Category

Tax

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA


Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. UPDATED by Karen A. Lake, CPA


Posted on September 24, 2019 by Karen Lake

The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]

Florida Mandates New Information Reporting Requirement for Corporate Taxpayers in the State by Michael Hirsch, JD, LLM


Posted on September 16, 2019 by Michael Hirsch

Under new guidelines issued by the Florida legislature, corporate income and franchise tax filers in the state have an additional information-reporting requirement for taxable years beginning during the 2018 and 2019 calendar years. To avoid a late-reporting penalty equal to the greater of $1,000 or 1 percent of the tax due, taxpayers that already filed […]

5 Reasons You Should Not Hold Real Estate in an S Corporation by John G. Ebenger, CPA


Posted on September 04, 2019 by John Ebenger

Savvy investors know that holding real estate in their individual names is a bad idea that exposes them to a broad range of legal risks and personal financial liabilities. Instead, U.S. tax laws permit investors to structure their real estate holdings into separate business entities, such as partnerships, limited liability companies (LLCs) and corporations, which […]

Want to Keep your Passport? Pay Your Taxes by Adam Slavin, CPA


Posted on August 29, 2019 by Adam Slavin

Taxpayers with “seriously delinquent” unpaid federal income tax debt in excess of $52,000 risk losing their passports and any plans to travel abroad for the remainder of the year. 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 […]