TaxConnections

10/03/2024

It’s not a “one size fits all” approach. We make it a point of understanding our clients’ needs – not just in the current year but throughout the ownership period. Properties go through life cycles – whether it’s based on use, age or market conditions. Also, different groups within a client organization play distinct roles within the various phases of the life cycle. ...

10/03/2024

For U.S. expats, foreign dividends must be reported on your U.S. tax return, as the U.S. taxes worldwide income. This guide explains how to handle foreign dividend taxation, including potential credits like the Foreign Tax Credit (FTC) to avoid double taxation. Whether filing on your own or with a professional, understanding these rules helps ensure compliance and maximizes your tax benefits....

For U.S. expats, foreign dividends must be reported on your U.S. tax return, as the U.S. taxes worldwide income. This guide explains how to handle foreign dividend taxation, including potential credits like the Foreign Tax Credit (FTC) to avoid double taxation. Whether filing on your own or with a p...

10/02/2024

Please Do Your Part And Pass This Blog Post On To 10 California Taxpayers So They Are Educated On Exactly What They Are Voting For This November! Carl DeMaio and Reform California have released their “Plain English” voter guide to give you an easy-to-understand explanation of the ballot measures and to grade candidates. California’s Election is underway and ballots must be returned by November 5, 2024....

Please Do Your Part And Pass This Blog Post On To 10 California Taxpayers So They Are Educated On Exactly What They Are Voting For This November! Carl DeMaio and Reform California have released their “Plain English” voter guide to give you an easy-to-understand explanation of the ballot measures...

09/27/2024

TaxConnections is happy to introduce you to leading educators on closely-held businesses and partnerships. You have everything to gain (including happy clients) by learning from these highly experienced educators on-demand at the Tax Forum. Rarely do you have an opportunity to listen and learn from some of the most elite educators in the tax profession on closely held business and partnership taxation....

Using A Grantor Trust To Transfer Closely Held Business Interests (Free On Demand Webinar For JDs And CPAs)TaxConnections is happy to introduce you to leading educators on closely-held businesses and partnerships. You have everything to gain (including happy clients) by learning from these highly ex...

09/27/2024

Sales tax compliance isn’t what it used to be—thanks to the Wayfair ruling and a maze of state-specific tax laws, it’s now a bit like playing a game where the rules keep changing. For businesses of all sizes, this can feel overwhelming. That’s where a seasoned sales tax consultant can be a game-changer. Miles Consulting is ready to help you navigate the maze, as we’ve done for so many of our clients....

Sales tax compliance isn’t what it used to be—thanks to the Wayfair ruling and a maze of state-specific tax laws, it’s now a bit like playing a game where the rules keep changing. For businesses of all sizes, this can feel overwhelming. That’s where a seasoned sales tax consultant can be a g...

09/24/2024

Saving for retirement is a crucial aspect of financial planning, and in Canada, two primary vehicles facilitate this: Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs). However, when individuals move between Canada and the United States or hold dual citizenship, the taxation of these accounts can become complex. The Internal Revenue Service (IRS) plays a significant role in the taxation of RRSPs for U.S....

Saving for retirement is a crucial aspect of financial planning, and in Canada, two primary vehicles facilitate this: Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs). However, when individuals move between Canada and the United States or hold dual citizensh...

09/24/2024

Maine Revenue Services recently released General Information Bulletin No. 114 to provide guidance regarding significant changes to the state’s sales and use tax rules as they apply to leases and rentals. These updates, which will take effect on January 1, 2025, reshape how lessors are required to handle sales tax on leases of tangible personal property. For businesses and individuals involved in leasing and renting, understanding these new rules is essential to remain compliant with Maine’s tax regulations....

24 Sep 2024 Understanding Maine’s New Sales And Use Tax Rules For Leases and Rentals: A Guide For Lessors Written by Jeff Baldwin | Posted in TaxConnections Maine Revenue Services recently released General Information Bulletin No. 114 to provide guidance regarding significant changes to the state....

09/19/2024

Receiving a tax refund can feel like a windfall, a sudden infusion of cash that arrives with a sense of possibility. This unexpected financial boost allows you to make strategic decisions that significantly impact your financial future. The key is to allocate this money wisely, balancing immediate needs with long-term goals. Whether you’re looking to pay down debt, invest in your future, or splurge on something special, understanding the options available can help you make the most of your refund....

Effective ways to use your tax refund, from managing debt and investing to enhancing your lifestyle. Learn how to make the most of your IRS tax refund, whether you’ve just received it or are checking its status. Ideal for taxpayers looking to avoid owing money and maximize their refund in the next...

09/19/2024

I am excited to announce that our training partner, Tax Forum, the pre-eminent resource for flow-through tax planning training, has just made available a complimentary 30-minute presentation entitled: “Using a Grantor Trust to Transfer Closely Held Business Interests.” Watch the free program now This presentation was the first exhibit presented during their 2023 Tax Planning Forum® program – included within the section entitled "Top 10 Structuring Techniques and Foot Faults" – and uses a real-to-life example to provide tax-planning professionals with both strategic and practical insights into the reasons to use a grantor trust for income tax and estate tax purposes involving the transfer of an interest on a closely-held business for the benefit of family members....

I am excited to announce that our training partner, Tax Forum, the pre-eminent resource for flow-through tax planning training, has just made available a complimentary 30-minute presentation entitled: “Using a Grantor Trust to Transfer Closely Held Business Interests.” Watch the free program now...

09/12/2024

According to the House Ways And Means Chairman Jason Smith... Hidden inside President Biden’s Fiscal Year (FY) 2025 Budget is the revelation that he will increase taxes by a whopping $7 trillion, thanks to a range of tax increases and the expiration of Republicans’ 2017 tax reform. Ways and Means Chairman Jason Smith (MO-08) outlined a list of the biggest tax increases, saying:...

According to the House Ways And Means Chairman Jason Smith... Hidden inside President Biden’s Fiscal Year (FY) 2025 Budget is the revelation that he will increase taxes by a whopping $7 trillion, thanks to a range of tax increases and the expiration of Republicans’ 2017 tax reform. Ways and Mean...

09/12/2024

The New York Department of Taxation and Finance has recently issued guidance clarifying the rules around amending Sales and Use Tax returns. This guidance stems from previously enacted legislation and brings Sales and Use Tax returns under similar limitations as other tax filings. Understanding these updates is crucial for businesses required to collect tax under Tax Law Article 28 (Sales and Compensating Use Taxes), especially as they take effect for filing periods beginning on or after December 1, 2024....

The New York Department of Taxation and Finance has recently issued guidance clarifying the rules around amending Sales and Use Tax returns. This guidance stems from previously enacted legislation and brings Sales and Use Tax returns under similar limitations as other tax filings. Understanding thes...

09/12/2024

WARNING: California politicians have put misleading titles on the ballot measures in the upcoming November 2024 General Election! Frustrated voters are looking for a way to make sense of it all. That’s why Reform California has created a “Plain English” Voter Guide that exposes the hidden 450 tax hikes. Carl DeMaio and Reform California have released their “Plain English” voter guide to give you an easy-to-understand explanation of the ballot measures and to grade candidates....

WARNING: California politicians have put misleading titles on the ballot measures in the upcoming November 2024 General Election! Frustrated voters are looking for a way to make sense of it all. That’s why Reform California has created a “Plain English” Voter Guide that exposes the hidden 450 ...