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.
Global Intangible Low-Taxed Income: A Shiny New Tool in the IRS Toolbox
This article was originally published in the Central New York Business Journal. Congress passes the tax laws, the Treasury Department collects the tax revenues, and the IRS oversees the reporting and collection process. The Tax Cuts and Jobs Act (TCJA) of 2017 added a...
Infographic: Tax credit for your home’s green energy upgrades
IRS Wraps Up This Year’s “Dirty Dozen” List of Tax Scams
Each year, the IRS releases a list of "Dirty Dozen" tax scams to be aware of during the busy tax-filing season. It is important for taxpayers to be informed and remain vigilant to these aggressive and evolving scams. The list highlights a variety of tax scams that you...
Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as...
IRS Issues Proposed FDII Regulations
We recently posted a blog about foreign derived intangible income (FDII), a new deduction for certain domestic corporations. Since then, the IRS has issued proposed regulations for FDII under Section 250 of the Internal Revenue Code. According to the IRS, "The...
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren, or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return—or whether filing one would be beneficial even if it isn’t required. Filing requirements...
Important Due Dates for Foreign-Related Tax Forms
International tax forms sometimes have separate due dates that do not coincide with the most well-known deadline, April 15. It is important to be aware of these other due dates, as they can carry substantial late filing penalties. Here are a few international-related...
Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. However, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven...
Retirement Plan Contributions and Distributions: 2019 Deadlines
If you have a retirement plan account, please see important deadlines below in 2019: March 15 – Employer Contribution Deadline for Partnerships and S-Corporations Income tax returns for calendar-year businesses structured as a partnership or S-corporations are due...
Beware the Ides of March…if you own a pass-through entity
Shakespeare’s words don’t apply just to Julius Caesar—they also apply to calendar-year partnerships, S corporations, and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March...