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  • Foreign Asset and Bank Account Reporting and Withholding

    February 14, 2018
    The IRS continues to rigorously enforce failures to report foreign financial assets and accounts. The minimum penalty is $10,000 for each year the reporting is not made. In the case of foreign bank and financial accounts, if the failure to report is willful, the penalty is increased to 50% of the highest balance in the account for each year the account was not reported. In addition, criminal penalties, (including imprisonment), are also possible. The following will help assist you in identifying potential reporting and withholding obligations.... Read more
  • IRS Issues Updated 2018 Withholding Tables

    January 24, 2018
    In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. ... Read more
  • How will the Tax Cuts and Jobs Act affect your estate plan?

    January 24, 2018
    One thing the TCJA doesn’t do is repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption, creating new estate planning challenges and opportunities.... Read more
  • New Tax Law Provides More Generous Depreciation-Related Tax Breaks

    January 17, 2018
    If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), which was signed into law by President Trump on December 22. You even may be able to take advantage of some of the enhancements on your 2017 tax return!... Read more
  • Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Businesses

    January 10, 2018
    The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.... Read more
  • President Signs Sweeping Tax Overhaul Into Law

    January 3, 2018
    The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. It impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there will be “winners” and “losers.”... Read more
  • New Tax Law Brings Big Changes For Individual Taxpayers

    December 27, 2017
    The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. ... Read more
  • Congress Passes Biggest Tax Bill Since 1986

    December 21, 2017
    On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.... Read more
  • House and Senate Tax Bills Head to Reconciliation

    December 6, 2017
    Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax bill on November 16, and a conference committee of representatives from both houses of Congress is scheduled to begin work on a reconciled final bill this week.... Read more
  • Hurricane Irma Tax Relief

    November 21, 2017
    If you have experienced any losses due to Hurricane Irma, you may be entitled to special tax relief.... Read more
  • Estate Tax Planning - Portability Election Extension

    November 16, 2017
    If you are a recent widow(er) (since after 2010) and you did not file an estate tax return for your deceased spouse, you may benefit from recent guidance ​from the Internal Revenue Service.... Read more
  • Compare and Contrast the House and Senate Tax Bills

    November 14, 2017
    Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.... Read more
  • Sweeping Tax Changes Proposed in House-Released Bill

    November 9, 2017
    On November 2, after months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here’s a brief rundown of some of the individual and business provisions in the 429-page Tax Cuts and Jobs Act. Generally, the changes would go into effect after December 31, 2017, but there are exceptions.... Read more
  • Looming Tax Reform Creates Planning Challenges

    October 31, 2017
    As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging for businesses. There’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.... Read more
  • SVA Cyber Security Update - Wi-Fi Krack: Steps you can take to help protect yourself

    October 20, 2017
    Many of us have read the alarming warnings stating “All Wi-Fi networks are vulnerable to hacking” and inferring “no one is safe”.The challenge many have is deciphering the technical jargon to understand the steps individuals and organizations can take to protect themselves.... Read more
  • GOP’s Proposed Tax Reform Plan Significantly Changes the Rules

    September 29, 2017
    Earlier this week, U.S. Senate Republicans declined to vote on the Graham-Cassidy health care bill because there weren’t enough votes to pass it. Yesterday, President Trump and Republican congressional leaders turned their attention to tax reform by releasing an outline of their long-awaited tax reform plan. The nine-page “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for the congressional committees to draft legislation to cut tax rates, simplify the tax code and provide a more competitive environment for businesses. It addresses tax issues that affect both individuals and businesses.... Read more
  • Credit for Start-Up Costs Related to Retirement Plan

    September 19, 2017
    If you are a small employer who recently established a retirement plan for your employees (or are thinking of setting one up), you may be eligible for a tax credit related to your implementation costs. ... Read more
  • Equifax Breach

    September 12, 2017
    By now you have likely read the headlines or heard the news about the enormous security breach at Equifax. Because safeguarding your identity is so important, we suggest you read and take action to proactively protect your credit as detailed below from Horsesmouth Savvy Cybersecurity™... Read more
  • MTC Online Marketplace Seller Voluntary Disclosure Initiative

    September 7, 2017
    With the ever changing budget issues at the state and local levels, sales and income taxes are becoming more strategic revenue sources to address these issues. Recent rulings in many states recognize that sellers in any online marketplace must adhere to the sales and income tax rules at the state and local levels, not the third-party marketplace fulfiller. This means that if you participate in any third-party Online Marketplace (such as Amazon or Walmart, to name two) where the Marketplace holds your inventory for order fulfillment or otherwise facilitates your sales, there may be sales and/or income tax obligations in states you did not realize.... Read more
  • Proposed Centralized Partnership Audit Regulations

    July 27, 2017
    Under the current Internal Revenue Service (IRS) partnership audit system, any adjustments made by an audit at the partnership level flow through to the partners. The partners are then responsible for their share of any additional taxes and penalties due. Changes under the Bipartisan Budget Act of 2015 created a centralized partnership audit system. This system makes the partnership responsible for any changes that arise due to an IRS audit of the tax return. ... Read more


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