Additional Exclusions Granted By USTR For List Three China Duties

January 28, 2020

On December 17, 2019, the Office of the United States Trade Representative (USTR) published a Federal Register notice granting more exclusions of products from the 25-percent duty imposed on the third tranche (List 3) of Section 301 tariffs on goods totaling approximately $200 billion. The published notices can be read here.

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Foreign Trusts From A United States Perspective: Taxpayer Nightmares and How To Keep Them From Happening

January 28, 2020

By John Nuckolls

For understandable reasons, the United States has adopted a series of laws designed to prevent U.S. taxpayers from taking advantage of foreign trusts as tax shelters from U.S. income taxation. The obvious application of these laws is to a U.S. citizen attempting to transfer cash or income-producing assets to an offshore trust. When dealing with foreign trusts, however, these laws can apply in circumstances where unsuspecting non-U.S.-citizen taxpayers can be financially devastated by the consequences.
 

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Foreign Tax Credit: High Tax Kick-Out

January 28, 2020

By Bethany Banks, CPA

There can be considerable confusion amongst taxpayers who face foreign taxes as to what is creditable and how to allocate, calculate, and carryforward/carry back. There can still be surprises for those who feel they have a good grasp on the basics. One of the areas that can take a taxpayer by surprise is handling foreign tax credit for high taxed income.

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New Tax Law Provides 10 Key Breaks for Individual Tax Payers

January 13, 2020

A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals.

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What Employers Should Know About the SECURE Act

January 13, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. Here are some provisions that may affect business owners. 

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Should You Rent or Buy a Home?

January 13, 2020

When it comes to renting vs. buying a home, there are two parts to the analysis: 1) lifestyle and personal priorities, and 2) long-term financial planning. But the decision also involves timing, because many people are better off owning a home later in life when they’re more likely to be settled. 

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