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

Henry+Horne announces coronavirus protocols for visiting offices

In response to the coronavirus (COVID-19) pandemic, Henry+Horne closed our offices to the public in March. We have been closely monitoring developments and complying with current guidance from public health organizations and the federal, state and local governments. While our doors remain closed, we understand there are times you need to stop by the office. If …

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Don’t lose your deduction: Proving vehicle use

Tax law surrounding business vehicles (or any tax law for that matter) can be complicated. What do you need to give to the IRS if your vehicle use deduction is ever challenged? Don’t miss: Business meals + expenses A taxpayer must maintain adequate records or other corroborative evidence to support the business portion of auto …

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Taxes and international boycott operations

U.S. taxpayers who have operations in, with, or related to certain countries participating in boycotts not sanctioned by the U.S. government may be required to report such operations to the IRS. Willful failure to file may result in large penalties, including $25,000 and/or imprisonment. Don’t miss: International tax reform update As of October 10, 2019, …

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Claiming treaty benefits

The United States has income tax treaties with many foreign countries. A treaty has benefits in that they may reduce the U.S. income tax of a resident of a foreign country. The reduced tax rates or exemptions vary between each country and each type of income. Don’t miss: IRS releases FAQ’s for sick foreigners claiming …

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The New Busy Tax Season

Being new to the accounting profession, I have not technically experienced a totally “normal” busy tax season. Last year, I was an intern, still in school, and trying to learn as much as I could. What I did not know is that I would be learning right along side everyone else due to the new …

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IRS outsourcing of cryptocurrency analysis

While most taxpayers probably haven’t been thinking much about cryptocurrency reporting requirements over the last few months (for good reason), the IRS has not forgotten, and begun analysis, about the vast number of taxpayers who are likely not reporting their cryptocurrency income, intentionally or otherwise. To the contrary in fact, the IRS appears to be …

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IRS releases FAQs for sick foreigners claiming U.S. tax exemption

Following the global outbreak of COVID-19, the IRS has posted FAQs for alien individuals who may have intended to leave the United States but were unable to leave due to being sick with a medical condition or problem, as described in §7701(b)(3)(D)(ii). There are certain circumstances in which non-U.S. citizens can be taxed as U.S. …

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How to balance life during a global pandemic

As we work together to slow the spread of Covid-19, many of us have been asked to temporarily work from home. At the same time, schools are closed, and parents are being tasked with teaching their children from home.  Add in the stress of college courses and/or trying to gain traction in a new career, …

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Act allowing more flexibility in PPP loans passes congress

The Paycheck Protection Flexibility Act is on its way to the president for signing after passing the senate late last night, reducing restrictions on how funds from PPP loans can be spent while protecting eligibility for forgiveness. Don’t miss: PPP loans – forgiveness, calculations and more Webinar Businesses will now have more time to use …

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Reminder of new tax deadlines

As a reminder because of the economic impact of COVID-19, the federal income tax filing deadline has been extended to July 15, 2020. These new deadlines apply to all individual tax returns, trusts, and corporations. Estimated payments for federal returns have also been extended to July 15, 2020, which means that penalties and interest will …

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