July 12, 2018
Attorney Morris Robinson's article
, "The Qualified Business Income Deduction (Section 199A): Interim Guidance" has been re-uploaded with the following testimonials:
"A great synopsis as well as a detailed analysis of a complex and almost maddening topic!" - Edward E. Pratesi, ASA, CM&AA, ABV, UHY Advisors N.E., LLC, West Hartford, CT.
"It was excellent, one of the best I've read on this topic. I've been teaching tax for almost 40 years and even with this experience, I'm struggling with this provision. Morris' explanations used the language of the Code and that was much appreciated. Thank you." - William N. Kulsrud, PhD, CPA, Indiana University Kelley School of Business - Indianapolis Emeritus.
A copy of this article was published by Lorman Education Services at their request. Lorman Education Services have provided continuing education services since 1987.
You may download the article for free. Click Here
June 22, 2018
On June 21, 2018, the United States Supreme Court handed down its 5-to-4 decision in South Dakota v. Wayfair, Inc. The majority opinion, authored by Justice Kennedy, held that states may lawfully collect sales taxes from out-of-state internet vendors who sell tangible personal property or services to in-state residents even though these out-of-state vendors do not have a physical presence within the state.
to read Attorney Morris Robinson's article on the decision itself and the next steps for online retailers.
May 30, 2018
The Tax Cuts and Jobs Act slashes business income tax rates on certain types of business income.
- The 20% Qualified Business Income Tax Deduction slashes the top individual income tax rate on certain business income from 37% to 6%.
- The 37.5% Foreign-Derived Intangible Income (FDII) Deduction slashes the C corporation income
May 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
May 16, 2018
In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains. This individual used U.S. dollars to buy Bitcoins. He proceeded to trade in and out of other cryptocurrencies (“altcoins”) on a major trading exchange. When he first ...
April 18, 2018
On March 7, 2018, David J. Kautter announced that official guidance on the qualified business income deduction will not be available until the late summer or early fall. Mr. Kautter was responding to a letter dated February 21, 2018 from the American Institute of CPA’s (“AICPA”)
requesting immediate guidance to resolve the many ambiguities in the qualified business income deduction (Section 199A).
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 ...
February 19, 2018
Wire Transfer Audits and FATCA
What Every Taxpayer Needs to Know
by Attorney Morris N. Robinson, CPA, LLM
February 19, 2018
FATCA: The Foreign Account Tax Compliance Act
was signed into law by President Obama on March 18, 2010. There ...
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 ...