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

Be an accountant, they said. It will be fun, they said

After four years of memorizing tax law, formulas, thresholds and acronyms, I can finally vouch that there is no way school can prepare you for your first tax season as an accountant. Although I can appreciate the four years of all-night study sessions and Starbucks runs, these are the things school just could not teach …

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Form SS-4 changes to the responsible party

In a world as connected as ours, privacy is of great importance when it comes to our personal and business lives. For this reason, many people keep their identity private when they start a new business by using an LLC or other entity as the responsible party when registering with the IRS for an employer …

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Transition tax penalty relief, Section 965 update

In a new press release on June 4, 2018, the IRS announced its decision to provide penalty relief to certain taxpayers who were delinquent in making a tax payment for the new transition tax. Section 965 of the code, also known as the transition tax, is a one-time tax on the accumulated earnings held in …

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Own a sports team? That’s a deduction!

Are you tired of writing checks to the government every year at tax time? I mean hey, who enjoys that? Well, good news – if you’re looking for ways to reduce next year’s tax liability, you may want to check out buying a pro sports team. Granted, the barriers to entry are pretty high, but …

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Designating a beneficiary – it can be a mine field

You met with your attorney recently to prepare your will, trust document and durable powers of attorney so you are confident your estate plan is in order. But life insurance, employer-provided retirement plans, individual retirement accounts and annuities are designed to pass at death not by your traditional estate-planning documents, but by a beneficiary designation. …

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Residential energy efficiency tax credit (or lack thereof)

During a conversation earlier this year with one of my fellow CPAs, I mentioned that I was having all the windows and several doors replaced at my house, and was looking forward to lower air conditioning costs during the scorching Arizona summers we know and love. Being the savvy tax professional that I am, I …

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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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