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.
2017 Q3 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 third quarter of 2017. 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...
Expatriation – The Disillusioned Part I
Over the last couple of weeks we have been discussing the expatriation process. A citizen or long-term resident who wishes to permanently sever ties with the United States (i.e. expatriate) must take certain legal steps and pay any taxes due to the United States....
Pay attention to the details when selling investments
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment...
Expatriation – The French Vintner
Last week we discussed the process of abandoning U.S. citizenship or lawful permanent resident status. This expatriation process involves legal steps as well as related tax filings. Depending on the financial status of the expatriating taxpayer, an expatriation tax...
Beware of “Taxes Owed” Scams
The Internal Revenue Service (IRS) continues to see an increase in collection scams in which scammers contact taxpayers and demand immediate payment for “taxes owed.” Here are some tips to help you determine if the person contacting you is truly an IRS employee: In...
Sharing Tax Issues in the Sharing Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the "sharing economy" (also known as the Gig or on-demand economy). Participation...
Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs)—especially if the children are in grade school or younger....
Expatriation – It’s Not So Easy to Leave the United States
An expatriate is generally defined as someone who has withdrawn from residence in, or allegiance to, one’s native country. But the tax code defines an expatriate a bit more specifically as any U.S. citizen who relinquishes his or her citizenship, or any long-term U.S....
Donating a vehicle might not provide the tax deduction you expect
All charitable donations are not created equal—some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for...
Updates to the New York Nonprofit Revitalization Act
The New York Nonprofit Revitalization Act was amended in 2016 to clarify and simplify some of the provisions that apply to New York State nonprofit organizations. The revisions, which reduce some of the burden for nonprofits, include modifications to key definitions...