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

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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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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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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Tax reform impacts employee achievement awards rules

The Tax Cuts and Jobs Act clarified the rules about the taxability of employee achievement awards as to what can be excluded from your employee’s income. The good news is that all gifts and awards to employees are deductible expenses for employers. Unfortunately, most of these gifts and awards are now taxable to employees. The …

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Tax reform: blended corporate tax rate

By now, we have all heard of the new Tax Cuts and Jobs Act (TCJA) signed by President Trump in December 2017 to take effect on January 1, 2018. I am sure you heard that individuals and corporations will get tax cuts through reduced tax rates, among other deductions available. In this blog, I will …

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Lizzie Borden: simultaneous death and slayer statutes

Lizzie Borden took an axe and gave her mother forty whacks. When she saw what she had done, she gave her father forty-one. Andrew Jackson Borden and Abby Durfee Gray were murdered on August 4, 1892. Abby died first at approximately 9:30 a.m., after being struck 18-19 times with a hatchet or sharp instrument. Approximately …

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