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.
Alert: Possible Denial or Revocation of Passport for Unpaid Taxes
If you have a “seriously delinquent tax debt,” the IRS is now authorized to notify the State Department of such outstanding debt. In turn, the State Department may deny your request for a passport or revoke your current passport. If you are overseas when your passport...
Will Congress revive expired tax breaks?
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of...
A refresher on the ACA’s tax penalty on individuals without health insurance
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage...
Offshore Voluntary Disclosure Program
This final installment of this blog series will discuss taxpayers who willfully have not disclosed foreign accounts or paid taxes. Taxpayers who want assurance that they will not be subject to criminal liability and/or substantial monetary penalties should consider...
Three midyear tax planning strategies for individuals
In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The...
Streamlined Filing Compliance Procedures
In this International Tax Blog series we have been discussing the implications of failing to disclose foreign accounts to the U.S. government. The required form to disclose foreign accounts is FinCEN 114, Report of Foreign Bank and Financial Accounts, commonly...
Three midyear tax planning strategies for business
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law—back in December of...
Quiet Disclosure and Delinquent FBAR Submission Procedure
Many people are surprised to learn that they actually do have foreign accounts to report and should have been reporting them for some time. The required reporting form is the FinCEN 114, Report of Foreign Bank and Financial Accounts, commonly referred to as the FBAR...
Infographic: Which Business Entity? The Choice Is Yours
Own a vacation home? Adjusting rental vs. personal use might save taxes
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences. If you rent it out for less than 15 days: You do not have to report the income. But expenses associated with...