Christine Hradsky No Comments

Self-Audit Program May Help Employers Correct Wage Errors

Labor Standards

When paying employees, has your company inadvertently violated the Fair Labor Standards Act? Even with the best of intentions, mistakes happen.

Eligible employers may now be able to conduct a self-audit of certain wage practices, thanks to a pilot program from the Department of Labor’s Wage and Hour Division (WHD). This program — called Payroll Audit Independent Determination (PAID) — was recently launched as a tool for employers to uncover payroll errors on their own. Employers who use the PAID program and discover that they’ve underpaid some employees can correct their payment errors and coordinate with WHD to avoid penalties. Read more

Christine Hradsky No Comments

Timing and Taxes: Two Critical Issues when Buying or Selling a Home

Home Sales

Though the home sale gain exclusion rules haven’t changed, some home-related deductions have been temporarily restricted or eliminated under the new tax law.

You might be in a rush to buy or sell a home before summer starts or interest rates increase even more. But, first, it’s important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and work-related moving expenses. Beware: Some rules have changed under the Tax Cuts and Jobs Act (TCJA). Read more

Christine Hradsky No Comments

Royal Wedding Excitement for the IRS

Royal Wedding

International marriages may be full of romance, but they also lead to complex tax situations that not even royals are immune to.

By Bethany Bouw

Many young, American women perhaps used to imagine what it might be like to marry a prince and live in a faraway kingdom. As the news has been widely covering, one American is about to have that dream come true.  While Meghan Markle prepares for her new fairytale life, she will also be facing the many tax pitfalls of an international marriage. Even those who marry their foreign “prince” and move abroad will have to consider some of the same situations Ms. Markle must now deal with. Here are ten tips for those who, like Ms. Markle, will marry a non-resident and non-citizen, and move abroad. Read more

Christine Hradsky No Comments

How do I Prove US Residency for Foreign Purposes?

US Residency

Proving your US residency for tax purposes is a lot more complicated than showing your passport or ID.

 

By Bethany Bouw

Often when doing business or living overseas, people are asked to prove that they are US residents for tax purposes to eliminate or reduce foreign tax withholding. Residency certification may be needed to claim tax treaty benefits or exemptions from value added tax (VAT). Doing so is not as simple as showing a copy of your driver’s license or other government issued identification. Instead, there is an important process you must follow to obtain the proper documents which prove your US residency to foreign jurisdictions. Read more