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

Joint Chiefs of Global Tax Enforcement

The Joint Chiefs of Global Tax Enforcement, known as the “J5”, are cracking down on international tax evasion and criminal activity. The J5 is made up of a group of investigators from Australia, Canada, the UK, US and the Netherlands. The group formed in mid-2018 and has been actively focused on bringing down worldwide tax …

Keep Reading

PPP loan increases available for partnerships and seasonal employers

Is your Paycheck Protection Program loan not covering as much as you need it to? Some businesses may be able to go back for more. The Small Business Administration (SBA) released an interim final rule regarding PPP loan increases for partnerships and seasonal employers. Don’t miss: SBA clarifies process for review of good-faith PPP certifications …

Keep Reading

Here’s why you should file a tax return

Millions of Americans every year are required to file a tax return, and it’s a good idea for everyone to determine whether or not they should file a return this year. Individuals with low income may not be required to file a tax return, but it may be a good idea to file if you …

Keep Reading

SBA clarifies process for review of good-faith PPP certification

In an effort to provide businesses desperately needed help during the COVID-19 crisis, the Small Business Administration (SBA) is administering loans through the Paycheck Protection Program. To streamline the process, qualification certification for the PPP has been reduced to good-faith certification, but that’s raised several questions. Key among them, exactly how will SBA review borrower’s …

Keep Reading

Exclusion continues: Discharge of qualified principal residence debt

With the introduction of the SECURE Act, the exclusion from gross income for a discharge of qualified principal residence debt has been extended. This is good news for taxpayers who had part or all of their mortgage forgiven by a bank or a financial institution. Don’t miss: Welcome back tuition and fees deduction Qualified principal …

Keep Reading

IRS update: Itemizing deductions on estates and trusts

When the Tax Cuts and Jobs Act (TCJA) was passed, it prohibited individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after 12/31/2017 and before 01/01/2026. After two years, the IRS has finally issued proposed regulations to clarify how the rules on miscellaneous deductions apply to trusts and estates. Don’t miss: What …

Keep Reading

The history of federal estate tax rates

Even though estate taxes don’t affect many people, they have been a hot topic in the political realm after the Tax Cuts and Jobs Act doubled the lifetime exemption. Here’s more on the history of estate tax rates. Don’t miss: Inherited IRAs The estate tax exemption has seen some extremely significant changes since it was …

Keep Reading

Don’t lose unused passive activity credits

When a business is formed, it is typically intended that it will generate profit over time. The ownership group may include investors that are not involved in the day-to-day operations. They are described in the tax code as passive participants in the business (passive activity rules). For more detail on the passive activity rules and …

Keep Reading

What info can the IRS share with your ex?

I recently had some friends go through a divorce. I watched as they tried to sort through their assets and work out the logistics of taking care of their two children. Even after divorce, they were still curious about what the other one was up to, who they were hanging out with, and what type …

Keep Reading

CARES cares about charitable donations

There are some provisions in the CARES Act that are not getting a lot of play right now – probably because it is not immediate money in business or individual’s hands. Through charitable donations, CARES Act money can be money for nonprofit organizations, though. Don’t miss: CARES Act clarification for trustee/plan sponsors So while we …

Keep Reading