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.
Foreign Reporting – The Canada Enthusiasts
Last week we discussed two forms that may need to be filed if you have foreign accounts. This week, we will look at the fictional case of Steve and Marie, married U.S. citizens who live in the United States but travel to Canada regularly. Steve and Marie love to...
Two tax credits for small businesses may reduce your 2017 and 2018 tax bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or...
FinCen 114 and Form 8938: What They Are and When to File
Having foreign accounts and wading through the reporting requirements can be a daunting task. This week we hope to shed some light on two of the more common forms and when you need to file them. FinCen 114, also known as the FBAR (which stands for Foreign Bank Account...
Can you deduct home office expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home...
Base Erosion and Profit Shifting (BEPS) – What Is It and How Does It Affect Your Business?
Different countries implement taxes differently, and in a global economy, these differences create gaps and mismatches in tax rules. Some multinational companies use these differences as a means to shift profits to low or no-tax locations. These tactics are referred...
Infographic: Early Birds Take Note!
Personal exemptions and standard deductions and tax credits, oh my!
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or...
Foreign Provisions in the New Tax Legislation May Impact Your 2017 Taxes
The dust has settled and we now have the Tax Cuts and Jobs Act, 185 pages of new tax code accompanied by 500 pages of conference committee explanations. Most of the new legislation is effective for tax years beginning in 2018, so it may be tempting to wait until the...
Don’t be a victim of tax identity theft: File your 2017 return early
The IRS announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the...
One Year of International Tax Blogging at Sciarabba Walker
We are excited to celebrate the one year anniversary of the launch of our International Tax Blog! Since January 9, 2017, we published more than 40 original blog posts covering a variety of international tax topics. We examined issues affecting individuals, such as...