Roanoke Taxes in Business Workshop Resource Presentation, August 4, 2010Sandy Ratliff
The City of Roanoke will co-sponsor the event "Taxes in Business Workshop: Learn the What, When and Why." The workshop was targeted to business owners to help participants understand local and state tax responsibilities. Presenters outlined various business tax requirements and their purpose, the impact of delinquent taxes on a business, and basic business principals to help manage a business more efficiently. Participants also had a chance to meet one-on-one with tax and business advisers. Sandy Ratliff with the Virginia Department of Business Assistance outlined the resources available to small business owners within Virginia.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
Roanoke Taxes in Business Workshop Resource Presentation, August 4, 2010Sandy Ratliff
The City of Roanoke will co-sponsor the event "Taxes in Business Workshop: Learn the What, When and Why." The workshop was targeted to business owners to help participants understand local and state tax responsibilities. Presenters outlined various business tax requirements and their purpose, the impact of delinquent taxes on a business, and basic business principals to help manage a business more efficiently. Participants also had a chance to meet one-on-one with tax and business advisers. Sandy Ratliff with the Virginia Department of Business Assistance outlined the resources available to small business owners within Virginia.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
This document discusses taxation issues relevant to real estate professionals. It covers topics like the sale of a principal residence, federal tax liens on real estate, cancellation of debt, employing family members, home offices, automobiles, and accounting systems. It also provides advice on dealing with unfiled tax returns, audits, and paying back taxes owed. The overall message is that taxes can significantly impact profits for real estate agents and addressing tax issues promptly is key to avoiding penalties and problems with the IRS.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
Bay Area Technology School Financial Mismanagement Gulen SchoolGulen Cemaat
Past principal resigned and takes $450,000 with him back to Australia, accusations fly back and forth regarding the board being Gulnists and the board says the prinicipal was a Gulenists
In this attached letter from Oakland Unified School District to the Board Chair of Bay Rea Technology School, it outlines the financial mismanagement investigation.
Using the school credit card over $30,000 of Apple Electronic products were charged and expensive restaurants / hotels.
The ongoing investigation keeps revealing more and more
Join the East Bay Express Newspaper on their investigation
and transparency of Gulen Movement operated Bay Area Technology School
More info here:
https://www.eastbayexpress.com/oakland/baytech-charter-school-under-investigation-for-financial-mismanagement/Content?oid=18890699
https://www.eastbayexpress.com/SevenDays/archives/2018/08/10/oaklands-baytech-charter-school-violated-multiple-state-laws
https://www.eastbayexpress.com/oakland/oakland-unified-moves-to-save-gulen-movement-charter-school/Content?oid=19153824
https://www.eastbayexpress.com/SevenDays/archives/2018/08/17/more-allegations-of-embezzlement-at-oaklands-baytech-charter-school
https://www.eastbayexpress.com/oakland/former-principal-alleges-oaklands-baytech-school-was-source-of-funding-for-gulen-movement/Content?oid=19390167
http://www.charterschoolscandals.blogspot.com
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
Several states have enacted pass-through entity taxes in response to the $10,000 SALT deduction cap under the Tax Cuts and Jobs Act. New York, New Jersey, Maryland, Rhode Island, Connecticut, and California allow pass-through entities like partnerships and S corporations to elect to pay a tax on state-source income, with owners then receiving a credit. Key considerations for these taxes include tax rates, estimated payment requirements, utilization of credits, and impacts on tiered structures.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
US tax court 15 West 17th - re charitable receipt cws and easement valuesPatrick Rowland
This document summarizes a tax court case regarding a charitable contribution deduction claimed by 15 West 17th Street LLC for donating a conservation easement to the Trust for Architectural Easements. The IRS disallowed the deduction in full because the LLC failed to provide a contemporaneous written acknowledgment from the donee organization as required by law. The LLC argued the donee organization filing an amended tax return providing the required information eliminated the need for the acknowledgment. The tax court ruled that the statutory provision allowing this alternative requires regulations that have not been issued, so the general rule requiring the acknowledgment applies.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This document summarizes various small business tax strategies and planning tips presented by Laura Gannon, CPA of Sullivan and Gannon, LLC. It discusses opportunities for increased deductions and credits including Section 179 expensing, bonus depreciation, retirement plans, and startup costs. It also reviews reporting requirements and penalties as well as planning considerations for 2012 such as the additional Medicare taxes. Business owners are advised to have a succession plan and avoid draining their company of capital or ignoring their financials.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
This document provides training information for volunteers preparing tax returns. It discusses the clients served, which include individuals with household income under $25,000 and families under $50,000. It also outlines how to start a new return in the TaxWise software, how to enter information on the main information sheet, how to determine filing status and exemptions, and tests for dependency exemptions.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
This document provides a summary of the 2019 tax plan and updates from a presentation given by BJ Hoffman and Michael Kline. It discusses changes to individual and business taxes from the Tax Cuts and Jobs Act. For individuals, key changes include increased standard deductions, limits on certain deductions, and changes to tax brackets. For businesses, changes include lower corporate tax rates, bonus depreciation, Section 199A deductions, and interest expense limitations. The document concludes with a question and answer section.
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Citrin Cooperman
This document summarizes key information about the Paycheck Protection Program (PPP) loan forgiveness process.
It outlines the different forgiveness applications (3508S, 3508EZ, 3508), what they are used for, and the timeline for applying for forgiveness. It walks through the components of the 3508 application including documenting payroll costs, reductions to loan forgiveness amounts, and eligible non-payroll expenses. It also discusses recent developments like additional disclosure requirements and safe harbors that exempt borrowers from reductions.
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The document summarizes key provisions of the new tax law relating to international taxation, including the adoption of a modified territorial system with a 100% dividends received deduction for US corporations on dividends from specified foreign corporations in which they have at least a 10% interest. It also discusses the one-time mandatory toll tax imposed on accumulated post-1986 deferred foreign earnings and profits of US shareholders of deferred foreign income corporations. Details are provided on how the toll tax is calculated and applies to individuals and pass-through entities in addition to corporations.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
Partnership Sale of Asset & Buy-out vs Redemption of Partner InterstWilliam Bryant
This is a Financial Model that illustrates the Tax Effect (current law) on the Sale of Depreciated Property owned by a Partnership. As well as to compare and contrast the Tax Effect of a departing partner if their partner interest was Buy-out vs Redemption of that Partner Interest.
The document summarizes key regulatory developments from the SEC, FINRA, CFTC and NFA in response to the COVID-19 pandemic. Temporary relief has been provided around filing deadlines, independent testing requirements, and treatment of PPP loans for capital purposes. FAQs have been posted to provide guidance in areas like prompt check transmittal, annual reporting, and custody rules. Firms should document any reliance on temporary relief.
This document discusses taxation issues relevant to real estate professionals. It covers topics like the sale of a principal residence, federal tax liens on real estate, cancellation of debt, employing family members, home offices, automobiles, and accounting systems. It also provides advice on dealing with unfiled tax returns, audits, and paying back taxes owed. The overall message is that taxes can significantly impact profits for real estate agents and addressing tax issues promptly is key to avoiding penalties and problems with the IRS.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
Bay Area Technology School Financial Mismanagement Gulen SchoolGulen Cemaat
Past principal resigned and takes $450,000 with him back to Australia, accusations fly back and forth regarding the board being Gulnists and the board says the prinicipal was a Gulenists
In this attached letter from Oakland Unified School District to the Board Chair of Bay Rea Technology School, it outlines the financial mismanagement investigation.
Using the school credit card over $30,000 of Apple Electronic products were charged and expensive restaurants / hotels.
The ongoing investigation keeps revealing more and more
Join the East Bay Express Newspaper on their investigation
and transparency of Gulen Movement operated Bay Area Technology School
More info here:
https://www.eastbayexpress.com/oakland/baytech-charter-school-under-investigation-for-financial-mismanagement/Content?oid=18890699
https://www.eastbayexpress.com/SevenDays/archives/2018/08/10/oaklands-baytech-charter-school-violated-multiple-state-laws
https://www.eastbayexpress.com/oakland/oakland-unified-moves-to-save-gulen-movement-charter-school/Content?oid=19153824
https://www.eastbayexpress.com/SevenDays/archives/2018/08/17/more-allegations-of-embezzlement-at-oaklands-baytech-charter-school
https://www.eastbayexpress.com/oakland/former-principal-alleges-oaklands-baytech-school-was-source-of-funding-for-gulen-movement/Content?oid=19390167
http://www.charterschoolscandals.blogspot.com
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
Several states have enacted pass-through entity taxes in response to the $10,000 SALT deduction cap under the Tax Cuts and Jobs Act. New York, New Jersey, Maryland, Rhode Island, Connecticut, and California allow pass-through entities like partnerships and S corporations to elect to pay a tax on state-source income, with owners then receiving a credit. Key considerations for these taxes include tax rates, estimated payment requirements, utilization of credits, and impacts on tiered structures.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
US tax court 15 West 17th - re charitable receipt cws and easement valuesPatrick Rowland
This document summarizes a tax court case regarding a charitable contribution deduction claimed by 15 West 17th Street LLC for donating a conservation easement to the Trust for Architectural Easements. The IRS disallowed the deduction in full because the LLC failed to provide a contemporaneous written acknowledgment from the donee organization as required by law. The LLC argued the donee organization filing an amended tax return providing the required information eliminated the need for the acknowledgment. The tax court ruled that the statutory provision allowing this alternative requires regulations that have not been issued, so the general rule requiring the acknowledgment applies.
2014 Annual Accounting Update for Not-for-ProfitsWelch LLP
On Oct. 22nd, 2014, Welch LLP's experts hosted its annual Not-For-Profit seminar where they reviewed past, present & upcoming financial issues facing NPO’s.
To listen to the recording, please visit: http://www.welchllp.com/resource-centre/videos/events/
Areas of Discussion:
• A refresher of last year's key topics
• Anti-spam legislation
• Tax Essentials: Key income tax & HST updates
• Federal incorporation act update
• Accounting update on new principles
• Governance best practices
• Tips to prevent fraud in NPO's
Speakers:
• Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
• Mona Tessier, CPA, CA, CA.IT - Senior Manager, Indirect Tax Partner
• Shawn Kelso, CPA,CA - Director of Professional Standards
• Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector
• Andre Auger, CGA, CFE - Government Services Provider
• Adam Aptowitzer - Lawyer, Drache Aptowitzer LLP
• Alexandra Tzannidakis, B.A., LL.B. - Lawyer, Drache Aptowitzer LLP
This document summarizes various small business tax strategies and planning tips presented by Laura Gannon, CPA of Sullivan and Gannon, LLC. It discusses opportunities for increased deductions and credits including Section 179 expensing, bonus depreciation, retirement plans, and startup costs. It also reviews reporting requirements and penalties as well as planning considerations for 2012 such as the additional Medicare taxes. Business owners are advised to have a succession plan and avoid draining their company of capital or ignoring their financials.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
This document provides training information for volunteers preparing tax returns. It discusses the clients served, which include individuals with household income under $25,000 and families under $50,000. It also outlines how to start a new return in the TaxWise software, how to enter information on the main information sheet, how to determine filing status and exemptions, and tests for dependency exemptions.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
This document provides a summary of the 2019 tax plan and updates from a presentation given by BJ Hoffman and Michael Kline. It discusses changes to individual and business taxes from the Tax Cuts and Jobs Act. For individuals, key changes include increased standard deductions, limits on certain deductions, and changes to tax brackets. For businesses, changes include lower corporate tax rates, bonus depreciation, Section 199A deductions, and interest expense limitations. The document concludes with a question and answer section.
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Citrin Cooperman
This document summarizes key information about the Paycheck Protection Program (PPP) loan forgiveness process.
It outlines the different forgiveness applications (3508S, 3508EZ, 3508), what they are used for, and the timeline for applying for forgiveness. It walks through the components of the 3508 application including documenting payroll costs, reductions to loan forgiveness amounts, and eligible non-payroll expenses. It also discusses recent developments like additional disclosure requirements and safe harbors that exempt borrowers from reductions.
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The document summarizes key provisions of the new tax law relating to international taxation, including the adoption of a modified territorial system with a 100% dividends received deduction for US corporations on dividends from specified foreign corporations in which they have at least a 10% interest. It also discusses the one-time mandatory toll tax imposed on accumulated post-1986 deferred foreign earnings and profits of US shareholders of deferred foreign income corporations. Details are provided on how the toll tax is calculated and applies to individuals and pass-through entities in addition to corporations.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
Partnership Sale of Asset & Buy-out vs Redemption of Partner InterstWilliam Bryant
This is a Financial Model that illustrates the Tax Effect (current law) on the Sale of Depreciated Property owned by a Partnership. As well as to compare and contrast the Tax Effect of a departing partner if their partner interest was Buy-out vs Redemption of that Partner Interest.
The document summarizes key regulatory developments from the SEC, FINRA, CFTC and NFA in response to the COVID-19 pandemic. Temporary relief has been provided around filing deadlines, independent testing requirements, and treatment of PPP loans for capital purposes. FAQs have been posted to provide guidance in areas like prompt check transmittal, annual reporting, and custody rules. Firms should document any reliance on temporary relief.
This document provides sheet music for an arrangement of two classical guitar pieces, Lagrima and Adelita by Francisco Tarrega. The arrangement, titled "Lagralita", takes a whimsical approach to combining the two pieces. It provides the sheet music along with performance notes suggesting how to play certain harmonics and emphasizing that the tempo and dynamic markings are suggestions that can be adapted.
El documento describe el diseño curricular por competencias, el cual articula conocimientos generales, profesionales y experiencias laborales para promover un aprendizaje integral y permanente mediante métodos flexibles y trabajo en equipo. Se basa en el perfil del egresado y su relación con el ejercicio profesional, adoptando una estructura modular enfocada en competencias. Requiere fases de diseño, desarrollo y gestión curricular.
Este documento describe los diferentes tipos de antibióticos, sus mecanismos de acción, y la resistencia bacteriana. Explica que los antibióticos actúan contra bacterias sensibles inhibiendo su crecimiento o eliminándolas, y clasifica los antibióticos según su espectro de acción. También describe los mecanismos de resistencia bacteriana como los cambios genéticos y la transferencia de genes entre bacterias.
A Região Floral do Cabo na África do Sul, patrimônio mundial da UNESCO, está ameaçada pela mudança climática segundo ambientalistas, abrangendo oito zonas protegidas de 5,530 quilômetros quadrados de rica biodiversidade, que pode afetar formigas essenciais para a germinação de sementes.
Este documento presenta los resultados de dos períodos de investigación de mercado realizados por 13 personas. Muestra el nombre completo de cada persona, el orden en que participaron, y la cantidad de aciertos obtenidos en cada período.
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
Surviving a Refundable Credit Due Diligence Auditgppcpa
As a tax preparer, you must be aware of the stiff penalties for failing to meet IRS due diligence requirements. Understand that both you and your clients are at risk of being assessed penalties by the IRS
This newsletter provides updates on legal industry happenings and a pilot program in Philadelphia Municipal Court. It urges opposing a proposal to assess Pennsylvania sales tax on legal services, which would burden clients and create uncertainties. Recent changes to PA IOLTA regulations require lawyers to maintain detailed records of client funds held in trust, including individual ledgers and monthly reconciliations. Compliance with accounting and record-keeping rules is important.
This document discusses key information reporting requirements and changes for 2016, including:
- Form 1098 reporting now requires property address, outstanding mortgage principal, and origination date.
- Form 1099-MISC due date for non-employee compensation in Box 7 changed to January 31, 2017.
- Mergers and acquisitions information reporting must be addressed in agreements, and successor entities may combine predecessor reporting in some cases.
- Substantial penalties apply for failure to file correct and timely information returns. Reasonable cause can sometimes waive penalties.
Audited Through the Courts: The Troubling Trend in Flase Claims Act, Class Ac...Levenfeld Pearlstein, LLC
Powerpoint from the 16th Annual Illinois State and Local Tax Conference held Sept. 17, 2015. The presentation, given by Levenfeld Pearlstein, LLC Partner David Blum and Adam Beckerink of Reed Smith LLP, was titled "Audited Through the Courts: The Troubling Trend in False Claims Act, Class Action , and Municipal Litigation"
Discover more information about the California Competes Credit application a tax credit incentives program recently created by the state of California. Companies looking to apply need to do so before April 14, 2014 - O'Connor Davies CPAs - New York CPA Firm
Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the taxpayer is powerless to refute the agent’s rationale.
This workshop helps attendees understand the income taxation of trusts and estates, identify sources of taxable income, calculate distributable net income, and apply the Alternative Minimum Tax.
Presenter: David Spence, Jennifer Han, Allison Kroeker, and Li (Fiona) Xu of Royse Law Firm.
This workshop helps attendees understand the income taxation of trusts and estates, identify sources of taxable income, calculate distributable net income, and apply the Alternative Minimum Tax.
Presenter: David Spence, Jennifer Han, Allison Kroeker, and Li (Fiona) Xu of Royse Law Firm
An overview of the entire state administrative process. Learn about when you can settle during the process, some great publications to read up on, how the audit wraps up, settlement, and what to do if you don't like the audit result.
For more information, please visit us at www.givnerkaye.com
Tax Brief No. 1: DUE DELIGENCE REQUIRED BY PAID TAX RETURN PREPARERS
PAID TAX RETURN PREPARERS MUST OBTAIN PROOF THAT TAXPAYERS ARE ELIGIBLE TO:
1. CLAIM THE CHILD TAX CREDIT & ADDITIONAL CHILD TAX CREDT,
2. CLAIM THE AMERICAN OPPORTUNITY TAX CREDIT,
3. CLAIM THE EARNED INCOME CREDIT, AND
4. FILE AS HEAD OF HOUSEHOLD
Tax Brief Topic No. 2: NEW DEDUCTION FOR QUALIFIED BUSINESS INCOME
Tax Brief Topic No 3: ELIMINATION OF ENTERTAINMENT DEDUCTION
Tax Brief Topic No. 4: SHOULD BUSINESS OWNERS BUY BIG BUSINESS VEHICLES?
Tax Brief Topic No. 5: THE PERSONAL EXEMPTION IS GONE IN 2019
Tax Brief Topic No. 6: LARGE GIFTS RECEIVED FROM CERTAIN FORIGNERS MUST BE REPORTED TO THE IRS
2015 Accounting Updates for Not-for-ProfitsWelch LLP
The document summarizes key information from a presentation on accounting and tax updates for not-for-profits held on October 21, 2015. It includes summaries of updates on charity tax rules, non-profit organization tax rules, employer health tax exemptions, employment insurance rebates, and restrictions on business activities for not-for-profits and charities. Presenters provided case studies and discussed issues such as leveraging intellectual property as a new income stream, liability considerations for certification programs, and determining related versus unrelated business for charities.
For more course tutorials visit
www.acc291.com
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase
Chicago Daily Law Bulletin - What assets can a creditor attach_Paul Porvaznik
This document summarizes a court case regarding what assets a creditor can attach after obtaining a money judgment against a debtor. It discusses how the debtor transferred his personal assets, including a house, cars, and bank accounts, into a family trust before a money judgment was entered against him. The appellate court ruled that the creditor could not force the sale of the house since it was held in a tenancy by the entirety. However, the transfer of the bank accounts to the trust was deemed fraudulent under the Uniform Fraudulent Transfer Act since the claims arose before the transfer and the debtor was insolvent. The document outlines the key lessons from this case regarding what assets are protected from creditors after a judgment.
The document summarizes recent state and local tax developments in several southeastern states. It discusses legislation and court cases related to topics like corporate income tax rates, sales tax base expansion, tax incentives, fuel taxes, and the taxation of online travel companies. Key states covered include Alabama, Florida, Georgia, North Carolina.
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
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OnPoint Publications Tax Week in Review 11 11 2016
1. FOR THE WEEK ENDING NOVEMBER 11, 2016
ONPOINT PUBLICATIONS, LLC
Tax Week in Review
2. Opinions, Decisions & Rulings Released this Week
WHISTLEBLOWER 26876-15W v. COMMISSIONER, 147 T.C. No. 12
Issue: Does a determination letter from the Whistleblower Office need a
Director’s signature to be valid?
• Individual W reported information to the IRS regarding Taxpayer A’s tax
returns.
• Upon examination of A’s returns, the case was closed with no changes to
A’s tax liability.
• Director of the Whistleblower Office denied W’s claim, as no additional tax
was collected. A member of the Director’s staff signed the letter and
mailed the letter to an address that was not W’s current location.
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3. Opinions, Decisions & Rulings Released this Week
WHISTLEBLOWER 26876-15W v. COMMISSIONER (continued)
• W contacted the Director’s office and was told the case was closed. A
copy of the original determination letter was provided to W.
• W filed a petition with the Tax Court and a subsequent motion for
dismissal of the case for lack of jurisdiction, arguing the final
determination letter was invalid for lack of the Director’s signature.
• Decision: The court found that the Director had fulfilled his duties
properly and there is no requirement that the Director personally sign
letters of determination.
The full text can be read here: 147 T.C. No. 12
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4. Opinions, Decisions & Rulings Released this Week
The Whistleblower Program Overview
• The IRS Whistleblower’s Office pays monetary awards to individuals who
provide information regarding taxpayers who have failed to pay taxes
owed.
• Generally, awards fall under 2 programs:
o Examinations yielding more than $2 million, in which taxpayers will have
in excess of $200,000 of AGI
o Examinations involving collections under $2 million or individuals with
less than $200,000 of income
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5. Opinions, Decisions & Rulings Released this Week
GREENBERG v. COMMISSIONER, 147 T.C. No.13
Issue: Should the representing attorney of an administrative proceeding be
allowed compensation for administrative costs?
• Attorney (P) represented his client before the IRS pursuant to a power of
attorney. The matter before the IRS was eventually settled.
• P was owed fees for his services and his client promised to forward any
administrative fees collected under Section 7430.
• P submitted a letter to the IRS requesting the reimbursement of
administrative costs under IRC 7430, on behalf of his client. Requests
were subsequently denied.
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6. Opinions, Decisions & Rulings Released this Week
GREENBERG v. COMMISSIONER (continued)
• P restated that his interest in the administrative costs was related to his
own rights for administrative costs, rather than his client’s.
• Decision: The Tax Court upheld the denial of compensation. The attorney
was not the “prevailing party” as defined by Section 7430(c)(4), as he was
not a party to the underlying proceeding.
The full text can be read here: 147 T.C. No. 13
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7. Opinions, Decisions & Rulings Released this Week
BOBO v. COMMISSIONER, T.C. Summary Opinion2016-74
Issue: Does a separate payment received as part of a “cash for keys” program
represent ordinary income or gross receipts related to the sale of property?
• Husband (H) and wife (W) lived in California, but worked for extended
periods in North Carolina. H & W purchased a second home in North
Carolina for $850,000.
• Financial problems prompted H & W to seek a mortgage modification.
They proceeded to enter into a deed in lieu of foreclosure transaction with
the mortgage company.
• The sale included a “cash for keys” program:
• The house should be in “broom-swept” condition
• Would receive an incentive cash payment of $20,500.
• Received Form 1099-MISC for $20,500 and a Form 1099-A for $716,426
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8. Opinions, Decisions & Rulings Released this Week
BOBO v.COMMISSIONER (continued)
• Taxpayers included the incentive payment as part of the gross sale receipts
for the sale of the home. The IRS reclassified the payment as ordinary
income and issued a notice of deficiency.
• Decision: The Court looks to the substance of the transaction when
determining how a deed in lieu of transaction or a similar exchange is
taxed. The evidence supported that the sale and the foreclosure were
part of a single event, the sale of the property.
The full text can be read here: T.C. Summary Opinion 2016-74
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9. Opinions, Decisions & Rulings Released this Week
BALLARD v. COMMISSIONER, T.C. Memo. 2016-205
Issue: Taxpayer who does not contest IRS findings, assessments or
stipulations, can be held in default by the Court. Accordingly, the Court may
enter a decision against the defaulting party.
• Taxpayer had filed 3 years of tax returns late. Upon notification of
examination, taxpayer filed amended returns for the same years, reporting
additional revenues.
• Taxpayer maintained that his was a cash business, but he did not keep
adequate records and expenses were unsubstantiated.
• IRS claimed that the taxpayer’s income was derived from illegal activities
(pirated DVD’s and CD’s).
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10. Opinions, Decisions & Rulings Released this Week
BALLARD v.COMMISSIONER (continued)
• Having petitioned the Court for a hearing, Taxpayer failed to appear.
Under the circumstances (understatement of income, unsubstantiated
expenses), the IRS assessed additional taxes and penalties, including fraud
penalties under Section 6663(a).
• Decision: Held – Taxpayer was liable for penalties for fraud under Section
6663(a). Per the Tax Court’s memo:
◦ “Petitioner cannot escape fraud penalties simply by failing to respond to
the Court’s orders or to show up to contest his case. The deemed
admissions presented by respondent and not contested by petitioner are
clear and convincing evidence of fraud with respect to each year in issue,
satisfying respondent’s burden of proof.”
The full text can be read here: T.C. Memo. 2016-205
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11. Opinions, Decisions & Rulings Released this Week
The Badges of Fraud:
The IRS has the burden of proving fraud by clear and convincing evidence. By
showing that the taxpayer intended to conceal, mislead, or otherwise prevent
the collection of taxes known or believed to be owing, the IRS can satisfy this
burden of proof. (Note – fraud is an intentional act to deceive)
Intent can be inferred from the actions of the taxpayer and circumstantial
evidence. The Court outlined the following actions as “badges of fraud:”
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12. Opinions, Decisions & Rulings Released this Week
The Badges of Fraud:
(1) understating income,
(2) maintaining inadequate records,
(3) failing to file tax returns,
(4) giving implausible or inconsistent explanations of behavior,
(5) concealing assets,
(6) failing to cooperate with tax authorities,
(7) engaging in illegal activities,
(8) attempting to conceal illegal activities,
(9) dealing in cash, and
(10) failing to make estimated tax payments.
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13. Opinions, Decisions & Rulings Released this Week
CCA 201645012 - Matching Contributions 409A Substantial Risk of
Forfeiture
Issue: Employer’s matching contributions under an employee’s salary deferral
agreement raises the PV of the amount deferred above the 25% threshold,
resulting in a substantial risk of forfeiture under Section 409A.
• In the facts presented, an employee agreed to defer $15,600 of salary,
that otherwise would have been paid in 2015.
• Under the agreement:
◦ The deferred payment would be made on January 1, 2018, if the
employee continued to provide substantial future services until
December 31, 2017.
◦ Employee’s salary would be reduced by $600 each biweekly pay period.
◦ Employer would match employee deferral by an additional 25% of each
salary reduction. Total deferral, with matching was $19,500.
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14. Opinions, Decisions & Rulings Released this Week
CCA 201645012 - Matching Contributions 409A Substantial Risk of
Forfeiture (continued)
Decision: Per the Chief Counsel’s Advisory: Salary deferral is considered to
be “subject to a substantial risk of forfeiture under Section 409A if the
employer provides a matching contribution resulting in a 25% increase in the
present value of the amount deferred.”
The full text can be read here: CCA 201645012
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15. Opinions, Decisions & Rulings Released this Week
PLR 201645017 – Business Activities of a §501(c)(3) Organization
Issue: Non-Profit organization, formed under §501(c)(3), is disqualified after
opening and operating a for profit coffee, regardless of claims that 100% of
profits were to be donated to other non-profit and community organizations.
• Non-profit corporation was created to operate a coffee shop for the
purpose of creating a place where believers could interact with non-
believers in a non-confrontational setting outside of church.
• Along with various coffee drinks, food and free wi-fi, the coffee shop was
to be a gathering place for bible study groups, church group meetings and
similar functions.
• Religious promotions were subtle and indirect, but included monthly
partnering with other ministries and non-profit organizations in fund
raising programs.
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16. Opinions, Decisions & Rulings Released this Week
PLR 201645017 – Business Activities of a §501(c)(3) Organization
• At the time of the PLR issuance, the following conditions existed:
◦ Most revenue was from the sale of food.
◦ The largest expense was salaries and wages.
◦ The shop also incurred cost of goods sold expenses, occupancy expenses
and other expenses common to for profit businesses.
◦ The shop was operating at a loss and continued to be funded by the
religious organization that formed the corporation. No profits were
available for donating to outside organizations at this time.
◦ The coffee shop did not conduct any regular religious or educational
activities under its own guidance or perform routine outreach programs
of its own.
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17. Opinions, Decisions & Rulings Released this Week
PLR 201645017 – Business Activities of a §501(c)(3) Organization
• Decision: The operation of the coffee shop was done in a commercial
manner and operation of the coffee shop was the main function of the
corporation. Religious and charitable activities were secondary to their
overall operation.
The full text can be read here: PLR 201645017
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18. In the News this Week
IR 2016-146 – IRS Provides Special Relief to Encourage Leave-Based
Donation Programs for Victims of Hurricane Matthew
Similar to programs for Hurricane Katrina and Hurricane Sandy, employees
may forego their vacation, sick pay or personal leave in exchange for cash
payments the employer makes, before January 1, 2018, to charitable
organizations providing relief for victims of this disaster. Donated leave will
not be included in income (nor a charitable contribution deduction be
allowed for employees) and employers will be permitted to deduct payments
as business expenses.
The full text can be read here: IR 2016-146 and Notice 2016-69
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19. In the News this Week
IR 2016-147 – Special Tax Breaks for U.S. Armed Forces
The IRS is reminding members of the military and their families about special
tax benefits available to them.
• Combat pay is partially or fully tax-free.
• Reservists whose duties take them more than 100 miles from home can
deduct unreimbursed travel expenses, even if they do not itemize.
• The Earned Income Tax Credit may be worth up to $6,269 for low and
moderate income service members.
The full text and additional benefits can be found here: IR 2016-147
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20. In the News this Week
T.D. 9793– Removal of the 36-Month Non-Payment Testing Period
Rule
Final regulations that remove the rule that a deemed discharge of
indebtedness for which a Form 1099-C, Cancellation of Debt, must be filed
occurs at the expiration of a 36-month non-payment testing period. Rules
apply to certain financial institutions and governmental entities. The IRS
understands that the discharge of indebtedness event may occur after the 36
month period. To have information returns filed before an actual discharge
event would cause the IRS to take compliance actions prior to an actual
discharge of indebtedness.
The full text and additional benefits can be found here: T.D. 9793
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