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2020 Individual Tax Filing Deadline Extended to May 17, 2021
On March 17, 2021, the Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due
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How to invest in cryptocurrency
If you want to learn how to invest in cryptocurrency, then look no further. This article will help you with everything you need to know. Surprisingly, it is not as hard as it may seem to invest in these popular digital assets. Let’s go through some of the vital steps needed in order to buy
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Tax Season – things you need to know
Tax Deadlines: The official deadline to file your federal income tax return for your 2018 tax return is indeed April 15 in 2019. The Internal Revenue Service (IRS) will begin processing tax returns in 2019 on January 28. Here are some other important deadlines to keep in mind. Below is a list of tax filing dates and important
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Proposed New Regulations on Foreign Tax Credits (FTC)
On November 28, 2018, the US Department of Treasury (“Treasury”) and Internal Revenue Service (“IRS”) released proposed regulations (“Proposed Regulations”)1 on the determination of foreign tax credits, which is related to the global intangible low-taxed income (GILTI) regime and other changes made by last year’s tax reform legislation, known as the Tax Cuts and Jobs
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2018 Tax Reform Bill Highlights
President Trump signed the sweeping tax reform bill “Tax Cuts and Jobs Act” on December 22, 2017, ushering in a broad range of changes including new tax rates and deductions, estate planning, corporation taxes and international taxes. The new bill represents the biggest changes to the US tax system in 30 years. The tax plan
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It’s Tax Season – How new changes to TCJA affect you
IRS has posted a useful comparison of nineteen tax changes for business in the Tax Cuts and Jobs Act (“TCJA”). TCJA changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly. Some provisions of the TCJA that affect individual taxpayers can also
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IRS Offers New Guidance on New Tax Benefit
The Internal Revenue Service has issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included
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What is GILTI?
The Global Intangible Low-taxed Income (GILTI) is a new provision, enacted as a part of the Tax Cuts & Jobs Act (TCJA) tax reform legislation. The provision defines GILTI income as the amount of income earned by a U.S. foreign subsidiary above a certain threshold amount. Under the TCJA, a U.S. person (includes U.S. individuals,
