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A U.S. citizen who gives up U.S. citizenship or a long-term U.S. resident who gives up his or her residency status and who is a covered expatriate is subject to a mark-to-market rule. More »
CARES Act Business Provisions
March 2020
Major provisions of the Act affecting business taxpayers are discussed below. More details regarding the specifics of each provision are emerging daily.
COVID-19 "Corona Aid, Relief, and Economic Security Act (CARES Act)"
COVID-19 Federal Return and Payment Extensions
The April 15th deadline for filing tax returns will now be postponed until July 15th.
Records Retention Guide for ClientsJuly 2019
Record retention is very important for every individual and business client. More »
Revised California Sales Tax Collection Requirement effective April 1, 2019
The California Legislature recently passed legislation requiring use tax collection by out of state retailers when sales exceed $500,000 in the preceding or current calendar year. More »
Disallowance of deduction related to qualified transportation fringe
Throughout 2014, the IRS has released new versions of the various W-8 series of forms to comply with the Foreign Account Tax Compliance Act ("FATCA") which generally went into effect on July 1, 2014. More »
Bureau of Economic Analysis ("BEA") Investment Surveys – Reporting Requirements
The Bureau of Economic Analysis (BEA) prepares official U.S. economic statistics to provide timely, accurate, and relevant economic information that helps gauge the performance of the U.S. economy and the role of the United States in the global economy. More »
The “Opportunity” in Opportunity Zone
The Tax Cuts and Jobs Act created a new Opportunity Zone program that may provide tax benefits for taxpayers investing in “qualified opportunity funds.” The IRS recently issued proposed regulations and a draft Form 8996 that answer many, but not all, questions surrounding this potentially very significant tax benefit. More »
Partnership Audit Rules Update
Changes to the partnership audit regulations are effective for tax years beginning in 2018. This alert is intended as a reminder of required or recommended actions and related considerations. More »
New Section 83(i) Election Provides Income Deferral for Certain Stock Option and Restricted Stock Transactions
Companies will often use equity-based compensation such as stock options and restricted stock units to incentivize and motivate employees. More »
Changes to Meal and Entertainment Expenses under Tax Reform
The Tax Cuts and Jobs Act made some significant changes to the deductibility of meals and entertainment. More »
Unfortunately, many scams today involve people impersonating the IRS. More »
Introducing Sales Tax Outsourcing Services
With states becoming more aggressive in targeting out-of-state businesses for sales tax compliance and reporting, Rӧdl & Partner has responded to clients' requests for seamless processing of sales tax obligations to meet their business needs. More »
Partners are not Employees of a Partnership
Several articles have come out in the past year addressing the issue of whether a partner in a partnership may be treated as an employee of the partnership. More »
Many individual taxpayers have applied for and received status as a U.S. Permanent Resident, commonly referred to as a "Green Card Holder". More »
Foreign Account Tax Compliance Act Overview
After June 30, 2014, in addition to the withholding obligations under chapter 3, U.S. withholding agents must generally withhold 30% on U.S. source fixed or determinable annual or periodic income, such as dividends and interest, paid to a foreign financial institution or nonfinancial foreign entity unless the agent can reliably associate the payment with valid documentation that establishes that the payment is not subject to withholding. More »
Compliance with the Various W-8 Series of Forms - Requesting the Form
Must I obtain Form W-8? What if I have existing Forms W-8? Do I need to obtain the revised Form W-8? When does the form expire? More »
Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures
On June 18, 2014, the IRS announced a continuation of the 2012 Offshore Voluntary Disclosure Program ("2012 OVDP"), but modified many of the terms of the program. More »
Fixed Asset Tax Review Services
A Fixed Asset Tax Review analyzes capital expenditures during the current year to determine the appropriate tax treatment while seeking to maximize current year tax deductions and credits. More »
Tax Payment Options for Foreign Individuals and Businesses without an U.S. Bank Account
International taxpayers who do not have a U.S. bank account may follow the instructions below to transfer funds from their foreign bank account directly to the Internal Revenue Service for payment of their individual or business tax liabilities. More »
Research and Development Tax Credits: Qualifying Requirements
Federal and state credits are available to organizations that increase their research and development activities above a certain base amount. More »
In 2010, Congress enacted the Foreign Account Tax Compliance Act, known as FATCA. More »
Elisa Fay
CPA
Partner-in-Charge Rödl National Tax
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