The JamisonMoneyFarmer International Practice Group works with many foreign-owned companies on a variety of tax and accounting issues. As part of our recent US German Alliance meeting in Tuscaloosa, one of the sessions included a discussion about “Common Mistakes Foreign Direct Investors Make Entering the United States”. We have summarized that discussion as it [...]
Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on. [...]
If your young children are going back to school soon (or already returned this month), you may need to pay someone for after-school care, especially if both you and your spouse work. Silver tax lining: You may qualify for the dependent care credit. This credit is available for childcare costs for children under 13 [...]
By: Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group. With over 11 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]
The US Tax Court recently made changes to long-standing US policy for the taxation of the sale of a non-resident foreign partner’s interest in a US trade or business partnership. Generally, the US taxes non-resident foreign persons only on US sourced capital gains. Consequently, the US has historically only taxed capital gains of non-resident [...]
By: Rachel Aaron, CPA Supervisor & IRS Specialist JMF is always ready and willing to assist you when correspondence from the IRS comes your way. We have highly trained staff that deal with these issues on a regular basis. As tax practitioners representing our clients, we often have the ability to communicate with the [...]
While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate [...]
A 401(k) plan can be a win-win situation for employees and employers. Just take a quick look at the payoff. *For employees: You can defer up to $18,000 of salary to your account in 2017 ($24,000 if you are age 50 or older), before any employer-matched contributions. Contributions may grow without any tax erosion until [...]
Tax Window, You See What I Did There? Perhaps you own a vacation home that you and your family use personally. Key tax break: There is a unique tax window of opportunity for short-term rentals. If the rental for the year lasts 14 days or less (this is the key amount of time), [...]
By: Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group. With over 11 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales [...]