Can You Save Taxes By Treating Your Home As A Rental?

Can You Save Taxes By Treating Your Home As A Rental?

The Tax Cuts and Jobs Act (TCJA) - the purpose of which was ostensibly to make taxes more simple - has inspired a great deal of creative tax planning. Some planning, like bundling charitable gifts, may result in significant tax savings, while other techniques are doomed to fail.

Obama’s Anti-Abuse Rules Slashed Tax-Motivated Inversions

Obama’s Anti-Abuse Rules Slashed Tax-Motivated Inversions

An inversion arises when a U.S. corporation either creates a foreign corporation to be its new parent or merges into a smaller existing foreign corporation.  After the inversion, the combined firm can lower its U.S. tax bill by shifting profits abroad, either through inter-corporate transactions or increased operations abroad. 

Cryptocurrency and S Corporations in List Of New IRS Compliance Campaigns

Cryptocurrency and S Corporations in List Of New IRS Compliance Campaigns

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, reorganizations, and transition tax.

If You Have Undisclosed Foreign Accounts, Here's How To Cut Huge Penalties

If You Have Undisclosed Foreign Accounts, Here's How To Cut Huge Penalties

Undisclosed foreign accounts or income can trigger big civil penalties, conceivably even criminal prosecution. Since 2009, many  foreign accounts and income came within the IRS's enormous offshore enforcement efforts. Nearly 10 years on, not everyone has entered the IRS Offshore Voluntary Disclosure Program (OVDP). The program is closing, but there is still time to get in under the wire.

Why Soybeans Are at the Heart of the U.S.-China Trade War

Why Soybeans Are at the Heart of the U.S.-China Trade War

While the Asian nation is targeting a slew of American farm goods in this round of taxes, soybeans are the top agricultural commodity the country imports from the U.S. by far. The oilseed, used to make cooking oil and animal feed, accounts for about 60 percent of the U.S.’s $20 billion of agricultural exports to China. If China retaliates with 25 percent tariffs, American shipments may drop by at least $4.5 billion, according to a study by the University of Tennessee. Brazil, already the world’s biggest soybean shipper, is set to be the biggest winner, filling the gap left by the U.S.

The winners and losers (mostly losers) in a U.S.–China trade war

The winners and losers (mostly losers) in a U.S.–China trade war

A trade war between the world's two biggest economies would have repercussions across the world. President Trump's tariffs are meant to be a blow to Beijing, but their secondary effects will hit the countries involved in the production chains of goods that come out of both the U.S. and China — and that list, depicted above, includes nearly every economy in the world.

IRS Offshore Account Amnesty Closing

IRS Offshore Account Amnesty Closing

Offshore accounts and income are still in the IRS crosshairs. […] For ten years, the IRS has run its Offshore Voluntary Disclosure Program (OVDP), a type of tax amnesty. But now, OVDP will formally close on September 28, 2018. 

Investors may no longer deduct investment expenses

Investors may no longer deduct investment expenses

Investors may no longer deduct investment expenses, including those passed through from an investment partnership. Restructuring these expenses into a management company might achieve business expense treatment providing it’s a genuine family office with substantial staff rendering financial services to extended family members and outside clients.

What Will Happen To Online Sales Taxes in the Wake of the Supreme Court’s Wayfair Decision?

What Will Happen To Online Sales Taxes in the Wake of the Supreme Court’s Wayfair Decision?

Now that the Supreme Court has made it easier for states to require online retailers to collect sales taxes, how will states and Congress respond? Some states may be able to set a collection regime by the end of this year.