same line of work, your mileage expenses and other expenses are deductible. You can use the standard mileage rate (53.5 cents per mile for 2017) to figure your expenses.

Thus, if you drove 1,300 miles, your driving expense is $6,995. But you may take this deduction only if you itemize your personal deductions on your tax return. Read More

Written by | Posted in Mileage • MILEIQ

Ownership Structures In Real Estate

The common types of ownership structures in real estate are owned as an individual, in a corporation, in a partnership or in a joint venture. The type of structure generally depends on the purpose of the use.

Individual Ownership

  • Less complexity but income is taxed at personal tax rates which can be the highest rates.
  • Any losses incurred can be offset against any income.
  • There is no liability protection for the individual besides the insurance policy on the property.

Read More

Written by | Posted in Canada • International • Real Estate

IRS Issues Guidance On Business Interest Expense Limitations

IR-2018-82, April 2, 2018

WASHINGTON ― The Treasury Department and the Internal Revenue Service (IRS) yesterday issued Notice 2018-28, which provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22, 2017.

In general, newly amended section 163(j) of the Internal Revenue Code imposes a limitation on deductions for business interest incurred by certain large businesses. For most large businesses, business interest expense is limited to any business interest income plus 30 percent of the business’ adjusted taxable income. Read More

Written by | Posted in Business Interest Expense • IRS

Deducting Entertainment And Meal Expenses After 2017 Tax Reform Act

The Tax Cuts and Jobs Act enacted by Congress last year made major changes to the longstanding deductions for business-related entertainment and meal expenses. Starting in 2018, most business-related entertainment expenses are not deductible. However, the deductibility of certain meals is unclear.

Continue to find out what entertainment expenses are allowable tax deductions moving forward.

Entertainment Read More

Written by | Posted in 2017 Tax Act • Tax Cuts Jobs Act
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