Monthly Archives: October 2017

The Tax Implications of Divorce and Separation by Joanie B. Stein, CPA

Posted on October 30, 2017 by Joanie Stein

Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]

Recent Updates to Service Organization Control (SOC) Audit Reports by J. Stephen Nouss, CPA

Posted on October 23, 2017 by Steve Nouss

As more businesses outsource operation-critical applications and services to third-party providers, they demand assurances that the vendors with whom they choose to work abide by the highest levels of security, availability, processing integrity, confidentiality and privacy requirements. They need to know that their partners’ offerings provide a solution for improving business processes. In today’s environment, […]

Can I Change My Tax Return? by Rick Bazzani, CPA

Posted on October 20, 2017 by Rick Bazzani

It is not uncommon for taxpayers to realize that they left out important information from their federal tax returns long after the April 15th filing deadline. The IRS recognizes that mistakes can happen and has in place a simple process that allows taxpayers to update and make corrections to an already-filed tax return. Correcting an […]

Foreign Investors Must Look before they Leap into the U.S.’s Thriving Real Estate Market by Arthur Dichter, JD, LLM

Posted on October 17, 2017 by Arthur Dichter

Commercial and residential real estate in the U.S. continues to be a safe haven for foreign investors who seek the potential for higher yields and capital preservation than they may receive in their home countries or from portfolio investments. However, the potential upside from an investment in the U.S. real estate market comes with the […]

Businesses Impacted by Hurricanes may Qualify for Employee Retention Tax Credit by Ed Cooper, CPA

Posted on October 16, 2017 by Edward Cooper

Businesses located in federally declared disaster areas and impacted by Hurricanes Harvey, Irma and Maria may qualify for an Employee Retention Tax Credit when they continue to pay wages to employees who were displaced by inoperable work locations. Under the Disaster Tax Relief and Airport and Airway Extension Act of 2017, eligible employers may receive […]

Asymmetric Global Financial Reporting Regimes Provide Privacy Protection Opportunity by Ken Vitek, CPA

Posted on October 12, 2017 by Ken Vitek

Due to global efforts to combat tax avoidance and uncover assets hidden in offshore accounts, individuals and financial institutions continue to face a complex and challenging environment for cross-border tax reporting and compliance. There are presently more regulations centered on tax transparency and reducing countries’ lost tax revenues than ever before. However, there remains a […]

U.S. Ends MyRA Retirement Savings Program by Jack Winter, CPA

Posted on October 11, 2017 by Jack Winter

In July 2017, the U.S. Treasury announced it would be winding down and eliminating the Obama-era MyRA retirement account savings program in the coming months due to low participation and high management costs over its two-year run.   President Obama introduced the MyRA program in 2014 as a way to help low- and middle-income households […]

Travel for Charitable Reasons Can Yield Tax Benefits by Adam Cohen, CPA

Posted on October 05, 2017 by Adam Cohen

Benevolent individuals who volunteer their time for nonprofit organizations may be able to reduce their taxable income when their charitable work takes them away from home. U.S. tax laws allow individuals to deduct some of the expenses they incur when traveling on behalf of charitable organizations. Here’s what taxpayers need to know.   Duty.  The […]