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

Foreign gift reporting requirements

Generally speaking, the United States imposes gift tax on all gifts above a certain threshold. But in general, in the case of a nonresident and not a citizen of the United States, gift tax shall apply to a transfer only if the property is situated in the United States. CAVEAT…. a U.S. recipient of this …

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Federal Tax Liens

Have you fallen behind on your taxes?  It may be due to a life disruption, financial hardship or simply neglect of your personal finances. If you have fallen behind, you may have received notice of a federal tax lien. What is a federal tax lien? How is the lien going to affect you? Is there …

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Can states apply sales tax retroactively?

It has been nearly two years since the passing of the Wayfair Supreme Court case which turned the sales tax world on its head. Yet, businesses are still muddying the waters to determine if and how the economic nexus rules apply to them. For states, the holding was somewhat of a windfall, as companies throughout …

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PPP loan forgiveness interim final rule released

This past Friday night, May 22nd, the Small Business Administration issued an interim final rule covering the forgiveness process associated with the Paycheck Protection Program. A link to the rule is available on our COVID resource page. Don’t miss: PPP loan forgiveness application now available The highly anticipated formal guidance supplements the application form that …

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Sourcing your income taxes: Understanding market-based sourcing

Sales tax nexus laws across the country got a fresh makeover starting in the summer of 2018 with the Supreme Court decision in Wayfair. Now, states are updating their income tax sourcing laws, hoping to lure more businesses to reside there while simultaneously gaining more tax revenues from businesses that do not. The method? Market-based …

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Credit reports are now free, every week

If there’s such a thing as a COVID-19 silver lining, here’s one. The three major credit reporting companies (Equifax, Experian and Transunion) are making your credit reports free through April 2021. Free access to your credit report is one more tool to help you weather the pandemic storm currently laying waste to economies and individual …

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BE-10 survey for holders of foreign assets

The Bureau of Economic Analysis (BEA) collects data of U.S. owned foreign investments by issuing confidential yet mandatory surveys and collecting data. This data provides Congress and U.S. businesses useful information for making informed decisions. The BE-10 survey is conducted once every five years and is coming due on May 29, 2020.  The BE-10 is …

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PPP loan forgiveness application released by SBA

On Friday May 15th, the SBA released the Paycheck Protection Program Loan Forgiveness Application. The highly anticipated application provides insight and direction for the loan forgiveness process. The application can be found on our web page.  While the application will likely not answer all of the questions borrowers have, the eleven-page document includes the form, …

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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 …

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