Monthly Archives: April 2016

4 Ways to Make Charitable Gifts Go Further by Lee F. Hediger

Posted on April 28, 2016 by Richard Berkowitz

Charitable organizations rely on donations of time, money and assets to fulfill their missions. However, there are times when these donations may cause the entity more hassles than good. As a result, donors should keep the following four tips in mind when planning their giving.   Give What the Charity Needs. Before deciding what to give […]

3 Ways to Establish Creditworthiness Living Overseas by Lewis Kevelson, CPA

Posted on April 26, 2016 by Lewis Kevelson

U.S. executives who are transferred or choose to move overseas are often surprised to learn that their stellar stateside credit scores do not always translate similarly well in foreign countries. As a result, many expatriates find themselves in a foreign land, starting from scratch, unable to demonstrate the creditworthiness required to do such basic things […]

IRS Provides Safe Harbor Expensing Limit for Restaurant and Retail Store Improvements by Angie Adames, CPA

Posted on April 18, 2016 by Angie Adames

In November 2015, the IRS issued a safe harbor under the Tangible Property Regulations for certain taxpayers engaged in the trade or business of operating a retail establishment or a restaurant to determine whether expenditures to remodel or refresh a qualified building are deductible or capitalized. Under Revenue Procedure 2015-56, restaurants and retailers may now […]

Does the Net Investment Income Tax Apply to You? by Jeffrey M/ Mutnik, CPA/PFS

Posted on April 12, 2016 by Jeffrey Mutnik

Since 2013, taxpayers whose modified adjusted gross income exceeds certain thresholds are subject to a 3.8 percent Net Investment Income Tax (NIIT).  More specifically, this tax applies to the lesser of either 1) net investment income, which includes, but is not limited to, interest, dividends, capital gains and rental income, or 2) the amount by […]

IRS Removes Some Restrictions on Income from Cuba by James W. Spencer, CPA

Posted on April 11, 2016 by Jim Spencer

In 2015, the U.S. and Cuba took steps to restore diplomatic relations following decades of isolationism.  In response, the Internal Revenue Service (IRS) issued a ruling in March 2016 that removes certain restrictions on income U.S. taxpayers earn in Cuba. Effective immediately, Cuba has been removed from the sanctioned countries list of section 901(j) of […]

Domestic Corporations and Partnerships Face New FATCA Reporting Requirement by Christopher Galuppo, JD

Posted on April 07, 2016

Under the Foreign Account Tax Compliance Act (FATCA), individuals holding interest in specific foreign financial accounts are required to file with their Federal Tax Returns Form 8938, Statement of Specified Foreign Financial Assets. In 2011, the IRS issued proposed regulations that extended the reporting requirement to specified domestic entities. More recently, the IRS finalized these […]