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.

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules.

The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration in excess of $1 million and any excess parachute payments made to certain highly compensated current and former employees in the tax year. The excise tax imposed by Code Sec. 4960 is equal to the maximum corporate tax rate on income (currently 21 percent).

The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code Sec. 162 if made for a business purpose. Proposed regulations that limit the charitable contribution deduction do not affect the deduction as a business expense.

The Treasury and IRS have issued final regulations for determining the inclusion under Code Sec. 965 of a U.S. shareholder of a foreign corporation with post-1986 accumulated deferred foreign income. Code Sec. 965 imposes a "transition tax" on the inclusion. The final regulations retain the basic approach and structure of the proposed regulations, with certain changes.

The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, 2019.

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.