AZ S Corp shareholders can beat (MAYBE) SALT limit

One of the results of tax reform is the new $10,000 limit to the deduction of state and local taxes (including real estate taxes) on an individual’s Schedule A. Since many high-income taxpayers far exceed the $10,000 limit, taxpayers, their advisors and many state legislatures are looking for new ways to help taxpayers, like S …

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If you’re not feeling GILTI, you may be soon enough

Have you felt “GILTI” about deferring taxes in your International investment or business?… Probably not, because that may have been one of the many reasons you set up that international company. If you’re not feeling GILTI about it (which you shouldn’t), you may be feeling it, in a financial way, come 2018 tax time! “GILTI” …

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The QCD, the new best friend of your IRA RMD

Now that tax reform has arrived, the 2018 tax year is for new planning ideas. One strategy for everyone over 70 ½ with an IRA and a charitable heart is the use of the Qualified Charitable Distribution or QCD with your RMD. It’s been around for a while but never has doing a QCD made …

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Supreme Court sports betting ruling, you can bet on taxes

Recently, the Supreme Court struck down a 1992 federal law aimed at prohibiting sports betting. The Court’s reason for ruling the law unconstitutional was that rather than making sports betting illegal, the law prohibited states from allowing it. In essence, the law only served to dictate what states could and could not do. This violates …

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Texas tax amnesty program, relief for taxpayers

The general definition of amnesty is “a general pardon for offenses against a government.” It’s a reprieve. Recently, Texas announced a tax amnesty program that runs through June 29, 2018. What does this mean? It means the program will provide delinquent taxpayers with relief from penalties and interest on tax due. In today’s environment, States …

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Tax humor on television, art imitates life

After practically living at work during tax season, you’d think that I would be sick of hearing anything tax related outside of work. However, I love it when something tax related pops up in the TV shows I watch. Here is a list of a few comical examples I have seen recently. Bonus points to …

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Royal wedding = royal tax pain, international tax issues

My morning routine typically includes tuning into the Dan Patrick show because it’s a sports talk show and I’m a huge sports fan. I was especially excited to tune in this morning as the Phoenix Suns won the NBA Lottery and will select first in the June draft. In addition to sports, Dan Patrick will …

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Tax reform basis impact, business tax fun

If you’re new to our blog series, first off, welcome! We typically post various news and tidbits related to tax laws and how they may impact you and/or your business. Maybe you’ve heard, but recently there was a sweeping change to the U.S. Tax Code – the largest change in over 30 years actually. We …

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IRS compliance testing: 415 limits testing

To ensure employee benefit plans do not violate certain standards that the DOL and IRS believe are important, plans are subjected to annual compliance tests. These tests are designed to make sure the amounts employees are deferring is within certain maximum limits and that plans are not operating in a manner that discriminates against certain …

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Completing risk assessments, a valuable management tool

Risks assessments are performed by external auditors to develop plans to meet the audit’s objectives. However, risk assessments can also be performed internally and used as a valuable management tool to determine if internal control structures are functioning as originally designed or if changes are necessary. In an everchanging regulatory environment as well as inevitable …

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