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Monthly Archives: March 2018

Tax Reform Limits Business Use of Net Operating Losses by Joanie B. Stein, CPA


Posted on March 29, 2018 by Joanie Stein

The Tax Cuts and Jobs Act aims to make it impossible for businesses to continue using net operating losses (NOLs) to reduce their corporate tax liabilities to zero over more than two decades.   For taxable years beginning after Dec. 31, 2017, NOL carrybacks are eliminated for most business (excluding farming and insurance businesses), and […]

Mitigation of Damages in Lost Profits Calculations


Posted on March 24, 2018 by Richard Pollack

Berkowitz Pollack Brant directors Richard A. Pollack and Scott Bouchner were invited to join experts in the fields of accounting, economics, finance and law to write a chapter for a recently published guidebook about lost profits, damages and business valuations. Here is an excerpt of their contribution to “Lost Profits Damages: Principles, Methods, and Applications”, […]

IRS Clamps Down on Cryptocurrency Users by Dustin Grizzle


Posted on March 23, 2018 by Dustin Grizzle

The high times are over for cryptocurrency investors who thought their gains and profits from Bitcoin, Etherium, Ripple and other firms of virtual money could escape the watchful eye of Uncle Sam. The IRS has made it clear that it considers digital money to be a physical asset subject to U.S. income taxes, and it […]

Beware of Tax Refund Scam by Joseph L. Saka, CPA/PFS


Posted on March 19, 2018 by Joseph Saka

Tax season is unfortunately also the time of year that criminals step-up their efforts to swindle consumers for their own financial gain. In the latest twist on an old scheme, scammers are stealing taxpayer’s personal information to file fraudulent tax returns and have refunds electronically deposited into taxpayer’s actual bank accounts. Subsequently, these criminals pose […]

Taxpayers Face April 15 Deadline to Report Foreign Assets by Andrew Leonard, CPA


Posted on March 15, 2018 by Andrew Leonard

U.S. citizens and resident aliens have an obligation to annually report their financial interest in or signature authority over foreign bank accounts, securities or other financial accounts with an aggregate value exceeding $10,000 at any time during the tax year. The deadline for taxpayers to electronically file a report of foreign bank and financial accounts […]

If You Owe the IRS Money, You May Lose your Passport in 2018 by Adam Slavin, CPA


Posted on March 06, 2018 by Adam Slavin

Taxpayers with “seriously delinquent” unpaid federal income tax debt in excess of $51,000 may have their passports revoked in 2018. Under the Fixing America’s Surface Transportation (FAST) Act of 2015, the State Department, upon notice from the IRS, is required to deny passport applications and passport renewals for  individuals who have unpaid tax liabilities and […]

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