Not only is detailed and organized record keeping essential to the preparation of your income tax returns, but keeping all of the tax and financial documents that were used to complete your tax returns is crucial should you ever become subject to an IRS audit. Large companies are not the only entities that need to […]
Effective January 2018, as a result of the Tax Cuts and Jobs Act, taxpayers who previously took the home office deduction as employees will no longer be able to deduct the same type of Schedule A miscellaneous expenses on their tax returns. This change does not affect those who are self-employed, however; and self-employed taxpayers […]
As technology evolves at a rapid rate, scammers and identity thieves are finding increasingly innovative (and, sometimes virtually undetectable) methods of fraudulently obtaining people’s personal and financial information—putting taxpayers at risk of identity theft and other criminal schemes perhaps now more than ever before. Specifically, scammers have been posing as IRS agents for years as […]
Selling your home? One of the benefits of our current tax system is the ability of some home sales to result in a tax-free profit for the seller. Typically, taxes are handled entirely at the time of closing between buyer and seller, and more often than not your home sale may not even have to […]
On June 21, 2018, in South Dakota v. Wayfair, Inc., ET Al (No. 17-494), the Supreme Court of the United States held that physical presence is no longer required to subject out-of-state sellers to a state’s sales tax laws. The Court’s decision in Wayfair overruled prior Supreme Court decisions in Quill Corp. v. North Dakota, […]
No matter the size of your business—or what stage it’s in—there are a number of ways in which an accountant can add value. To begin with, it’s important to understand that “accounting” in itself is a broad term covering an array of specific areas and respective considerations as they relate to the nature and unique […]
The recently-passed Tax Cuts and Job Act, which has effectively replaced The 1986 Tax Act, presents significant changes in our tax legislation and thus our application of tax rules. A key change affects business entities and how a business should treat expenses for meals, travel & entertainment for tax purposes as of January 1, 2018. […]
The 2017 Tax Cuts and Jobs Act created a new federal tax deduction for individual taxpayers of up to 20% of “qualified business income” realized by a partnership, S corporation or a sole proprietorship. While a number of limitations apply, this deduction has the potential to reduce the effective tax rate on such income by […]
If you’re an executive, you may receive some or a majority of compensation in the form of equity, typically company stock or some derivative form of company stock such as restricted stock, restricted stock units (RSU’s) or stock options. The tax consequences of these types of compensation can be complex and are subject to ordinary […]
LATEST EDITION OF ALLIOTT GROUP’S EXPAT POST AVAILABLE FOR DOWNLOAD FF&F is excited to join Alliott Group in sharing the release of Issue 3 of its publication, The Expat Post. This special edition was released in conjunction with Alliott Group’s 2018 Global Mobility Conference in Amsterdam. In our dynamic landscape of international tax, there is an abundance of challenges […]