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.
You’ve Acquired a Foreign Subsidiary: Now What?
As a business grows and becomes increasingly involved in different markets, having ownership of a company in a different country can provide many advantages. Ownership of a foreign subsidiary can be a great way for a U.S. business to expand into overseas markets and...
Individual tax calendar: Important deadlines for the remainder of 2018
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that also worth noting. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key...
Fun Fact: The Origin of the Dollar Sign
Haven’t filed your 2017 income tax return yet? Beware of these pitfalls
The federal income tax filing deadline is slightly later than usual this year—April 17—but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in...
IRS reminds those with foreign assets about U.S. tax obligations
The following is an excerpt from an April 9, 2018, news release from the IRS: The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At...
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred—or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible...
2018 Q2 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 second 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...
PFICs: Dispositions and Purges
For the past few weeks we explored the regulations on Passive Foreign Investment Companies (PFICs), discussed how they are taxed, and examined how certain rules determine ownership and affect reporting requirements. In this post we will discuss the tax impact of...
IRS Provides Guidance for Section 965 Reporting, Tax Reform Updates
The IRS recently provided guidance for taxpayers affected by Section 965 of the Internal Revenue Code. In general, Section 965 requires U.S. shareholders to pay a transition tax on the untaxed foreign earnings of certain foreign corporations as if those earnings had...
Alert: Offshore Voluntary Disclosure Program Ending in September 2018
The Internal Revenue Service (IRS) recently announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will end on September 28, 2018. The advance notice is intended to give U.S. taxpayers with undisclosed foreign financial assets enough time to use the OVDP...