Taxes


U.S. Democratic Presidential Nominee Tax Proposals

Biden Tax Plan, Business Income Deduction, Capital Gains Tax Rates –, Democratic Tax Proposals, High Annual Incomes, Joe Biden, Personal Income Tax Rates, Tax Proposals, U.S. Tax Code
On August 20, former United States Vice President Joe Biden formally accepted the Democratic nomination for US President.  However, questions about Biden’s tax proposals, such as when and how fast he would push for tax hikes, remain to be clarified heading into the fall campaign. Complicating matters, the US has recently spent trillions of dollars in response to the consequences resulting from the coronavirus pandemic, and the US is likely to spend trillions more.  Someone has to bear the cost of all this spending and increased taxes appear to be the answer. B...

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The U.S. Treasury Announcement: March 21, 2020

April 15, Federal Income Tax, July 15, Morris + D’Angelo, Steven Geller, Tax Filing Due Date, U.S. Treasury Announcement
The U.S. Treasury Announcement: The Federal Income Tax Filing Due Date is Automatically Extended from April 15 to July 15 Greetings We hope this finds you well, as we indeed currently live in unusual times. Recent updates to the Federal Income Tax Filing Dates were changed. Following our commitment to keeping you informed we wanted to briefly update you on some recent developments in the tax and business realm. Last weekend (IRS, 03.21.2020) the US Treasury announced that the federal income tax filing due date is automatically extended from April 15 to ...

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So You Want to Start a Business in the United States of America?

Foreign Business, Foreign Business Requirements, Start a Business in the U.S., State Taxes, United States
I’m about to embark across the “Pond” to present at the IAPA International conference in Manchester, England regarding “Facilitating International Business”. My topic is about starting or expanding a foreign business in the United States of America titled “So, You Want to Start a Business in the USA”. “Business is a lot like sex…" Whenever I present to global audiences about entering or expanding their USA business operations, I am reminded of a statement by a high school senior student from South Eugene, Oregon during the final round at a University ...

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The IRS and Cryptocurrency Transactions

Bitcoin, Cryptocurrencies, Digital Currencies, IRS, Tax Liability
Both digital currencies and cryptocurrencies have been around for several years (Bitcoin since 2009), but only in the past couple of years has the IRS begun to really focus its enforcement on cryptocurrency transactions. So far the IRS approach has been focused on Enforcement and Punishment, rather than amnesty and voluntary prior year disclosure, a “Stick” approach (punishment) without the “Carrot” (reward). The current IRS approach presents both taxpayer risk and opportunity. In 2014 the IRS issued Notice 2014-21 that rules virtual currencies (Cryptocurrency ...

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Are You Prepared for Changes in 2018 Sales Tax Legislation?

Legislation on State Economic Nexus: What is subject to sales and use tax U.S. Supreme Court Decision: South Dakota vs. Wayfair Big changes are on the horizon surrounding the rules of sales and use taxes specifically related to modernizing what is Economic Nexus. Economic Nexus is the legal construct that defines a state’s right to collect taxes from an out-of-state vendor, including when it doesn’t have an actual physical presence in a taxing jurisdiction but does have a substantial percentage of its overall sales in the state and/or locality. These changes ...

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Real Estate Sales: To Exchange or Not to Exchange

Real Estate Exchange, Steven Geller
With the anticipation of rising interest rates, sky-rocketing oil prices, volatile markets, and political forces impacting the real estate markets, the frenzy to reposition real estate sales portfolios is continuing, but at unprecedented prices. Daily, I’m asked two related questions: Should I sell and should I do a tax-deferred exchange? Should I sell? My response is always the same. “I’ll consult my crystal ball”. I pick up the snow globe on my desk; shake it, nothing but snow … It’s on the fritz. I ask questions back. Is the property performing? ...

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Two Days in Washington DC: There are no absolutes – Only Trade-Offs

Leadership, Governance, Washington DC
Nearly everyone who visits their Congressional Delegates “wants” something from them. They are either lobbying to promote a favor they seek for themselves or it’s their job (paid) to do so for someone else. Favors come in many flavors. Some are simple and others complex. Some require education and or other methods of persuasion, because of the many opposing viewpoints and choices. Good and Fair Governance remains difficult at best. During our Oregon Business group’s visit to Washington D.C., we had an assigned agenda from our group full of wants and ...

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2018 Car and Truck Depreciation Limits

For this year's 2018 Depreciation Limits, business use vehicles offer opportunities and challenges. Claiming depreciation as a business expense for personally available vehicles is a clear advantage. As is common, a “but” is included due to special rules known as “Listed Property” attributes. These rules recognize there are both personal and business attributes associated with the same asset; the vehicle has a value to the individual and their business using the vehicle which has necessitated specific 2018 Car and Truck Depreciation Limits. The conceptual ...

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The New Tax Code: Consider Savvy Restructuring

2018 Tax Law, Entity Classification, New Tax Act
We won't say we were barraged with questions of concern after the announcement of the most sweeping U.S. tax legislation in more than 30 years, but pretty darn close. At least we're starting to have "Strategic" conversation about Taxes now instead of it being an afterthought. The 2017 Tax Cuts and Jobs Act and Opportunities While the new legislation includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state, and the local tax deduction, full expensing for five years, and lower individual tax rates, discipline is essenti...

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The New Tax Code Just Made Sexual Harassment More Expensive

Deductions, Incentives, Sexual Harassment, Tax Code, Tax Deductible
Tax incentives still matter. While “follow the money” is an excellent concept for seeking greater information about “what has happened”, by identifying and following the incentives is far superior for determining what “will” happen”. In economic terms, the differences are substantial. One is a lagging indicator (where we have been) and the other is the leading indicator (where we are going). The new law states, no deduction is allowed for any settlement, payout, or attorney fees related to sexual harassment or sexual abuse if such payments are ...

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