In this episode, Director of Tax Services Pedro Porras, CPA, explains the changes in the OBBB that will impact international citizens, companies and taxpayers.
Many of the taxpayer-friendly provisions of the tax code introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 are set to expire at the end of 2025, exposing individuals and businesses to the prospect of significantly higher tax liabilities beginning in 2026. While it is possible lawmakers will intervene and extend some provisions […]
In this episode Associate Director of Tax Services Sarah Gaymon shares strategies for high-net-worth families to be sure they don’t miss out on sunsetting tax provisions.
Companies considering a purchase of certain tangible business assets may want to accelerate those acquisitions in 2022 before they lose the full benefit of 100 percent bonus depreciation, which will begin phasing out at the end of the year. Under the Tax Cuts and Jobs Act passed into law in 2018, businesses gained the ability […]
One of the few unfavorable provisions of the Tax Cuts and Jobs Act (TCJA) recently became even more detrimental to certain businesses. Effective Jan. 1, 2022, the amount of net business interest expense (BIE) businesses may deduct from taxable income is further reduced. The results have the potential to increase investment and borrowing costs, making […]
In late 2020, New Jersey became the fourth state to raise taxes on its wealthiest residents, applying a top marginal tax rate of 10.75 percent to annual earnings of $1 million or more. Previously, New Jersey taxpayers with annual gross income between $1 million and $5 million were subject to a top rate of 8.97 […]
U.S. real estate continued to attract foreign investors during the first half of 2019, thanks, in part, to a growing U.S. economy, low interest rates, and strong underlying fundamentals that support predictable cash flow and property appreciation. At the same time, the U.S. tax landscape has changed with the passage of the Tax Cuts and […]
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 […]
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 […]
The overhaul of the U.S. tax code was signed into law at the end of 2017, yet many taxpayers are continuing to conduct business as usual, paying little attention to how the new law impacts their tax liabilities for 2018 and beyond. To be sure, the Tax Cuts and Jobs Act (TCJA) in its original […]