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

Proceed with caution when helping children buy a home

According to The Project on Student Debt, the average student debt at graduation in 2018 ranged from $19,750 in Utah to $38,650 in Connecticut, and new graduates’ likelihood of having debt ranged from 36% in Utah to 76% in New Hampshire. While the job market is bright, this much debt makes it very difficult for …

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Tax aspects of employee terminations

Although taxes are probably the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex and require you to make decisions that can affect your tax picture this year and for years …

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Busy week for PPP

Last week was a busy week for the Paycheck Protection Program. New applications and guidance were released, the Small Business Administration and the U.S. Treasury Department suddenly reversed direction on disclosing information about companies that received loans through the program, and a key program deadline is fast approaching. Easy as 3508EZ Filing for Paycheck Protection …

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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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