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.

The House on April 18 approved the two largest bills of a bipartisan IRS reform package. On April 17, the House approved seven other bills, by voice vote, which are also part of the larger bipartisan package. Its aim is to restructure the IRS for the first time in 20 years. The entire package of bills was approved by the Ways and Means Committee several weeks ago.

The IRS provided an additional day for taxpayers to file and pay their taxes, following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 had until midnight on Wednesday, April 18, to file returns and pay taxes. Taxpayers did not need to take extra actions to receive the extra time.

The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., spoke earlier in the week again about a "phase two" of tax reform

Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations.

The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. Speaking at a Tax Executives Institute event in Washington, D.C., Kautter discussed current IRS efforts toward implementing tax law changes under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including technical corrections to the partnership audit provisions of the Bipartisan Budget Act (BBA) of 2015 ( P.L. 114-74).

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.