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 IRS has released long-awaited guidance on new Code Sec. 199A, commonly known as the "pass-through deduction" or the "qualified business income deduction." Taxpayers can rely on the proposed regulations and a proposed revenue procedure until they are issued as final.

The IRS’s proposed pass-through deduction regulations are generating mixed reactions on Capitol Hill. The 184-page proposed regulations, REG-107892-18, aim to clarify certain complexities of the new, yet temporary, Code Sec. 199A deduction of up to 20 percent of income for pass-through entities. The new deduction was enacted through 2025 under the Tax Cuts and Jobs Act (TCJA), ( P.L. 115-97). The pass-through deduction has remained one of the most controversial provisions of last year’s tax reform.

The House’s top tax writer has unveiled Republicans’ "Tax Reform 2.0" framework. The framework outlines three key focus areas:.

The IRS faces numerous challenges, most of which are attributable to funding cuts, the National Taxpayer Advocate Nina Olson told a Senate panel on July 26. "The IRS needs adequate funding to do its job effectively," Olson told lawmakers.

Senate Finance Committee (SFC) Republicans are clarifying congressional intent of certain tax reform provisions. In an August 16 letter, GOP Senate tax writers called on Treasury and the IRS to issue tax reform guidance consistent with the clarifications.

Taxpayers and practitioners need clarity on certain S corporation issues by next tax filing season, the American Institute of CPAs (AICPA) has said. In an August 13 letter sent to Treasury and the IRS, the AICPA requested immediate guidance on certain S corporation provisions under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97).

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.