TaxConnections

TaxConnections has attracted a large community of tax advisors helping and supporting each other. TaxConnections is an asset for tax advisors who want to add services outsourcing work to other tax advisors through TaxConnections referral network. In the weeks ahead, I want to bring to your attention to tax advisors who are supporting tax advisors. It is important to learn what our members are doing to adapt their tax practices to the market while helping other tax professionals increase revenue.... https://www.taxconnections.com//learn-how-this-tax-adviso/

PART 2: IF A TAXPAYER MEETS THE SALES THRESHOLD IN A STATE, WHAT MUST WE DO NOW? These frequently asked questions build on our prior series of FAQs. Q: Once a taxpayer meets the sales threshold of a state, what must be done to be compliant with the state’s tax laws? A: You must register for sales and use taxes with the state. ... https://www.taxconnections.com//frequently-asked-question/

The FFCRA and CARES Act enacted in March 2020 and CAA-21 enacted Dec. 27, 2020 provide a variety of financial relief to individuals and small businesses. The recovery rebates (called "economic impact payments" by the IRS) in the CARES act ($1,200 per adult and $500 for child under age 17) helped over 160 million people. The $600 payments in CAA-21 should help a similar number.... https://www.taxconnections.com//tax-policy-observations-o/

Every year, U.S. persons are required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if the total amount of their foreign accounts exceed $10,000. Under current regulations, reportable foreign accounts include bank accounts, securities accounts, and certain other specified financial accounts (e.g., insurance accounts with cash values). See 31 C.F.R. 1010.350(c). On New Year’s Eve, however, the Financial Crimes Enforcement Network (FinCEN) announced its intent to broaden the list of reportable accounts to include virtual currency. ... https://www.taxconnections.com//fincen-intends-to-amend-f/

The Internal Revenue Service urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week.... https://www.taxconnections.com//irs-economic-impact-payme/

A Tax Court case addresses the accrual method of accounting in the cost-of-goods-sold (COGS) contexts: The Morning Star Packing Company, L.P., et al. v. Comm’r, T.C. Memo. 2020-142 | October 14, 2020 | Cohen A. | Dkt. Nos. 5013-15, 5015-15, 16684-16, 16842-16 Opinion Short Summary: Petitioners sought review of the IRS’ determination that they were not entitled to increase their cost of goods sold (COGS) for the costs to restore, rebuild, recondition, and retest their manufacturing facilities for years of 2008 2011. [ 580 more words ] https://www.taxconnections.com//when-is-the-accrual-metho/

The Internal Revenue Service announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.... https://www.taxconnections.com//irs-dirty-dozen-list-of-t/

Once I read Ed Mahaffy’s book titled How To Select A Financial Advisor: The Least You Should Know, interviewed him, reviewed his video library, I knew we had the right person for this special financial planning series. On Fridays, TaxConnections presents questions often asked of a Financial Planner. Kat Jennings, TaxConnections, CEO Ask Ed: Financial Planning Questions And Answers Question: Are you currently engages in any other business, either as a sole proprietor, partner, officer, employee, trustee, agent or otherwise? [ 643 more words ] https://www.taxconnections.com//ask-ed-financial-planning/

About Fiscal Data Fiscal Data is your one-stop shop for federal financial data. The Department of the Treasury and the Bureau of the Fiscal Service created Fiscal Data to consolidate federal financial data into one easy-to-use website. Fiscal Data adheres to modern data practices and offers data in machine-readable formats via file downloads and application programming interfaces (APIs). Mission Our mission is to inspire trust in the government by providing access to federal financial data in one easy-to-use platform. [ 492 more words ] https://www.taxconnections.com//u-s-department-of-treasur/

Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency's audit selection process is fair and impartial. Decisions to conduct audits are based on the financial information that's on or not on the tax return. [ 1,583 more word ] https://www.taxconnections.com//irs-audit-rates-significa/

The Internal Revenue Service announced costofliving adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted today on IRS.gov. Highlights Of Changes For 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2021. [ 479 more words ] https://www.taxconnections.com//income-ranges-for-determi/

Tax Advisors would never know what was hidden in these regulations unless you conduct extensive research which we did for our members in 2018. We will be providing our twenty-five hours of research with links to the Code of Federal Regulations to our members. How did these proposed elimination of 298 IRS Regulations affect your tax clients? Based on a preliminary review in 2018, these proposals may have affected on a wide range of our member’s clients. [ 168 more words ] https://www.taxconnections.com//tax-advisors-guide-execut/

Section 548 of the Bankruptcy Code provides a bankruptcy trustee (or the debtor-in-possession) the power to set aside or avoid certain transfers of the debtor’s assets out of the bankruptcy estate that may otherwise place assets beyond creditors’ reach. Such a transfer of the debtor’s assets to a third party, with the intent to prevent creditors from reaching the assets to satisfy their claims, is known as a fraudulent conveyance or a fraudulent transfer. [ 927 more words ] https://www.taxconnections.com//fraudulent-conveyances-fr/

The California Manufacturing Partial Sales and Use Tax Exemption allows manufacturers and certain research and developers to exempt a portion of sales and use tax. In general, this partial exemption allows a qualified person, who purchases qualified tangible personal property and used that property in a qualifying manner, to purchase the property at a reduced tax rate, according to the [ 566 more words ] https://www.taxconnections.com//californias-partial-manuf/

Congress sent the Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act’’ to the President, who signed it into law. There are three significant provisions that impact 2018, 2019, and 2020 income taxes and your use of the IC-DISC. Net operating loss carrybacks. The provisions enacted as part of the Tax Cuts and Jobs Act at the end of 2017 eliminated the ability to carry back net operating losses to obtain tax refunds. [ 320 more words ] https://www.taxconnections.com//cares-act-coronavirus-aid/

The Treasury Department and the Internal Revenue Service released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The 100% additional first year depreciation deduction was created in 2017 by the Tax Cuts and Jobs Act and generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. [ 144 more words ] https://www.taxconnections.com//irs-finalizes-regulations/

Virtual currency has been around for a number of years now, and yet many still believe virtual currency transactions provide a level of anonymity and privacy not afforded by other types of monetary transactions. That simply isn’t true. With the right tools and understanding, it is possible to uncover the identities of virtual currency users. Moreover, virtual currency has led to the evolution of financial regulations, tax regulations, and legal regulations. [ 838 more words ] https://www.taxconnections.com//bare-bitcoins-no-fourth-a/

Chapter 14: Variable & Equity-Indexed Annuities An annuity is the generic term for a financial product that will make a series of payments to an individual over time. These are known as fixed annuities. The level of payments, the amount of time, and the rate at which payments will increase (if at all) are part of the offer of the specific annuity. [ 1,765 more word ] https://www.taxconnections.com//how-to-select-a-financial/

Corporate tax executives searching for the best way to organize multiple international, federal, state and local, property, sales and use tax filings and deadlines are now turning to an easy to use Corporate Tax Calendar. While many corporate entities may still be using Excel to track these tax filing deadlines, there are many good reasons tax executives are adopting Akore TaxCalendar. [ 228 more words ] https://www.taxconnections.com//corporate-tax-executives-/

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights Of Changes In Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. [ 767 more words ] https://www.taxconnections.com//irs-provides-tax-inflatio/