Your Guide to State, Local, Federal, Estate + International Taxation

The rising popularity of the soda tax

There seems to be a constant flow of new taxes these days. States and municipalities are always looking for good ideas when it comes to raising revenues and what better way than to expand their tax base. A large tax base with rising popularity is the “soda tax” on soda and other sweetened beverages. Most …

Keep Reading

Favorable rulings do happen in international tax

I’m sure you all stay updated on your international tax court cases… oh wait, you don’t? That’s weird. The tax court recently ruled in favor of a company known as Grecian Magnesite Mining. Court Case: Grecian Magnesite Mining v. Commissioner, 149 T.C. 3 (2017). To give you a brief synopsis, Grecian Magnesite Mining (referred to …

Keep Reading

Reminder: ITINs expire December 31, 2017

The IRS has issued an important reminder about ITINs (Individual Taxpayer Identification Number). If you don’t know what an ITIN is, then this probably doesn’t pertain to you, but if you’re like me and curious to learn or don’t know if it pertains to you, then you can read about it here. “All ITINs not …

Keep Reading

IRS e-Services outage happening this week

As an update to a previous announcement regarding upgrades being made to IRS e-services. The IRS has announced that there will be a complete outage of all e-Services including registration, transcript delivery systems and TIN matching from 6 p.m. EDT, Thursday, August 17, until 6 a.m. EDT, Monday August 21. The outage is necessary to …

Keep Reading

Tax savings for mom, dad and junior

With school back in session, some students may be looking for part time jobs to keep up with the cash flow they received from their summer jobs. Many of these students may be claimed as dependents on their parents’ tax return. For parents, claiming a child dependent can lead to tax savings. Parents are potentially …

Keep Reading

Treasury ends myRA low income retirement savings plan

The myRA (“my retirement account”), a savings account designed to help low and middle-income savers put money away for retirement, is being shut down by the U.S. Treasury Department. Citing lack of participation relative to the cost of maintaining the program, U.S. Treasurer Jovita Carranza, stated “The myRA program was created to help low to …

Keep Reading

DOL working overtime on overtime rules change

Many employers have been in limbo for quite some time now regarding the Department of Labor’s (DOL) regulation for overtime rules. It significantly increased the salary level under the Fair Labor Standards Act (FSLA) white-collar exemption, more than doubling the current salary requirement. This Act under the Obama administration was blocked on November 22, 2016 …

Keep Reading

Tax developments of the past year that impact you

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin As certain as taxes are, the rules and regulations surrounding them are constantly being revised and updated. David DeJong, CPA, with Accounting Today keeps a running list of the top tax developments over the past 12 months, including …

Keep Reading

Will the divide on health care reform impact tax reform?

Getting healthcare reform legislation through Congress has proven to be a very difficult task. Not only due to the lack of support from the Democratic minority, but from divisions within the Republican majority. Recently, it took the quick return to Washington of Senator McCain after a terrible medical diagnosis, along with the Vice President’s presence …

Keep Reading

Tax reform targets the sharing economy

Congress seems to be in a bit of a scramble these days to find new ways to raise revenue in light of the proposed Trump tax cuts. In a new proposal last week, Republican Senator John Thune introduced a bill that would specifically target the “sharing economy”. If you are anything like me then you …

Keep Reading