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.
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...
Estate Planning in the International Arena
If you have ever sat down with your attorney or CPA to discuss estate issues, you know that estate planning involves a lot of decision making on your part. Estate planning professionals seem to have a never-ending list of options to choose from: revocable trusts,...
Federal Funding for Start-Up Companies: How to Comply
If you are the owner of a start-up company, you may be exploring the possibility of applying for Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) funding. These programs for U.S. owned and operated businesses are among the largest...
Should Your Business Be a C Corporation or a Pass-Through Entity?
The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What's the...
Close-up on the new QBI deduction’s wage limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S...
Delinquent International Information Return Submission Procedure: Caught by Surprise
Taxpayers are sometimes unaware they have a foreign filing requirement. In this blog post, we will look at an example in which the client was the beneficiary of a retirement account that was considered a foreign financial asset, even though he had never worked outside...