Monthly Archives: April 2018

Numbers Taxpayers Need to Know in 2018 by Tony Gutierrez, CPA

Posted on April 23, 2018 by Anthony Gutierrez

With the 2017 April tax-filing deadline in the rearview mirror, now is a good time to revisit the provisions of the Tax Cuts and Jobs Act (TCJA), which the IRS codified  for tax years beginning in 2018. The following information will apply to the tax returns that individuals file in 2019. Lower Individual Tax Brackets […]

IRS Provides Initial Guidance on New Tax and Withholding Rules for Foreign Partners Disposing of Partnership Interests by Arthur Dichter, JD

Posted on April 19, 2018 by Arthur Dichter

The IRS issued Notice 2018-29 providing guidance relating to the new withholding rules that apply when a foreign person disposes of a partnership interest. An IRS notice does not have the force and effect of actual regulations, but it does provide taxpayers with direction on how the IRS expects to enforce rules and eventually issue […]

Florida Businesses Can Apply Now to Receive a Tax Credit by Shifting Sales Tax on Rental Property to Scholarship Organizations by Karen A. Lake, CPA

Posted on April 13, 2018 by Karen Lake

Included in Florida’s budget for fiscal year 2018 is an expansion of the state’s Sales Tax Credit Scholarship Program. Under the program, eligible businesses may receive a tax credit when they redirect their sales tax on commercial real estate leases to approved organizations that fund scholarships and job-training programs for eligible students throughout the state. […]

Make Sure your Accountant Reviews Cost Segregation Studies by Angie Adames, CPA

Posted on April 12, 2018 by Angie Adames

Cost segregation studies have proven to be valuable tools for helping taxpayers who have constructed, purchased, expanded or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. However, a recent Memorandum issued by the IRS highlights the fact that relying on a third […]

IRS to Eliminate Voluntary Offshore Disclosure Program by Arthur Dichter, JD

Posted on April 10, 2018 by Arthur Dichter

Taxpayers have until Sept. 28, 2018, to avoid criminal prosecution and steep penalties when they coming forward voluntarily and share with the IRS previously undisclosed foreign financial assets. The IRS announced that on that date it will end the Offshore Voluntary Disclosure Program (OVDP) that it implemented to encourage reticent taxpayers to come into compliance […]

U.S Businesses with Foreign Ownership Have an Immediate Reporting Requirement by Andrew Leonard, CPA

Posted on April 09, 2018 by Andrew Leonard

U.S. businesses owned by foreign persons or multinational corporations have an obligation every five years to complete the Bureau of Economic Analysis’s Benchmark Survey of Foreign Direct Investment in the United States (BE-12). Taxpayers are responsible for providing their financial and operational data on the BE-12 regardless of whether or not they actually receive a survey or are contacted by […]

Know Your Intent to Qualify for 1031 Exchange Tax Deferral (Updated for Tax Reform) by John G. Ebenger, CPA

Posted on April 02, 2018 by John Ebenger

Despite governmental efforts to repeal or limit taxpayer use of 1031 exchanges, a robust real estate market is continuing to drive demand for this powerful tax-planning tool.  Under Section 1031 of the Internal Revenue Code, individuals may defer taxes on the sale of certain commercial real estate property when they reinvest the profits into new, […]