Category Archives: Newsletter Topics

Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts

The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,048 Comments

EIC Earned Income Credit – easy to calculate?

We tell clients all the time that it is complicated and hopefully they can answer the questions correctly when they use boxed software or… ready for this… try to do it by hand!   The earned income credit is extremely … Continue reading

Posted in Ask Question or Comment, General, Income Tax, Newsletter Topics | 2,536 Comments

2013 Gifts

This is not about charitable donations to a 501(c)(3) organization. It is about just giving stuff away. How much can I give (gift) without any tax? $13,000 ( 2009 – present) is the amount of stuff that can be gifted … Continue reading

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,657 Comments

Homestead Exemption if I rent the home

You will not be able to retain the homestead exemption if the home is rented. The exemption is for your primary personal residence only.

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 12,057 Comments

Chartered Global Management Accountant status awarded (CGMA)

AICPA (Association of International Certified Professional Accountants) and the American Institute of Certified Public Accountants (also known as AICPA) have awarded the CGMA (Chartered Global Management Accountant) status by fulfilling all the established requirements of eligibility and demonstrating the necessary … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 6,878 Comments

Income Tax – the first law

July 1, 1862 First Income Tax bill President Abraham Lincoln signed the first income tax bill, levying a 3% income tax on annual incomes of $600-$10,000 and a 5% tax on incomes over $10,000. Also on this day, the Bureau … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Sub S Corporations | 4,275 Comments

Currency versus Money

What is the purpose of money? What are its characteristics?  To easily exchange goods or services.  Money (the dollar bill) itself is of no value.  It is the utility of the gold or silver it represents that is of value. … Continue reading

Posted in Ask Question or Comment, General, Newsletter Topics | 3,321 Comments

First Time Home Buyer Credit Summary

The Housing & Economic Recovery Act is designed to help sell the large quantity of homes on the market starting in 2008. This is a summary of the 3 versions First Version 2008:The original credit was for as much as $7,500 … Continue reading

Posted in General, Income Tax, Newsletter Topics | 3,160 Comments

How Often Does Tax Law Change….

There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. 

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 4,036 Comments

Ballgames – can you deduct?

Now that the NBA fiasco is settled, can you deduct the cost of tickets?  The answer is YES either as (1) business entertainment or (2) a business gift. • If you attend the game with the business client, the cost of the tickets … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Sub S Corporations | 409 Comments