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Monthly Archives: January 2019

New York Issues Guidance on State Sales Tax Nexus by Michael Hirsch, JD, LLM


Posted on January 28, 2019 by Michael Hirsch

On Jan. 15, 2019, the New York Department of Taxation and Finance finally issued its response to the Supreme Court’s June 2018 decision in South Dakota v. Wayfair, which expands states’ abilities to impose sale tax reporting and collection responsibilities on out-of-state vendors regardless of whether or not the sellers have a substantial physical presence […]

Florida Reduces State Sales Tax on Commercial Real Estate Leases for 2019 by Karen A. Lake, CPA


Posted on January 15, 2019 by Karen Lake

Effective Jan. 1, 2019, Florida’s sales tax rate on the total rent that commercial real estate owners charge and receive from tenants is 5.7 percent, a decrease from 5.8 percent in 2018, and 6.0 percent in 2017.  Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage […]

IRS Sets Inflation Adjustments for 2019 by Tony Gutierrez, CPA


Posted on January 10, 2019 by Anthony Gutierrez

The IRS announced the annual inflation adjustments to various provisions of the tax code for 2019. You should consider each of these changes very carefully as you plan for tax efficiency this year and when you prepare your 2019 tax returns in 2020. Tax Rates The top tax rate of 37 percent applies to individual […]

Do I Qualify for a Child Tax Credit? by Nancy M. Valdes, CPA


Posted on January 08, 2019

Raising children is expensive. To help families offset some of their child-rearing costs, the U.S. tax code offers a tax credit for each child under the age of 17 who lives with a taxpaying parent or guardian for more than half of the year. Effective Jan. 1, 2018, more families qualify for the Child Tax […]

Voluntary Disclosure of Previously Unreported Offshore Assets Just Got More Expensive by Andrew Leonard, CPA


Posted on January 04, 2019 by Andrew Leonard

Sept. 28, 2018, marked the end of the IRS’s Voluntary Offshore Disclosure Program (OVDP), which provided reticent taxpayers with protection from criminal prosecution and an opportunity to pay reduced penalties when they came forward to report and pay taxes on unreported foreign income and assets. As a result, the IRS has put into place new, […]

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