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.
Foreign Derived Intangible Income: A New Deduction for Domestic Corporations
This article was originally published in the Central New York Business Journal. The Tax Cuts and Jobs Act of 2017 added many new acronyms to tax advisers’ vocabularies. A few of the new acronyms in the international arena are GILTI, FDII, BEAT, DEI, and QBAI. Some of...
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when...
Common U.S. Tax Forms
We often work with clients who are not familiar with the U.S. tax system but for various reasons are required to file U.S. income tax returns. Last week we provided a general overview of how income taxes work in the United States, as the process differs from tax...
Three TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you—besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to...
How Do Income Taxes Work in the United States?
Most countries have a tax system in place to pay for national needs and government services, but the methods and rules vary greatly from country to country. The United States handles income taxes in a very specific way—one that might be unfamiliar to those who are not...
Don’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft—and reap...
Why Outsourced Accounting Might Be a Good Idea for Your Start-Up Business
Finding a qualified controller or CFO is not always easy. Demand for professionals with the right skill set is high, making recruiting difficult. And as a start-up business, you may be growing fast, which makes keeping up with back-office demands more challenging....
Section 199A Deduction for Qualified Business Income
One of the provisions of the Tax Cuts and Jobs Act—the Section 199A Deduction for Qualified Business Income of Pass-through Entities (S199A)—is generating great anticipation for many taxpayers. This section of tax law provides a deduction to individuals, trusts, and...
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land is not depreciable.) But special tax breaks that allow deductions to be taken...
Should You Serve as Executor?
When someone asks you to serve as executor of his or her estate, it is generally meant as a compliment that he or she trusts you to serve in this important role. But don't simply accept the role before you have given the matter serious thought. Not only does the job...