DIGITAL TAX WILL BOOST STATES REVENUES

Digital tax will boost states revenues. The OECD has presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy. The OECD has said that the changes would have a significant positive impact on global tax revenues, by boosting corporate income tax revenues […]

IRS DETAILS ON FOREIGN EARNINGS

IRS details on foreign earnings. The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act requires certain taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings […]

WHAT CONSTITUTES ENTERTAINMENT EXPENSE

What constitutes entertainment expense. This is a question we are often asked. If an activity is generally considered to be entertainment, it will constitute entertainment for purposes of IRS Section 274 (a) and Section 1.274-2 regardless of whether the expenditure for the activity can also be described otherwise, and even though the expenditure relates to […]

REGISTERING FOR ONLINE SELF HELP TOOLS

Registering for online self help tools. This has been made easier by the IRS. To better protect taxpayers, the IRS upgraded its identity verification process for certain online self help tools. The purpose is to prevent taxpayer impersonations and account takeovers by identity thieves. Because the Secure Access Authentication platform is more rigorous, it helps […]

AMERICANS MOVING DUE TO TAXES

Americans moving due to taxes. is increasing here in the U.S., due to increased taxes, at both the national, city, and state level. Yet most do very little planning to determine the implications of moving to a foreign country, the new tax laws of that country, and the tax laws that apply to an ex […]

PRIOR IRS TAX DATA

Prior IRS tax data. The IRS today reminded taxpayers who have changed tax software that the prior IRS tax data may be outdated and they may need to update the tax software they have to complete their taxes this year. It’s always a good idea to keep copies of tax returns that you have filed, […]