States with NO INCOME TAX Alaska Florida Nevada South Dakota Texas Washington Wyoming […]
Category: International Taxation
Charitable Donations 501(c)(3) Deduction
Donations to Charities are a tax deduction ONLY if they are a qualified organization per IRS. Click 501(c)(3) to show a map that can be researched by State. Gives lots of information. Giving money to friends or homeless, while it might be a nice thing to do is NOT a deductible charitable donation. […]
GILTI Tax eff Jan 1st, 2018
GILTI (Global Intangible Low-Taxed Income) effective January 1, 2018 Form 8992 is used to disclose the calculation. It basically is your share of Controlled Foreign Corporation (CFC)** Income which, prior to 2018, was just disclosed on Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations). It was a Balance Sheet and Income […]
Canadian Pensions
U.S. social security benefits paid to a resident of Canada are taxed in Canada as if they were benefits under the Canada Pension Plan, except that 15% of the amount of the benefit is exempt from Canadian tax. According to the IRS, special tax treatment applies to payments received from the Canadianpension, the Quebec pension plan, […]
Wanting to Move to a Foreign Country?
If you move but keep your citizenship, you must still report your worldwide income. You may be eligible for a Foreign Earned Income Exclusion and a Foreign Tax Credit for what tax is paid to the foreign country… but ALL US CITIZENS must report and maybe pay. The rules on reporting foreign bank accounts still apply. […]
Tax Code – How Big
Internal Revenue Code (IRC) was 26,300 pages in 1984. As of April, 2106 it is 74,608 pages… and if ever tried to read it you would know why they call it code! There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 […]
FBAR (now Fincen 114)
FBAR Foreign Bank Account Report FBAR Penalties. The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in […]
2015 & 2016 Employer Penalty – Small Employers!
In 2014 the Affordable Care Act created some penalties that you might not be aware of for the SMALL EMPLOYER. They were terrible, so terrible that in fact Congress decided to not enforce the penalties for 2014 and in early 2015 said continue what you are doing until June 30, 2015. Earlier this year Rep. Charles […]
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2015 Depreciation FINALLY DECIDED!
Protecting Americans from Tax Hikes Act of 2015 Bonus first-year Depreciation — Qualified property placed in service between 1/01/15 and 12/31/19 is allowed first-year bonus depreciation. The bonus depreciation percentage is 50% for property placed in service between 2015 and 2017, 40% for property placed in service during 2018 and 30% for property placed in service […]
2015 SEP
SEP IRA PROVISIONS A. SEPs are written plans that are 100% funded by the employer. Contributions vest immediately. Contributions can vary from year to year and are discretionary. B. Employees must be covered if they have: 1. Reached age 21 or over; 2. New – Earned at least $600 during 2015; and […]