How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely.  Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area b...

The TCJA 2017 legislation and how it affects US expats, how to qualify for the exclusions, State tax laws when moving overseas and how to let the IRS know! Whether you are moving abroad to study, travel, put up a business, or work, one of the many things you should not forget to do is to ...

IRS explains how the December 22, 2017 TCJA 2017 dropped the backup withholding tax rate from 28% to 24%, backup withholding occurs when the payer does not have the taxpayers correct ITIN or SSN, or fail to certify that they are not subject to backup withholding. The IRS urges taxpayers w...

The Tax Cuts and Jobs Act (TCJA), also called the 2018 tax reform, is the most drastic change to the Internal Revenue Code in over 30 years. When it comes to expats, most of the key changes brought on by TCJA have little or no effect given that the chief expat benefits like the foreign e...

IRS explained the changes to the Child Tax Credit that will now apply to many more US filers as a result of the TCJA 2017 legislation as it pertains to individuals filers. Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted l...

An excellent synopsis of the major TCJA 2017 legislation affecting Individuals for the upcoming 2018 (performed in 2019) tax season, as well as some expired adjustments that congress never extended. Terrific read. Return preparers must be ready for how the Tax Cuts and Jobs Act has modifi...

IRS announces that as a result of the major legislative changes as a result of the TCJA of 2017 it is modifying the safe harbor test for the estimated tax penalty calculated on Form 2210 for any taxpayer who paid at least 85 percent (versus the current rule of 90%) of their total tax liabi...

While the TCJA of 2017 eliminated the Schedule A deduction for Foreign Real Estate taxes, Foreign Real Estate taxes form part of the Qualified Foreign Housing expenses that qualify for the Housing Exclusion if employed or Housing Deduction if self-employed?  But you first need to qualify ...

How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely.  Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area b...

One of the significant changes that the TCJA 2017 brought to bear on December 22, 2017 was that is changed on what property a Like Kind 1031 Exchanges qualify. The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges...

US Expats with non US corporations, hold your hats…..The TCJA of 2017 imposed not only a one time "deemed repatriation tax" or 'transition tax' of 15.5% on untaxed foreign earnings or business profits accumulated overseas from 1986- 12/31/17 held in cash or cash-equivalents and 8% for pr...

US Expats with non US corporations, hold your hats…..The TCJA of 2017 imposed a one time "deemed repatriation tax" or 'transition tax' of 15.5% on untaxed foreign earnings or business profits accumulated overseas from 1986- 12/31/17 held in cash or cash-equivalents and 8% for profits hel...

Just when you thought that the recent The Tax Cuts and Jobs Act of 2017 prevented claiming home equity line of credit (HELOC) interest, think again! The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Res...

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big ques...

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big ques...

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 will significantly alter the taxation of individuals starting for tax year 2018.  The following article represents an excellent summary of these new changes and how they will affe...

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 will significantly alter the taxation of individuals starting for tax year 2018.  We have outlined the differences between current law and the conference report.  This table comp...

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big ques...