IRS international inflation adjustments for 2019

The IRS released Rev. Proc. 2018-57 to provide certain international inflation adjustments for 2019. Here is a summary of the adjustments relating to international areas of tax, including the prior year for comparison. Please consult your Henry+Horne tax professional for questions or assistance with your international tax needs. This information is general and should not …

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Tax reform: deducting foreign real estate taxes

One notable change from The Tax Cuts and Jobs Act of 2017 (TCJA) was the limitation of the state and local tax deduction on Schedule A. For those itemizing deductions, the maximum deduction allowed is capped at $10,000 per year, effective on your 2018 tax return. This includes taxes such as real estate tax, personal …

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Net asset classifications: change is here!

Let’s face it, not many people like change – especially when it comes to their daily routines and their jobs. Change can cause confusion and frustration. I want to take a little time to discuss one of the changes that has affected nonprofit organizations recently. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update …

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Top 5 common 401(k) administration errors by restaurants

Many restaurant companies offer, or plan to offer, a 401(k) option to employees as a retention tool and as a way to remain a competitive employer in the industry. Administering your 401(k) plan can be quite tedious and allows many opportunities to make inadvertent errors which can create havoc with the Department of Labor (DOL) …

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College test prep scam – don’t fall victim

Parents of high school students preparing to go to college – beware! There’s a college test prep scam targeting you. According to the FTC, someone claiming to be from the College Board, the organization in change of the PSAT and SAT tests, calls or emails you and asks for your credit card number in order …

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Section 199A: What if I have a QBI loss?

Tax filing season is in full swing. With the new 2018 tax changes, most taxpayers and business owners have questions about how their taxes will be affected.  One of the most talked about changes for small business owners is Section 199A Qualified Business Income (QBI) and the potential 20% QBI deduction. But what if now …

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Foreign partner withholding: a new code section

For most of my career, I have helped clients with domestic business and personal tax issues. The way I saw it, the United States tax code as it relates to these taxpayers was complicated enough – why muddy the waters further by stepping into the world of international taxation? Well, life isn’t always that easy. …

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Wait – what? My college life may be a fraud?

I woke up to a text from my youngest daughter on Wednesday morning (yes, I know it is tax season, but she is living on the East Coast and with Daylight Saving Time, so she is three hours ahead of me!) jokingly asking if I had purchased her way into the University of Arizona. After …

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Why is government so slow? Expectation vs. reality

Why is government so slow? Have you ever been asked this question by those your government entity serves? Maybe someone has asked this via email or commented on your social media account. Thanks to how connected we are, governments and their constituents are able to interact more than ever. The digital age also allows us …

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Updated rules for substantiating charitable giving

Charitable giving is a great way to help organizations and causes near and dear to your heart and have the added benefit of being eligible for a tax deduction. While this is a great way to give to a good cause and lower your tax bill, there are several considerations to be aware of. The …

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