Month: April 2019

Reporting Foreign Income for US Tax Payers

Reporting Foreign Income for U.S. Taxpayers

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR” as well as Form 8938, also referred to as “FATCA.”

Read more

Fringe Benefit Deductions Change and Affect Business

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are:

Read more

The Qualified Small Business Stock Exclusion

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.

Read more

Don’t Delay: Late Tax Filing and Late Payment Penalties

April 15 (April 17 if you live in Maine or Massachusetts) is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason), you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. The good news is that there is no penalty if you file a late tax return but are due a refund.

Read more