Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Key Q3 Tax Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
IRS and Treasury Issue Guidance on Global Intangible Low-Taxed Income (GILTI)
Back in March, Sciarabba Walker's international tax blog covered a new U.S. revenue stream created by the Tax Cuts and Jobs Act (TCJA) of 2017 - global intangible low-taxed income (GILTI). On June 14th, the IRS issued final regulations providing guidance "to determine...
Donating your vehicle to charity may not be a taxwise decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s...
Changes to Lease Accounting
Accounting for leases can be quite complicated, but the benefits of entering into a lease agreement may outweigh the tricky task of analyzing each new contract. In February 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (ASU)...
Thinking about moving to another state in retirement? Don’t forget about taxes.
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially...
Reflections on the First Annual PrimeGlobal International Tax Roundtable
By Linda M. Bruckner, CPA On May 17th, I had the privilege of meeting with my PrimeGlobal international tax colleagues in Chicago to discuss various issues important to our clients. The PrimeGlobal association of independent accounting firms is a worldwide...
The chances of IRS audit are down but you should still be prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little...
Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your...
Tax Implications of Summer Work – IRS Tax Tip
With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes. Not all the money they earn will...
Selling your home? Consider these tax implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while...