Tax Alerts
Tax Briefing(s)

In July 2018 we opened a new office at 1211 1st Ave N, Suite 201, St Petersburg, FL 33705.

Trisha Bonilla, a CPA (Texas license) and graduate from Georgetown University and FIU, joined Business & Tax Advisory Group as partner of the St Petersburg office on 1st July 2018.

Cathy was invited by the Global Forensic Institute to present "The Impact of FATCA: Dual CItizens & Green Card Holders" in Port of Spain, Trinidad on June 5th & 6th, 2017.  Cathy specifically addressed the potential Tax Amnesties for non-compliant US persons living in Trinidad and Tobago. The audience included government regulators, law enforcement leaders, politicians and business executives.

Tax Plus, Inc and Leinster Advisors LLC are proud to announce the merger of their professional services firms. The new firm, Business & Tax Advisory Group, LLC, will serve local, national and international clients through two offices in the Tampa Bay area.

If you a US citizen or permanent resident living overseas and you have not filed your individual tax returns and Reports of Foreign Bank and Financial Accounts (FBARs) you are not alone. While there are stiff penalties for non-filing, the IRS is offering special programs to encourage delinquent taxpayers to come back into compliance in a manner that avoids enforcement action and significant penalties.  These programs are only available if the taxpayer voluntarily comes forward i.e. if the IRS identify and contact a delinquent taxpayer, that taxpayer will no longer have an opportunity to participate.   The risk that non-filing taxpayers will be identified has substantially increased with the introduction of FATCA and the US authorities’ ability to enforce overseas banks and financial institutions to comply.

The House has approved two tax bills that are part of Republicans’ three-pronged "Tax Reform 2.0" package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.

The House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill "Tax Reform 2.0" package, two of which cleared the House on September 27 (see the previous story in this Issue).

Stakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.

Top Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.

The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.

The IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles "Chuck" P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.

Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and be signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress.

Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship.