Taking distributions from your traditional IRA

Taking distributions from your traditional IRA If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in … Continued

FATCA: Explanations of Key Certifications and Periodic Review Requirements

FATCA: Explanations of Key Certifications and Periodic Review Requirements   FAQ 2: How should the independence standard for an external reviewer of a QI, WP or WT be applied for periodic review years before 2019? The IRS says that, for review years before 2019, the agency will permit an external reviewer of a QI, WP … Continued

IRS Will Allow Foreign Tax Credit for Previously Noncreditable French Taxes

IRS Will Allow Foreign Tax Credit for Previously Noncreditable French Taxes However, Sec. 317(b)(4) of the Social Security Amendments of 1977 (SSA) provides that taxes paid by any individual to a foreign country with respect to any period of employment or self-employment covered under the Social Security system of that foreign country, and in accordance … Continued

IRS Finalizes Certain Foreign Tax Credit Regulations

IRS Finalizes Certain Foreign Tax Credit Regulations Applicability Date Under Sec. 78 The proposed FTC regs provide that amounts treated as dividends under Sec. 78 (Sec. 78 dividends) that relate to tax years of foreign corporations that begin before January 1, 2018, as well as Sec. 78 dividends that relate to later tax years, aren’t … Continued

What to do if your business receives a “no-match” letter

What to do if your business receives a “no-match” letter In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are … Continued

Truckers: Highway Use Tax Return Is Due By September 3

The IRS is reminding truckers and other owners of heavy highway vehicles that, in most cases, their next federal highway use tax return is due on September 3, 2019. The deadline generally applies to IRS Form 2290 and the accompanying tax payment for the tax year that began on July 1, 2019. Returns must be … Continued

Changing Jobs? What Will Become of Your 401(k) Balance?

Most private sector employers, for better or worse, put you in the driver’s seat when it comes to saving for retirement. If you’re a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer’s 401(k) plan allows … Continued

How to Structure a Business Asset Purchase with Taxes in Mind

Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: 1.     An asset purchase. The buyer can purchase all or some of the assets of the business. 2.     A purchase of stock (or another ownership interest). The buyer can purchase the seller’s ownership interest in … Continued

The tax implications of being a winner

The tax implications of being a winner If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of … Continued

Latest Update – Paid Sick Leave for Every Business

Visiting State District Judge Sol Casseb called for an abatement in a lawsuit filed by dozens of business groups against the city of San Antonio over its new paid sick leave ordinance that was to come into effect/effect? August 1, 2019. With the judges’ abatement, the city will not implement the paid sick leave ordinance … Continued