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Sell Online? How the Wayfair Sales Tax Ruling Affects You

  • 15 January 2019
  • Author: Alexander Carr
  • Number of views: 29
  • 0 Comments
Sell Online? How the Wayfair Sales Tax Ruling Affects You

Wayfair is an online home décor store transforming the way we shop for things like rugs, couches and dining tables on the internet. But, with a recent loss in the U.S. Supreme Court, the e-commerce site is also transforming what sales taxes even small and mid-sized retailers are required to collect online. 

The British Royals’ New IRS Troubles

  • 7 January 2019
  • Author: Alexander Carr
  • Number of views: 84
  • 0 Comments
The British Royals’ New IRS Troubles
The IRS might soon find out more than it’s ever known about the British Royal Family’s worth. Now that Prince Harry and Meghan Markle are married, the couple will need to file U.S. taxes.

Donor-Advised Funds for Charitable Giving

  • 20 December 2018
  • Author: Alexander Carr
  • Number of views: 144
  • 0 Comments
Donor-Advised Funds for Charitable Giving

The National Philanthropic Trust (NPT) reports a record-breaking rise in donor-advised funds for charitable giving. Charities received more than $19 billion from these funds last year, which have grown in popularity due to the new tax laws. 

You May Lose Your Charitable Deduction This Year

  • 11 December 2018
  • Author: Alexander Carr
  • Number of views: 129
  • 0 Comments
You May Lose Your Charitable Deduction This Year

The new Tax Cuts and Jobs Act of 2017 (TCJA) changes the way most taxpayers will be able to deduct donations. Whether giving results in more or fewer tax benefits depends on highly individualized factors. The bottom line, however, is that seemingly huge new tax breaks may not pan out for even generous givers if they don’t rethink their tax strategies. 

A New IRS Tool for Charitable Giving

  • 4 December 2018
  • Author: Alexander Carr
  • Number of views: 114
  • 0 Comments
A New IRS Tool for Charitable Giving

It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching.

Serving Meals with Entertainment? Don’t Forget This Tax Detail

  • 27 November 2018
  • Author: Alexander Carr
  • Number of views: 272
  • 0 Comments
Serving Meals with Entertainment? Don’t Forget This Tax Detail

The recently enacted Tax Cuts and Jobs Act (TCJA) included a significant change for those deducting meals and entertainment from their business taxes. As of 2018, there is no longer a deduction for activities considered entertainment, amusement, or recreation, unless the event is for team building or similar purposes and is attended on a non-discriminatory basis. Business meals, on the other hand, are 50% deductible. But what about events in which both meals and nondeductible entertainment are served? The IRS is finally offering some guidance.

Section 179 or Bonus Depreciation?

  • 13 November 2018
  • Author: Alexander Carr
  • Number of views: 204
  • 0 Comments
Section 179 or Bonus Depreciation?
Bonus depreciation rules now allow for 100% write-offs and are expanded to include big-ticket items like the purchase of used equipment. So is there any reason to expense these purchases as part of Section 179 deductions instead?

Small Businesses: Avoid Tax-Return Fraud This Year

  • 6 November 2018
  • Author: Alexander Carr
  • Number of views: 210
  • 0 Comments
Small Businesses: Avoid Tax-Return Fraud This Year

The IRS has seen an increase in corporate and small business tax-return fraud. From stolen employer identification numbers (EINs) to fake Schedule K-1s for S corporations, it’s important to be on the lookout for signs your business has been compromised.

Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

  • 26 October 2018
  • Author: Alexander Carr
  • Number of views: 241
  • 0 Comments
Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

Litigation financing has been booming in the U.S. for about a decade. As MarketWatch reports, third-party investors are pouring up to $100 billion into funding lawsuits as a way to seek returns that can far surpass equity and fixed-income investments. Plus, as Forbes Tax Contributor Robert W. Wood points out, “Litigation funders help to level the playing field, just as contingent fee arrangements for lawyers did a generation ago.”

Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

  • 26 October 2018
  • Author: Alexander Carr
  • Number of views: 199
  • 0 Comments
Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

Litigation financing has been booming in the U.S. for about a decade. As MarketWatch reports, third-party investors are pouring up to $100 billion into funding lawsuits as a way to seek returns that can far surpass equity and fixed-income investments. Plus, as Forbes Tax Contributor Robert W. Wood points out, “Litigation funders help to level the playing field, just as contingent fee arrangements for lawyers did a generation ago.”

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