2018 is the first tax filing year to apply the changes implemented with the Tax Cuts and Jobs Act (TCJA). The following could impact small and medium sized business owners:
Cryptocurrency, a type of digital asset, is a fairly new form of currency. Governmental agencies continue to determine the best we can handle this asset. Although rules and regulations are not currently complete, it is important to note that in some situations tax obligations are present.
In a major ruling last June, the U.S. Supreme Court upheld the authority of states to impose sales tax on online transactions. The Court said such taxation is permissible even if a company does not have a physical presence in a state.
The Internal Revenue Service (IRS) recently provided guidance on the application of section 965(e) of the Code. This section applies specifically to those who receive income from “certain specified foreign corporations.” The law basically requires a transition tax on foreign earnings.
Thinking of giving up United States citizenship? You may owe an exit tax. The exit tax, also known as the expatriation tax, is due in certain situations when a citizen of the United States renounces his or her citizenship. The government determines this tax obligation based on one of three tests.
One of the goals of recent tax reform in the United States was to encourage businesses to bring revenue currently kept in foreign countries back into the United States.
Victory at the Olympics comes with more than just a medal and prestige, it also comes with a big bonus paycheck. The amount awarded varies depending on the medal. Gold winners will win $37,500 at the Winter Olympics this year, Silver medalists earn $22,500 while a Bronze wins $15,000.
The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate these requirements. Penalties have included hefty fines and imprisonment.
President Donald Trump signed the GOP tax bill into law before the end of 2017. The bill changes a number of areas of tax law. This piece will discuss the shift to a more territorial system of taxation and how this will impact multinational businesses and international tax issues.
One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency.