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 […]
Posted on October 03, 2019 by
Andrew Leonard
After 29 years, the U.S. government is making changes to its EB-5 visa program, which helps foreign citizens expedite U.S. residency in return for capital investment in commercial projects that create or preserve domestic jobs. Under new rules that go into effect on Nov. 21, 2019, it will become more expensive and more difficult for […]
Posted on October 02, 2019 by
Angie Adames
Taxpayers age 65 and older by the end of 2019 will have a new option for filing their federal tax returns come April of 2020. As mandated by the Bipartisan Budget Act of 2018, the IRS has released a draft of Form 1040-SR, U.S. Tax Return for Seniors, which features larger font size for easier […]
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 […]
Posted on September 18, 2019 by
Adam Cohen
Small-business owners who use a portion of their homes regularly and exclusively for business purposes may qualify for a home office deduction that can help them save money of their taxes and improve their bottom line. For purposes of claiming this deduction, a home is defined as a house, apartment, condominium, mobile home, boat or […]
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 […]
Posted on September 10, 2019 by
Dustin Grizzle
The IRS has begun sending warning letters to taxpayers who may have failed to report income and pay the resulting tax on gains from virtual currency transactions or who did not report those transactions properly. Virtual currency, including Bitcoin, Ethereum and Ripple, has been an ongoing focus of IRS criminal investigation for the past few […]
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 […]
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 […]
Posted on August 27, 2019 by
Angie Adames
Under a Revenue Procedure recently issued by the IRS, eligible partnerships that made errors on their timely filed 2018 federal tax returns in March of 2019, for which no extensions were filed, may have a small window of opportunity to file superseding Forms 1065 and Schedules K-1 to partners by Sept. 15, 2019. Taxpayers eligible […]
