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.
Business owners: When it comes to IRS audits, be prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process....
Sciarabba Walker Participates in Food Bank of the Southern Tier’s Backpack Repack Program
On Wednesday, staff from Sciarabba Walker helped the Food Bank of the Southern Tier pack bags of food for local students at risk of hunger as part of the organization's Backpack Repack program. The program provides food-insecure children with a bag of nutritious,...
Real Estate Investor vs. Professional: Why It Matters
Income and losses from investment real estate or rental property are passive by definition—unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are...
Tax Withholding When Business Activities Involve International Entities and Individuals: The Swiss Employee
We recently discussed two situations where US tax withholding was required for transactions between a US business and foreign persons. The first was a situation where investors in an LLC were nonresident aliens. The second dealt with interest being paid to a foreign...
Operating across state lines presents tax risks—or possibly rewards
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible...
Tax Withholding When Business Activities Involve International Entities and Individuals: The Intercompany Loan
In a previous blog we discussed a situation where tax was required to be withheld on profits allocated to LLC investor-members who were nonresident aliens. Today we will look at a situation where a company borrowed money from a foreign parent corporation. Although...
Financial Survival Tips for Recent College Graduates
Graduation can be one of the most exciting — and intimidating — times in your life. You're officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the...
Turning next year’s tax refund into cash in your pocket now
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year,...
Tax Withholding When Business Activities Involve International Entities and Individuals: The Foreign Investors
Last week, we mentioned that US tax withholding may be required when a business deals with a foreign entity or individual. Here is an example of a situation that can arise if a business owner is not aware of the additional compliance requirements when there are...
Tax Withholding When Business Activities Involve International Entities and Individuals
Business owners are faced with an enormous amount of rules and regulations. We may understand and even appreciate the reasons behind the laws, but that does not reduce the burden or lessen our stress. Recently there has been much discussion about offshore tax...