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.
New Sexual Harassment Training Requirements for New York State Employers
The New York State Department of Labor and the Division of Human Rights recently finalized guidance regarding the new law requiring all New York State employers to provide a sexual harassment policy, complaint form, and sexual harassment training program to all...
Charitable IRA rollovers may be especially beneficial in 2018
If you are age 70½ or older, you can make direct contributions—up to $100,000 annually—from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act...
Understanding the Foreign Earned Income Exclusion
In a previous blog post, we discussed some of the tax options available when a U.S. taxpayer goes overseas for employment. A popular option is to use the Foreign Earned Income Exclusion (FEIE). The FEIE is especially useful now that the Tax Cuts and Jobs Act (TCJA)...
Offshore Voluntary Disclosure Program Ending This Week
As we previously reported, the Internal Revenue Service (IRS) will close the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP was launched in 2009 to encourage compliance with foreign asset reporting, allowing U.S. taxpayers a way to avoid...
Five Things to Know About Digital Currency
It seems like you can’t go a single day without hearing something about bitcoin, litecoin, Ethereum, Bitcoin Cash, and, at last count, at least 1,500 other known digital currencies (or “cryptocurrencies”). In light of Bitcoin’s recent meteoric rise to $16,000 per coin...
Tax planning for investments gets more complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in...
Infographic: Itemizing Medical Expenses
Section 382 and Limited Net Operating Losses
Many high-tech start-up businesses incur significant expenditures before they begin generating sales and become profitable. The time required to develop a successful product is often counted in years. As a result, a company may accumulate large net operating losses...
The tax deduction ins and outs of donating artwork to charity
If you are charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the...
Alert: IRS Issues Proposed Regulations on GILTI for U.S. Shareholders
The Internal Revenue Service (IRS) recently proposed regulations concerning the treatment of global intangible low-taxed income (GILTI). The regulations are a result of the Tax Cuts and Jobs Act (TCJA), which added new rules requiring the inclusion of GILTI generated...