Category Archives: Tax Planning
“Tax-Favored” Foreign Income: Planning Pointers and Traps, An Overview of the FDII and GILTI DeductionsMay 24, 2018
The Tax Cuts and Jobs Act (TCJA) reduces the corporate income tax rates of C corporations to 21 percent. The TCJA further reduces the C corporation income arising from tax-favored foreign income by means of two deductions:
- The Foreign-Derived Intangible Income (FDII) deduction equals 37.5 percent of FDII and results
March 15, 2018
The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in third-party reporting of offshore account information and increased awareness of reporting obligations. All submissions made by the deadline must ...
March 6, 2018
The deadline for individuals to file and pay their 2017 taxes will be Tuesday, April 17, 2018, which is six weeks from now. As we continue to work through “tax season,” I suggest that taxpayers add a withholding review to their to-do list for “tax season.”
March 5, 2018
IRS Announces Withholding Tax Changes for 2018: Employers and Employees Should Review Their W-4 Forms During “Tax Season” By Yale Yechiel N. Robinson The Massachusetts Tax Alert™ The Internal Revenue Service (IRS) announced on February 28, 2018 that it has updated its online withholding calculator and the W-4 form to comply with the new tax rates under the Tax Cuts and Jobs Act of 2017. Most employers have already adopted the new tax withholding tables for their employees’ wages based on the revised IRS Notice 1036.
February 19, 2018
Wire Transfer Audits and FATCA
What Every Taxpayer Needs to Know
by Attorney Morris N. Robinson, CPA, LLM
February 19, 2018
1. FATCAFATCA: The Foreign Account Tax Compliance Act was signed into law by President Obama on March 18, 2010. There ...
Smith v. Comm’r: Before You Take that Business-Related Tax Loss, Ask “Does My Business Have a Bona Fide Purpose?”January 19, 2018
Last fall, the U.S. Tax Court decided the case of Smith v. Comm’r. It’s not a pivotal case, but it stands as a good reminder of the adage “you don’t get something for nothing.” At the heart of the case was a complicated tax planning strategy using an ...
January 19, 2018
In 2015, the Fixing America's Surface Transportation (FAST) Act contained a provision in which the IRS would interact with the State Department to deny or revoke the passports of taxpayers with "seriously delinquent tax debts." However, details needed to be worked out between the two agencies before the effort could begin. On January ...
January 18, 2018
November 20, 2017
While proposals for the eventual elimination of the estate tax are being hashed out in Congress, the IRS effort of auditing estate tax returns continues - business as usual. A recent report by the Treasury Inspector General for Tax Administration (TIGTA) highlighted ...
November 15, 2017
Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On November 3, 2017, IRS announced the identification of an additional 11 compliance campaigns to be conducted by ...