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Summing It Up

Keeping you ahead of the curve with timely news & updates.


Fiscal Year Budget Proposals Report 2014

describe the imagePresident Obama released a $3.77 billion fiscal year (FY) 2014 federal budget on April 10, 2013, with a mix of individual and business tax proposals intended to raise revenue, reduce spending and encourage negotiations between the White House and the GOP on comprehensive tax reform.

President Obama called for a 28 percent cap on itemized deductions, a $3 million limit on tax-preferred retirement savings, a permanent research tax credit, a permanent American Opportunity Tax Credit (AOTC), a change in the taxation of carried interest, and more. President Obama also provided for the first time specifics on the so-called Buffet Rule. Following release of the President's FY 2014 budget recommendations, the Treasury Department issued its customary “Green Book,” describing the proposals.

Check out the latest CCH report featuring insight on tax reform and deficit reduction.



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Webcast Event: ASC740: Income Tax Accounting for 2013- May 17th

With the ever-changing and complex regulatory environment, compliance with accounting for income taxes (ASC 740), formerly known as FAS 109, has become more difficult for companies to manage efficiently. Companies must work hard to ensure that they minimize compliance related errors with the current tax laws and financial accounting and reporting standards.

In this two-hour LIVE webcast on May 17th, a panel of distinguished professionals assembled by The Knowledge Group will discuss the significant topics related to tax accounting rules and implementation of ASC 740. The faculty will discuss:

    • Brief Overview of ASC 740 and Refresher in Current and Deferred Tax Computation

    • Pertinent Accounting Principles and Tax Accounting Provisions

    • Application of ASC 740 to State and International Income Taxes

    • Hot Topics in Internal Controls

    • Issues Relating to Compensation and Benefits Developments

    • Best Practices and Practical Guidance for Tax Preparation, Compliance and Effectiveness

    • Up-to-the-Minute Regulatory Updates

This is a must attend event for Finance Executives, CPAs, Attorneys, Enrolled Agents, Tax Practitioners, and other Interested Professionals. Attending this course will give you the tools you need to understand the latest developments in ASC-740.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Advance Preparation: Print and review course materials
Course Code: 134416
NASBA Fields of Study: Accounting – 1.00 credit and Taxes – 1.00 credit
Other Certifications: IRS EA Credits: Federal Tax – 2:00 credits
Course Fees:
$199 - $249 (Early Bird Discounted Rate - on or before 05/07/2013)
$299 - $349 (Regular Rate - registration after 05/07/2013)
$149 (Government / Nonprofit Rate)

(Please click here for details)

Featured Speakers for ASC 740: Income Tax Accounting for 2013 LIVE Webcast :


Douglas I. Schwartz, CPA/CFF, Cr.FA, Managing Member,
Douglas I Schwartz, LLC

  • Identification of permanent versus temporary differences

  • Valuation Allowance, balancing positive versus negative indicia on the recording of deferred tax assets and the related VA.

  • Valuation Allowance considerations for an investment company versus an operating company.

  • Impact of recent tax legislation.

  • APB 23 Repatriation of Foreign Earnings.

  • Consolidated provision considerations for the multinational company.

  • FIN 48 GAAP accounting versus tax return accounting and disclosure of uncertain tax positions (UTP’s).

Mark A. Stebbins, CPA, Director - Tax Practice Leader

Samuel C. DiSalvo, CPA J.D., Director,

Freed Maxick CPAs, PC

  • Business combination issuesFresh start accounting

  • Interim Reporting

  • Stock based compensation issues

  • Foreign operations

  • Financial instrument issues

  • Accounting period and methods

Angela L. Evans, Partner, Business Tax Services,
Ernst & Young LLP 

Douglas I Schwartz, LLC
Douglas I. Schwartz, CPA/CFF, Cr.FA
Managing Member
speaker bio »»

Freed Maxick CPAs, PC
Mark A. Stebbins, CPA
Director - Tax Practice Leader
speaker bio »»

Freed Maxick CPAs, PC
Samuel C. DiSalvo, CPA J.D.
Director
speaker bio »»

Ernst & Young LLP
Angela L. Evans
Partner, Business Tax Services

Who Should Attend?

- Finance Executives
- CPAs
- Tax Attorneys
- Enrolled Agents
- Tax Practitioners
- Tax Directors
- Tax Managers/Executive
- Internal Audits
- CFOs
- Financial Planners and Executives
- Tax Consultants
- And Other Interested Professionals

Why Attend?

This is a must attend event for anyone interested in understanding the related issues and changes to Income Tax Accounting (ASC 740). In this live virtual course, you will hear:

- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from experienced practitioners & thought leaders
- Interact directly with panel during Q&A

Advanced registration is recommended as space is limited. Please click the “Register” button below to enroll in this course today. Significant discounts apply for early registrants.

Registration Information:                                                                                                                                 

(Click here for information on group registrations and discounts)

Disclaimer:
Please note, the event date is firm although it may be subject to change. Please click here for details.
The Knowledge Group, LLC is producing this event for information purposes only. We do not intend to provide or offer business advice. The contents of this event are based upon the opinions of our speakers. The Knowledge Congress does not warrant their accuracy and completeness. The statements made by them are based on their independent opinions and does not necessarily reflect that of The Knowledge Congress' views. In no event shall The Knowledge Congress be liable to any person or business entity for any special, direct, indirect, punitive, incidental or consequential damages as a result of any information gathered from this webcast.

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Understand What Will Affect Your FBAR Filings

By: Howard B. Epstein, CPA

world_connected-1.jpgThe Bank Records and Foreign Transactions Act- commonly referred to as the Bank Secrecy Act, became law in 1970 out of a growing complexity of the national and international economy, and technological revolution. Activities increased not just at home but abroad. This allowed the IRS to require citizens or residents of the U.S., or a person in, or doing business in the U.S. to file reports on any financial accounts with aggregate totals valuing $10,000 or more.  But did you know……

As a result of new legislation on foreign tax reporting and disclosure of financial assets, some taxpayers may be required to file the new foreign financial assets disclosure statement (Form 8938) with the income tax return, and the Report of Foreign Bank and Financial Accounts (FBAR) seperately. Filings and returns are due April 15th or June 15th, if living in the U.S. For those living outside the U.S., extensions for October 15th filings can go through December 15th. These reporting requirements will potentially add to both taxpayer roadblocks and the complexity of tax law changes.

On March 18, 2010, the President signed the HIRE Act, containing the Foreign Account Tax Compliance Act, into law. Addressing taxpayer concerns, the law requires individual taxpayers with foreign financial assets with an aggregate balance exceeding stipulated dollar amounts during a taxable year to file a disclosure statement with his or her income tax return for that taxable year. The stipulated dollar amounts can be found in IRS Form 8938. Beginning with 2011 individual tax return filings; the new law requires compliance with filing the disclosure statement (Form 8938) describing the maximum value of the assets during the taxable year. The disclosure statement should also provide the following information in the case of a:

  • Financial account – the name and address of the foreign financial institution in which such accounts are maintained and the number of such account.

  • Stock or security – the name and address of the foreign issuer and such information as is necessary to identify the class or issue of which such stock or security is part of.

  • Contract, interest, or other instrument – such information as is necessary to identify such contract, interest, or other instrument and the name(s) and addresses of all foreign issuers and counterparties with respect to such contact, interest, or other instrument.

What should you do next?

It is important to note that while there are similarities between the FBAR and FATCA filings, there are also a number of differences when filing each of the Forms. Freed Maxick International tax practice professionals are here to assist you with your FBAR filings. We can assess FBAR filing requirements and prepare current and past due FBARs. We can navigate the IRS guidelines and minimize potential penalties through the various IRS Voluntary Disclosure Programs available. Contact us to connect with our experts.

 

 

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"Snowbird" Tax Info: Canadians Filing U.S. Tax Residency

By: Howard Epstein, CPA

Are you a Canadian “snowbird” spending winters in the United States? You may not realize it, but you could be considered a U.S. tax resident. If this is the case, the basis on which tax residency is determined is through the IRS “Substantial Presence Test.”

For this purpose, you will be considered a U.S. tax resident if you meet the following requirements:

  • Physically present in the United States at least 31 days in the current year, and

  • 183 days during the 3 year period that includes the current year and the 2 years immediately before that.

If you fall into this category, don’t panic! There is potential relief available to Canadian citizens that are caught by this Substantial Presence Test:

  • You are present in the U.S. for fewer than 183 days in the current year.

  • You maintain a “tax home” in a foreign country during the year.

  • You have a “closer connection” to the foreign country where your “tax home” is than to the U.S.

Are there exceptions to the rule?

There are exceptions to the substantial presence test. The following are a few examples:

  • Days you are in the United States for less than 24 hours- when you are in transit between two places outside the United States.

  • Days you are in the United States as a crew member of a foreign vessel.

  • Days you can classify “exempt individual.”

The term “exempt individual” does not refer to someone exempt from U.S. taxes, but to anyone that claims exemption from counting days of presence in the United States. For example- a teacher or trainee temporarily in the United States under a “J” or “Q” visa, who substantially complies with the requirements of the visa. For a full list of exemptions and exceptions, please refer to the IRS substantial presence test.

What should you do next?

If you exclude days of presence in the United States because you fall under a special category, you must file Form 8840 (Closer Connection Statement) or Form 8843 (Statement of exempt individuals and individuals with a medical condition).

Freed Maxick International tax practice professionals can help you determine if you qualify as a U.S. tax resident, and assist you with Substantial Presence Test filings. We can navigate the IRS guidelines and minimize potential penalties. Contact us to connect with our experts. 

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