With the midterm elections right around the corner, there is an uptick in the number of election workers on the books for local, state and federal-level elections. Many of these workers are volunteers, but some of them receive payment for their time.
State tax obligations may change in response to the passage of the Tax Cuts and Jobs Act (TCJA). State tax law generally responds to changes in the federal tax code in one of four ways: it will change state tax laws through rolling conformity, annual conformity, fixed conformity or selective conformity.
If you are a small business owner, the Tax Cuts and Jobs Act likely created some tax-related questions for you. You may be wondering, for example, how to determine your business income deductions under Section 199A.
Are you a business owner? Have you grown accustomed to expensing – and deducting – business meals, entertainment, recreation and similar costs? If so, then you should definitely read this post.
Recently the IRS issued final rules regarding the reporting and record-keeping requirements for deductible non-cash charitable contributions. There are different categories of mandatory documentation required for various amounts of contributions. Regardless of the value of the contribution, though, proof of its value is necessary, whether in the form of a hand-written note, a receipt or a qualified appraisal.
Foreign financial institutions (FFIs) without an adequate reporting strategy could risk noncompliance with IRS regulations regarding offshore accounts. Non-domestic accounts subject to the Foreign Account Tax Compliance Act (FATCA) must be reported by financial institutions as well as by the account holders themselves under the tax code. Not adequately informing the IRS – either directly or indirectly – about the presence of foreign assets held by U.S. taxpayers could lead to steep penalties, both for the account holder and the FFI itself. In particular, the FFI could face a punitive withholding tax that may far outweigh the cost of any single foreign account.