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.
To Be or Not To Be – A U.S. Citizen
We have been discussing two fictional taxpayers, John and Sue Ling, who have been residing in the United States for many years. John is a U.S. citizen but Sue is not, although she is a permanent U.S. resident. John is 12 years older than Sue and should he predecease...
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as...
Back-to-School Checklist for Greek Organizations
Hey you! Yeah, you. I’m calling out to all the fraternities and sororities out there! Are you ready for another school year? Here are some things to make sure you have set up for your fraternity or sorority to start the year off right. 1. Check to make sure the...
U.S Nonresident Aliens: Why U.S. Estate Taxes May Still Be an Issue
On our International Tax Blog, we have been discussing two fictional taxpayers, John and Sue Ling, who have resided in the United States for many years. They have been working with their CPA and attorney on their estate plans. John is a U.S. citizen but Sue is not,...
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures a small business taxpayer can...
Estate Planning for Noncitizen Spouses: Special Considerations
Last week we discussed the international tax situation of John and Sue Ling, a hypothetical couple from Taiwan that has been residing in the United States for many years. John is a U.S. citizen but Sue is not, although she is a permanent U.S. resident (or green card...
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA—subject to income taxes on all earnings and deductible contributions—and then discover you would have been...
An International Family: Receiving and Bequeathing Cross-Border
Today we will explore the fictional case of John and Sue Ling to demonstrate some of the factors affecting international estate planning. John and Sue came to the United States from Taiwan 30 years ago when John was hired as an engineering professor at a local...
How Does the Tax Cuts and Jobs Act Affect You?
In the days leading up to the passing of the Tax Cuts and Jobs Act (TCJA), we saw a lot of headlines indicating the simplification this bill would bring. As clarification is still needed on some elements of the new tax law, time will tell how the tax filing process...
Do you still need to worry about the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the...