International Taxation In the intricate world of international taxation, one constant remains: the need for accurate reporting and compliance. This is especially true with regard to the W-8 forms, specifically W-8BEN and W-8BEN-E, which are the basis for taxpayers aiming to claim treaty benefits. The recent rise in IRS examination activity makes it crucial to
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Wicked Stepmothers: Undue Influence and Trust Litigation
The traditional “Nuclear Family” has become less prevalent over the past several decades as blended families increasingly become a norm in modern Western society. However, it may present some complex family dynamics. Although each blended family is unique, there is often emotional volatility between the children of a deceased parent and the surviving stepparent. What
US Tax-Savings for your Intellectual Property
Intellectual Property Are you a business using intellectual property – such as software, trade secrets, trademarks or tradenames, copyrighted materials, patents, or other intellectual material? Strategies for US tax-savings for your intellectual property may add substantial value to your business! Strategy 1:Take advantage of special federal tax deductions and tax credits, as well as capital
California Court of Appeals Issues Decision on California Property Tax Assessment
California Property Tax Assessment The California Court of Appeals recently decided a case in which the California Property Tax Assessment on the assessed value of a hotel was in dispute. California property taxes are based on the assessed value of a property. The California appeals court partially sided with the hotel property owners in SRH
Self-Employment Taxes
What Are Self-Employment Taxes?Self-employment taxes include both Social Security tax and Medicare tax which are then paid to federal and state taxing agencies. Wage-earning employees also pay these taxes with one major difference. Typically, employers are required to match the amount of social security and Medicare tax withheld from employee paychecks, while self-employed persons are
IRS Announces Guidance on Taxation of Cryptocurrency Proof of Stake Validation
Taxation of Cryptocurrency The IRS recently issued Rev. Rul. 2023-14 which offers guidance on the tax treatment of rewards cryptocurrency holders may receive from proof of stake blockchain validation. Under the recent IRS guidance regarding the taxation of cryptocurrency, cryptocurrency holders who engage in proof of stake blockchain validation will recognize a taxable gain when
What is the Tax Gap
The “tax gap” is a term coined to describe the amount of tax taxpayers fail to pay each year. Also known as noncompliance taxpayer debt, it is the gap between what taxpayers legally owe to the government and what is actually paid and collected from taxpayers for the year. The primary reasons behind the tax
Required Minimum Distribution – IRS Provides Some Relief for Retirement Accounts and IRA Rollovers
Required Minimum Distribution The IRS recently issued official guidance providing relief to some taxpayers who may not have made a Required Minimum Distribution (RMD) from their IRA or other retirement accounts. The official guidance also provides relief to some taxpayers who took a distribution in 2023 from a retirement account and wish to make a
Will vs Trust – Which Is Right for You?
Will vs Trust Will vs Trust – Which Is Right for You? No matter your age, there is a necessity to plan for unforeseen circumstances. This includes planning for your death and deciding how you would like your property distributed. An estate plan allows you to do just this. Without an estate plan, the transfer
You are the Boss and We Help Bosses – Tax Treatment of Restaurant Service Charges and Restaurant Sales Tax
Restaurant Sales Tax In recent years, more and more restaurants have instituted service charges. If you look closely at your restaurant bill, you may see a “service charge” or some other charge added to your bill. While the practice is not without detractors, this blog will sidestep the controversy and discuss the potential income tax,