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.
Sales Tax: Supreme Court Ruling Affects Retailers and Consumers
A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers—even if they don't have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018) In doing so, the Court has reversed...
Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. It is critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this...
2018 Q3 tax calendar: Key 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 2018. 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 are meeting all...
Form 6166 – How to Ensure You’re Benefitting from Tax Treaties
The United States has income tax treaties with many different countries. These treaties allow for various forms of tax relief or exemption from tax for U.S. citizens and permanent residents. Some examples of treaty benefits are reduced tax rates, exemption from U.S....
Midyear Check on Your Financial Goals
Update: IRS Offers Penalty and Filing Relief Related to Section 965 Transition Tax
The IRS recently announced that it will waive certain late-payment penalties related to the Section 965 transition tax. In addition, the IRS provided additional guidance for individuals subject to the Section 965 transition tax regarding the due date for relevant...
The tax impact of the TCJA on estate planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers...
Update: TCJA Affects Reporting Options for Professors on Sabbatical Overseas
In a previous post, "What Happens When a Professor Goes Overseas on Sabbatical?", we discussed an example of a professor on sabbatical and looked at two options available to her: 1) use the foreign earned income exclusion, or 2) report all income as taxable and deduct...
Qualified Small Business Stock for Investors and Entrepreneurs
If you are the founder of a start-up company, or have invested in one, you may have already heard about Qualified Small Business Stock (QSBS) and the gain exclusion available under IRS Code Section 1202. It has been a hot topic for investors and entrepreneurs for the...
Factor in state and local taxes when deciding where to live in retirement
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option....