2018 foreign income/housing exclusions: Residency/presence tests waived for several countries In a recent Revenue Procedure, the IRS waived the residency and presence tests that apply for purposes of the foreign earned income and foreign housing cost exclusions under the tax code. Specifically, the waivers apply to certain U.S. individuals...
Understanding the different levels of service an accountant can provide related to an organization’s financial statements is important when determining what your company may need. Owners may automatically assume that they need an audit but that is not necessarily true. There are three levels of assurance an accountant can...
If you are looking to do business in the U.S., you will have numerous opportunities to succeed, but there are also some pitfalls for which you should keep a lookout. You should understand what to expect, how to be prepared, and the best approaches to take so you can...
Making sure you get credit for all your deductions is essential when you are running a business. The IRS issued new guidance regarding the deductibility of meals and entertainment expenses in October 2018. The new guidance indicates that taxpayers are still allowed to deduct half of their food and...
Court defines “financial interest” and makes other FBAR rulings In U.S. v. Horowitz, a district court ruled on various issues regarding the Report of Foreign Bank and Financial Accounts (FBAR). Its decision, handed down in January, addressed the statute of limitations for assessing FBAR penalties and the definitions...
Your company’s success hinges on its employees. If you have excessive employee turnover, and you are always spending time training new employees, then you are suffering immensely. You are spending out more money than necessary, you see productivity decrease, you have unhappy customers because they aren’t building quality relationships...
Now is the time to determine if you made any payments during the 2018 tax year that would require you to file Form 1099. If you paid $600 or more in compensation to a non-employee or an unincorporated business, you are most likely required to report the...
The historic South Dakota v. Wayfair case has essentially granted all states the authority to impose sales and use tax on businesses using an economic standard basis. With this decision, even if your business never steps foot in a state, it could become subject to sales tax based on...
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