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Have a Foreign Bank Account?

By taxingtimes on May 29, 2014 in Foreign Operations, International, Tax

By:  Amanda Wilson A taxpayer that has a foreign bank account is required to file a special form, the Report of Foreign Bank and Financial Accounts, disclosing information about the account. Failure to file this form, which is commonly referred to...

IRS May Issue Guidance on Parnter/Employee Issue

By taxingtimes on Apr 27, 2014 in IRS, S Corporation, Tax

By:  Amanda Wilson When deciding how to form their new business, small business owners are often encouraged to organize as an S corporation because of self-employment tax savings. This recommendation is because the IRS does not recognize that a...

April 15th Offers an Important Tax Planning Opportunity for Partners

By taxingtimes on Jan 12, 2014 in Other, Federal Income Tax, LLC, medical marijuana, Tax, Tax Day, Taxes

By:  Amanda Wilson April 15th is usually greeted with dread as tax day.  However, April 15th also offers an important tax planning opportunity for partners in partnerships (including limited liability companies that are treated as partnerships for...

IRS Provides Administrative Guidance to Employers in the Wake of Its Recognition of Same-Sex Marriage

By taxingtimes on Sep 27, 2013 in Other, IRS, Same Sex Marriage, Tax

By:  Amanda Wilson Last month, the IRS announced that same-sex marriages would be recognized as marriages for federal tax purposes.  It is important to recognize that this position extends beyond individual income tax consequences and can impact...