Tax Warrior Chronicles

IRS Advises Certain Vets to Amend Returns to Claim Tax Refunds for Overpayments

Posted on Fri, Jul 13, 2018

1040x-amended-tax-return1This week, the IRS advised U.S. veterans who received disability severance payments after January 17, 1991 and included that payment as income to file an amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. If you are a veteran, or know someone who is, please share this important information.

 

Most veterans ... Read More

GUEST BLOG: TCJA Creates New Tax Deferral Election for Certain Stock Options and RSUs

Posted on Thu, Jul 12, 2018

DS_Marketing_023While the The Tax Cuts and Jobs Act of 2017 (TCJA) slashed the corporate tax rate to the delight of many public companies, it also included a slew of tax savings goodies for privately owned businesses. The new Qualified Business Income Deduction and expanded Bonus Depreciation are grabbing headlines, but a lesser-known tax savings nugget for private companies' employee equity plans snuck into the new law, too.

 

The newly created Section 83(i) allows employees ... Read More

Tax Law Includes Changes to Moving, Mileage, and Travel Expenses

Posted on Mon, Jul 02, 2018

TCJA-2017When President Trump and Congressional leadership ushered in the Tax Cuts and Job Act of 2017 (“TCJA”) last December, some provisions went over well, and some did not. So, it is with mileage, moving, and travel expenses. Read on to see which deductions increased, which ones did not, and which were suspended. If you are moving or use your vehicle for work, this is a must read!

 

Buried in the $1.5 trillion tax law is this group of expense deductions commonly used by every day Americans. Read More

International Taxation for Individuals – Part II: How Do I Avoid Double Taxation?

Posted on Fri, Jun 29, 2018

PATRICK MCCORMICK - OFFICIAL - 2018By: Patrick J. McCormick, JD, LLM

 

In Part I of this series we focused on tax obligations for American citizens and residents.   Both citizens and residents are taxable on their worldwide income, no matter where income is sourced.  Foreign-sourced income is typically taxable in the country it originates.  The imposition of tax by multiple jurisdictions can cause the ... Read More

The Wayfair Decision—Is Your Business Exposed?

Posted on Wed, Jun 27, 2018

US SUPREME COURT - ERICBy: Chris Barbuto, CPA, MT

 

The U.S. Supreme Court’s (the Court) decision last week in the case of South Dakota v. Wayfair, Inc. brings with it a monumental shift in the way states can assert authority to collect sales tax from sellers located outside of their state.  The Court’s finding in favor of South Dakota may be viewed as unfavorable to many, however it provides some clarity and certainty to sales tax rules that vary greatly state-to-state.

... Read More

International Taxation for Individuals – Part I: Who is Subject to Tax?

Posted on Tue, Jun 26, 2018

International-ServicesBy: Patrick J. McCormick, JD, LLM

 

International tax is a rapidly expanding field, with implications for an exponentially increasing number of individuals.  Today we’re providing an introduction to the basics in this area in part one of a four-part blog series on international taxation for individuals. Today’s focus is the differences between U.S. citizens and U.S. residents and how the IRS views their obligations.  Many (whether it be laypersons or ... Read More

Matrimonial Forensics Accountant Joins D&S

Posted on Mon, Jun 25, 2018

DONNA PIRONTI - OFFICIAL - 2018-1PHILADELPHIA – Drucker & Scaccetti, the region’s premier tax planning and consulting firm, is pleased to announce that Donna M. Pironti, CPA, MSA, CFF, has joined its team as a Principal focusing on forensic accounting, matrimonial litigation support, and tax consulting and compliance.

 

"I am very excited to be developing the forensic matrimonial litigation support practice at D&S,” says Pironti. “The talented and unique D&S team will ... Read More

The Cryptocurrency Conundrum Part III: What We Look To Moving Forward

Posted on Thu, Jun 21, 2018

PATRICK MCCORMICK - OFFICIAL - 2018By: Patrick J. McCormick, JD, LLM

 

Today, we wrap up our three-part series on cryptocurrency by detailing the related foreign asset information reporting. Part I provided background and macro-level considerations. Part II covered the ambiguities on tax issues due to limited IRS guidance. This final installment, though far from our last post on cryptocurrency ... Read More

Tips for Amending Tax Returns

Posted on Tue, Jun 19, 2018

1040x-amended-tax-return1Oops! Think you made a mistake on your federal tax return?  Or, did a meaningful late-arriving tax document land in your mailbox after you filed? Never fear; you can file an amended tax return to correct it. Like most tax-filing processes, certain steps must be followed. In today’s post, we’ll review tips on filing a successful amended return.

 

Reasons for filing an amended return include not only those mentioned above. Changing your filing status or dependents, ... Read More

The Cryptocurrency Conundrum Part II: What We Know, and What We Don’t

Posted on Fri, Jun 15, 2018

Tax-Question-Mark-233x300-resized-600By: Patrick J. McCormick, JD, LLM

 

Last week, we posted the first in our three-part series on cryptocurrency, a relatively new concept to the global world of finance, income and investments. The landscape around cryptocurrency is largely uncharted territory, and in this series, we’ll try to help you understand it better. The first part of our series provided a brief background on ... Read More