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Update on Deducting Personal Casualty Losses

Update on Deducting Personal Casualty Losses Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage. The tax code allows individuals to claim itemized deductions for personal casualty losses — but … Continued

Tax Issues to Consider When Small Business Owners Get Divorced

For many small business owners, their ownership interest is one of their biggest personal assets. What will happen to your ownership interest if you get divorced? In many cases, your marital estate will include all (or part) of your business interest. State Law Is Key How you must split up assets in divorce depends largely … Continued

The 2018 gift tax return deadline is almost here

The 2018 gift tax return deadline is almost here Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, … Continued

Vehicle-expense deduction ins and outs for individual taxpayers

Vehicle-expense deduction ins and outs for individual taxpayers It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and … Continued

Women in Business: Who’s the Boss?

Barriers for women in leadership positions are slowly being broken down in the United States. Women currently hold 102 seats in the House of Representatives (23.7% of the voting members) and 25 seats in the Senate (25% of the total). Four women also serve as non-voting delegates from American Samoa, Puerto Rico, the Virgin Islands … Continued

Answers to Your Family and Medical Leave Credit Questions

If your organization wants to claim the new family and medical leave credit, take note: The IRS has issued Form 8994, Employer Credit for Paid Family and Medical Leave, for use in 2018 and 2019 tax year filings. In addition, the IRS has posted new information about the credit on its website. Here’s what you … Continued

I-9 Audits Are On the Rise: Be Prepared

Audits of I-9 records quadrupled in 2018 over the prior year (the federal fiscal year). That means nearly 6,000 employers were audited, which led to several dozen civil and criminal convictions. The agency involved — Homeland Security Investigations (HSI) — “is carrying out its commitment to increase the number of I-9 audits in an effort … Continued

Want to Do Business Across Borders?

Our international tax consultants assist clients in taking advantage of the numerous business opportunities that exist worldwide. Here are some of services we provide:  Complete tax planning, return preparation and filing to ensure U.S. and foreign compliance.  Planning to maximize foreign tax credits.  Review of transactions to ensure transfer pricing compliance.  Assisting employees who work … Continued

Tax Court Thwarts Use of Rule 155 to Raise New Issues

Rule 155 Basics Where the parties have made mutual concessions resolving certain issues, the Tax Court normally directs that decisions will be entered under Tax Court Rule 155(a). It provides that, “[w]here the Court has filed … its opinion … determining the issues in a case, it may withhold entry of its decision for the … Continued