Blog Archives - Page 5 of 22

Interested in the Rehabilitation Tax Credit? Details to Know

For those considering properties in areas of historical significance, and income tax benefits, the Federal Historic Rehabilitation Tax Credit (HTC) may be of interest to you. where the proper conditions are met, business taxpayers can claim a non-refundable 20% tax credit for “rehabilitation” expenditure over a five-year period. To qualify for the credit, however, both the building and the expenditure must meet several requirements (for both the structure and the expenditure).

By The Wolf Group|2020-03-19T15:24:14-04:00July 29th, 2019|

Cryptocurrency—A Prime Example of Global Tax Inefficiency (for Now)

Fact: Countries disagree on the nature of cryptocurrency. In recent years, tax and revenue authorities worldwide have had to take a stand and issue guidance to their taxpayers on their country’s official position on cryptocurrency—What is it, and how should it be taxed? The [...]

By The Wolf Group|2020-03-19T15:24:43-04:00October 1st, 2018|

The IRS (and States) Are Still Deciding How To Calculate Your 2018 Taxes

A common misconception among taxpayers is that the new tax law, the Tax Cuts and Jobs Act of 2017 (TCJA), passed in December 2017, contains the necessary information to calculate your 2018 taxes. That would indeed make sense. In actuality, however, the TCJA made [...]

By The Wolf Group|2020-03-19T15:25:23-04:00October 1st, 2018|

Ready for the 2018 Tax Filing Season? The IRS Is Not. Is Your Accountant?

Tax accountants and tax software companies (e.g., TurboTax) have been waiting with bated breath for the IRS and state tax authorities to release guidance on the new tax law. Why? Because the Tax Cuts and Jobs Act of 2017 (TCJA), passed in December 2017, [...]

By The Wolf Group|2020-03-19T15:25:39-04:00October 1st, 2018|

The IRS Announces Crackdown on International Organization Employees

On September 11, the IRS announced a new campaign to closely examine whether individuals working at international organizations (I/O) are fully and properly calculating their taxes. The announcement was a surprise and was made at the same time as the announcements for several [...]

By The Wolf Group|2020-03-19T15:26:04-04:00October 1st, 2018|

Your 2018 Tax Return? A Mighty Thick Postcard

Last year, proponents of U.S. tax reform expressed their goal to enable taxpayers to file returns “on a postcard.” Of course, this was not to be taken literally. Filing a postcard tax return would be fraught with many issues, chief among them the security [...]

By The Wolf Group|2020-03-19T15:26:25-04:00October 1st, 2018|

New Strategies for Cross-Border Estate Planning in Light of Tax Reform

The Tax Cuts and Jobs Act (TCJA) made significant changes to U.S. tax law, including various aspects related to international issues. An important example is cross-border estate planning for non-U.S. families who have one or more U.S. beneficiaries and U.S. investment accounts. These families [...]

By The Wolf Group|2020-03-19T15:27:02-04:00August 23rd, 2018|

Court of Federal Claims Says FBAR Penalties Can Exceed $100,000

In a recent case, the Court of Federal Claims disagreed with two district courts that decided earlier in 2018 that the civil penalties for willfully failing to file a “Report of Foreign Bank and Financial Accounts” (FBAR) must be capped at $100,000. The Claims [...]

By The Wolf Group|2020-03-19T15:27:16-04:00August 23rd, 2018|

Repatriation Tax Proposed Regulations – Let the Mirrored Calculations Begin!

On August 1, 2018, the Internal Revenue Service (IRS) announced the proposed regulations[1] for Internal Revenue Code §965 (Transition or Repatriation Tax). The proposed regulations are broken down into several sections. The areas and issues that are affected the most by the proposed regulations [...]

By Mishkin Santa|2020-03-19T15:28:39-04:00August 23rd, 2018|

The 2018 CrossFit Games Offer More Than a Taxing Workout—They Illustrate How New U.S. Tax Law (§199A) Affects Non-Resident Aliens

The 2018 Reebok CrossFit Games just came to an end. There are many categories of competition, but the main draw is the individual competition for men and women. The two winners are deemed “The Fittest (Man or Woman) on Earth.” In the men’s category, [...]

By Mishkin Santa|2020-03-19T15:28:53-04:00August 9th, 2018|

The Wolf Group, P.C.