Almost 900,000 Americans currently reside in Canada. Americans moving out of the U.S. to countries like Canada are still required to file U.S. tax returns in addition to various other disclosures, forms and treaty elections each year. Whether it’s Canadians returning to Canada after residing in the U.S. for a number of years, or simply
Relocations And Remote Work Create Recurring Tax Issues
Taxpayers who moved to another state during the pandemic to work remotely have been dealing with more complicated tax issues, and so have their employers! The pandemic prompted many people to sell or rent their homes to relocate to larger houses and across state lines, creating complex multistate tax issues on both the individual and
Don’t Forget About FBAR for Foreign Financial Accounts
Over the years, there’s been a significant increase in interest in taxpayer transactions by the IRS, including information about foreign financial accounts. Taxpayers with foreign assets come in all shapes and sizes. Maybe it’s an executive who works in the U.S. on a non-immigrant visa who still has assets in their native country. Or a
Whose Responsibility Is It To Distribute K-1s?
Distributing K-1s** – Whose Responsibility Is It Anyway? It is common knowledge that taxpayers like partnerships, LLCs, S-Corporations and Trusts are required to distribute annual K-1’s to their partners, shareholders, and beneficiaries, respectively reflecting their share of the taxable income or loss and other tax related items. For our many CRE clients, the process of
Early Termination of the Employee Retention Credit
The ERC was originally set to expire on December 31, 2021.On November 15, 2021, The Infrastructure Investment and Jobs Act into law. This legislation contains a provision that terminates the employee retention credit early, retroactively to October 1, 2021. The American Rescue Plan Act added a new type of employer that may be eligible for
Build Back Better Bill Sets Bar High for Millionaires Tax
Looks like affluent investors can relax over the holidays after all! Many of them are off the hook from the tax hikes embedded in the Biden administration’s $1.8 trillion “Build Back Better” Act. Almost 4.5 million folks making between $369,300 and $884,900 will actually pay $4,340 less in federal tax in 2022 under the tax
Increase in Capital Gains Taxes Will Affect Your Business in Many Ways
The White House has proposed a plan that will essentially double the capital gains tax for investors making over $1,000,000 to fund trillion dollar initiatives like the American Families Plan, American Jobs Plan, and The Infrastructure Investment Act. The goal of the Administration is to eliminate the loopholes that allow taxpayers making $1 million a
Make the Most of Your Mobility–Related Tax Breaks
The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. You may deduct vehicle expenses in one of two ways. Actual expense method, which allows you to deduct your actual expenses based
NY State Pass-Through Entity Tax A S.A.L.T. Cap Workaround
The Tax Cuts and Jobs Act, limited taxpayers’ itemized deduction for state and local income and property taxes (“SALT”) to $10,000 per tax year. As residents and business became outraged, many states tried to create workarounds so residents could deduct state and local taxes in excess of the federal itemized deduction limit. Due to a
Inflation Impacts 2022 Tax Brackets
Planning means comparing! Effective tax planning means knowing how your current tax year’s circumstances might be different in the one ahead. Comparing the numbers helps you determine if you should postpone some earnings into 2022, where the income tax brackets are a bit wider, so you won’t be bumped into a higher one on your
