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.
Why you should boost your 401(k) contribution rate between now and year end
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you are not already contributing the maximum...
U.S. Filing Requirements for Nonresident Aliens and Dual Citizens
This International Tax Blog series will discuss U.S. filing requirements for nonresident aliens and dual citizens. To get started, we will discuss some of the terms that will be used in the series and provide some background information about what these terms mean....
2017 Q4 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 fourth quarter of 2017. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting...
New ITIN Expiration Rules and How to Renew Your ITIN
In the previous posts of this series we discussed what an Individual Taxpayer Identification Number (ITIN) is and how to obtain one. Today we will discuss the new ITIN expiration rules and how to renew your ITIN if it expires. ITINs that have not been included on a...
Important Information to Know Before You Donate to Help Hurricane Victims
You’ve seen the pictures of the devastation in Texas and the Gulf Coast, and you want to help. You can give to your local Red Cross agency, or United Way, but now you’re also seeing advertisements that tell you to give online, or even by a text. Before you go that...
Watch out for potential tax pitfalls of donating real estate to charity
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you are considering a large gift, a non-cash donation such as appreciated real estate can provide additional benefits. For example, if...
How to Obtain an ITIN
In the previous post we discussed what an Individual Taxpayer Identification Number (ITIN) is and what it is used for. In this post we'll discuss the process of applying for an ITIN. To obtain an ITIN you must file Form W-7: Application for IRS Individual Taxpayer...
Yes, you can undo a Roth IRA conversion
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions—and then discover that you...
What Is an ITIN?
Individual Taxpayer Identification Numbers (ITINs) are tax processing numbers issued by the IRS. They are available for taxpayers who need an identifying number but are not eligible to obtain a Social Security Number. Whether they are required to be provided to third...
Put your audit in reverse to save sales and use tax
It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim—so slim that many businesses use reverse audits to find...