Christine Hradsky No Comments

AMT Calculations: It’s Showtime

alternative minimum tax

The new tax law is retaining the alternative minimum tax (AMT).

The alternative minimum tax (AMT) was enacted back in 1969 to ensure that high-income individuals don’t take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers. Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual AMT. But AMT exemptions and phaseout thresholds have been increased for 2018 through 2025. Read more

Christine Hradsky No Comments

Last-Minute Tax Planning Tips for 2017

Tax Day

Tax Day is right around the corner. Here are a few last minute tax planning ideas.

This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017. Here are three last-minute planning ideas. Read more

Christine Hradsky No Comments

Tax Reform Planning Checklist

tax

It’s time for business to start implementing the changes of the new tax law.

As the biggest change to the tax code in a generation, the new tax regime will have broad implications on both businesses and the people behind them. But what does the new law really mean for your business and your industry both now and in the years to come?

As we near the 100th day under the new tax law, it’s critical that companies both manage the resulting changes and develop a sustainable long-term tax strategy. To do this, businesses should take a phased approach: determining and addressing any immediate to-dos, navigating key steps to implementing any changes, and finally, ensuring their tax department is equipped to grow and address futures changes. Read more

Christine Hradsky No Comments

International Tax Technical Update- March 2018

U.S. TAX REFORM AS IT RELATES TO MOBILE EMPLOYEES, BOTH DOMESTIC AND INTERNATIONAL

The U.S. Tax Cuts and Jobs Act that was signed by President Trump on December 22, 2017, is said to be the most significant tax legislation in over three decades.  Most of the changes that were introduced went into effect January 1, 2018.  This alert will highlight several areas of the tax reform legislation that domestic relocation program managers and global mobility program managers should consider as it relates to their programs, their company and their assignees.  Read more

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Foreign Property – Reporting My Ownership and Income…

Foreign Property

If you own foreign property, it is important to know how to classify it for proper reporting.

By Bethany Bouw

In today’s world, it is not uncommon for US citizens and residents to own property abroad. One only has to watch House Hunter’s International to see that there is an interest in owning property outside the US. Sometimes people buy foreign property to live abroad. Sometimes people buy foreign property to rent it out as an investment. And sometimes people buy foreign property for a hybrid personal/investment use. Read more

Christine Hradsky No Comments

Don’t Forget Your Foreign Bank Account Report (FBAR)!

FBAR

Those with a Foreign Bank Account Report filling due need to be aware of due date changes, and other important facts.

By Bethany Bouw

If you already know you have a Foreign Bank Account Report (FBAR) filing due, you may be aware that the due date has moved. That due date is coming up fast. In order to make sure you are prepared, we have prepared a five W (Who, What, When, Where, and Why) list for your benefit. Read on to make sure you are better informed about your filing needs. Read more

Christine Hradsky No Comments

Survey: Employers Adapt Quickly to Withholding Tax Changes

tax withholding tables

The deadline for employers to start using the tax withholding tables was February 15th, 2018.

Most employers had no problems meeting the February 15, 2018, deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA). However, many employees question how the TCJA will affect them. Read more

Christine Hradsky No Comments

Good News! More Families May Be Eligible for the Child Credit in 2018

Child Credit

The rules of the child credit are changing under the new tax law.

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017, made significant changes to the child credit. This credit is generally available to taxpayers with children under the age of 17, but the new law adds a new (smaller) credit for other dependents. Here are the details. Read more

Christine Hradsky No Comments

IRS Clarification: Home Equity Loan Interest May Still Be Deductible

Home Equity LoanThe IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The tax agency issued the clarification because there were questions and concerns that such expenses were no longer deductible under the Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017. Read more