Tax Topics

Glen E. Frost, Esq., CPA, CFP® On December 20, 2018, Congressman George Holding (R-North Carolina) introduced the Tax Fairness for Americans Abroad Act of 2018 (H.R. 7358) (TFAA)—a long-awaited residency-based tax bill with the very real potential to provide the framework necessary to ultimately replace the current US citizenship-based taxation regime. As drafted, TFAA would […]

Eli Noff, Esq., Partner In 2017, the Maryland Student Debt Relief Tax Credit was implemented to provide eligible Maryland taxpayers, even those who have already graduated, with at least a modicum of student loan forgiveness from the state government.[1]In January of 2019, Governor Hogan announced the program’s results for tax year 2018, noting that Maryland […]

Dear IRS, My name is Jenny, and I’m one of millions of American citizens living abroad*. I met my Canadian-born husband Frank while in college in the U.S., and I returned with him to Canada so he could work in his family business. As you well know, as a U.S. citizen, I am required to […]

Eli Noff, Esq.,Partner As we’ve previously reported, in Notice 2014-21,1the IRS considers virtual currency to be property rather than fiat money. The Notice, however, is silent as to whether virtual currency is reportable on Form 114, Report of Foreign Bank and Financial Accounts(FBAR). For purposes of the FBAR, all foreign financial accounts must be reported […]

Leanne Broyles, Esq.,Senior Associate Resident estates and trusts are subject to Virginia state income tax on nearly all of their federal taxable income1. Effective July 1, 2019, recently enacted House Bill 2526 (HB2526) modifies the definition of a resident estate or trust for Virginia state income tax purposes2. HB2526 significantly impacts the tax treatment of […]

Eli Noff, Esq., Partner EXECUTIVE SUMMARY New Act Provides Key Business Extenders: New Act Provides Key Individual Extenders: On December 20, 2019, the president enacted the Further Consolidated Appropriations Act, 2020 (FCAA).[1]Although it primarily acts to avoid a government shutdown by funding the government through September 30, FCAA includes numerous notable tax law changes, including […]

Leanne Broyles, Esq., Associate Executive Summary Proper interpretation of will provision regarding whether estate may claim $2.25 million that passed to spouse as marital deduction to decedent’s gross estate depends on what terms of the will say-not the intent the terms may suggest. Tax Court is only authorized to waive interest and penalties for reasonable […]

Eli Noff, Esq., Partner EXECUTIVE SUMMARY Although frequently overlooked, the international reporting form, known as the BE-10, has a rapidly approaching May 31, 2020, deadline. If you own 10% or more of a foreign company or foreign rental real estate, then you must file this report. With significant penalties, both criminal and civil, at stake […]

In response to the financial crisis caused by COVID-19, the newly enacted CARES Act has created a new payroll-related form of relief for employers. Coined The Employee Retention Credit, this relief measure allows eligible employers to obtain a refundable credit against the employer-only portion of social security taxes (or Railroad Retirement Tax Act taxes). Question […]

On February 27, 2020, news quickly spread throughout the tax world concerning the announcement that Erin M. Collins has been appointed to serve as the new National Taxpayer Advocate (NTA). Both the U.S. Department of the Treasury’s press release[1] and the Taxpayer Advocate Service’s announcement[2] introduce taxpayers to the new NTA-the “voice” of the taxpayer. According to […]