Tax Alerts
Tax Briefing(s)

Business & Tax Advisory Group LLC (“BATA”) is excited to announce an additional way to interact with our firm. 

Cathy has been 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 will specifically address potential Tax Amnesties for non-compliant US persons living in Trinidad and Tobago.

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.

A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13.

A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizing administrative burdens, according to the lawmakers.

House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup.

The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member Ron Wyden, D-Ore., regarding the House-approved bipartisan Taxpayer First Act (HR 5444).

The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term "money remuneration" in the Act unambiguously excludes "stock."

A member of the Miccosukee Tribe of Indians of Florida had to pay federal income tax on distributions of gaming income that she and her family received from the tribe. The payments were taxable income under the Indian Gaming Revenue Act, rather than Indian general welfare benefits that were excluded from tax under Code Sec. 139E. Both the taxpayer and the tribe were bound by the decision.

An individual shareholder of an S corporation restaurant operator was not allowed to claim FICA tip credits under Code Sec. 45B that the S corporation did not claim. The shareholder could not unilaterally and retroactively nullify the S corporation’s election to deduct FICA tip taxes.

The Treasury Department and the IRS have issued final regulations that:

  • prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities;
  • allow consolidated group members that are partners in the same partnership to aggregate their bases in stock distributed by the partnership for purposes of limiting the application of rules that might otherwise cause basis reduction or gain recognition; and
  • require certain corporations that engage in gain elimination transactions to reduce the basis of corporate assets or to recognize gain.

Participants in the Son of BOSS tax shelter have maintained their perfect losing record in the Tax Court. Thus, another Son-of-Boss deal has failed to produce its promised loss deductions.

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.