Tax Planning Articles

Tax Planning Articles

Tax Watch

U.S. Expats May Still Owe Taxes

Many former American citizens who live outside the U.S are not aware that they still may owe U.S. taxes. To remedy this situation and collect back taxes, the IRS released the Relief Procedures for Certain Former Citizens in September 2019. It provides certain expats with relief for back taxes and the chance to comply with their U.S. tax and filing obligations.

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Business Meals and Entertainment Limitation Exceptions

The law known as the Tax Cuts and Jobs Act (“TCJA”) made several changes to deductions for meal and entertainment expenses paid or incurred after 12/31/2017, an area that affects a majority of businesses. Certain expenses that were previously either 100% or 50%...

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Mid-Year Tax Planning- Things to Consider

As we cross the mid-point of 2019, take a few moments now to consider your 2019 income tax situation, and what you can do to improve it now. Many of the traditional planning ideas either no longer work, or have changed notably under the Tax Cuts and Jobs Act of 2017 (the “TCJA”). The result of a focus on planning now can be a better outcome with your 2019 tax filings done early next year.

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Why Did I Owe Tax this Year?

The 2018 filing season has come to a close, and there were many changes that affected the 2018 tax liability of every taxpayer. The reason is the largest tax overhaul seen since 1986, the Tax Cuts and Jobs Act of 2017.

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IRS Releases Additional Guidance Related to Qualified Opportunity Zones

On April 17, 2019, the IRS released additional guidance (Reg-120186-18) related to gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund (“QOF”), as well as special rules for an investment in a QOF held by a taxpayer for at least 10 years. The guidance also provides updates to previously issued proposed regulations.

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