Below is a preview of one of the articles in the new issue, “IC-DISC Tax Savings on Export Goods or Services” by Evelyn Fernandez, CPA, MST: Interest‐Charge Domestic International Sales Corporation (IC‐DISC) is quite a mouthful, which may be a reason why most people don’t know about this tax incentive. Thousands of businesses are not … Read More
Foreign-owned domestic disregarded entities have not had filing requirements in the past unless an election was made to treat is as a corporation, known as “check the box”. Disregarded entities are most commonly single member LLC (SMLLC). Generally, income tax and reporting requirements would not be reported separately. Rather, they would have been reportable on … Read More
Nowadays, it is not uncommon for taxpayers to have bank accounts and investments held in different countries. While there is nothing wrong with this, it is important to make sure you are in compliance with US tax filings with respect to foreign accounts and investments in order to avoid getting hit with penalties. There are … Read More
If you’re looking ahead to the tax season in early 2018, it’s not too late to maximize your tax deductions. There are some excellent strategies that you can implement today that will pay dividends come tax return time. Plan ahead for these deadlines, and ensure that you get every deduction that you can. Donate to … Read More
Interest-Charge Domestic International Sales Corporation (IC-DISC) is quite a mouthful, which may be a reason why most people don’t know about this tax incentive. Thousands of businesses are not taking advantage of this tax savings opportunity mainly because they aren’t aware of its benefits. In simple terminology, an IC-DISC is a separate legal entity from … Read More
Buildings and building improvements that are “qualified restaurant property” are eligible for favorable tax treatment that doesn’t apply to most other buildings or building improvements. On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). One of the provisions in the PATH Act was to make … Read More
