Team Member Profile
TEST ARTICLE
On LEAD IN PARAGRAPH. Expansion of Child Tax Credit Refundability TESTING…….. Final Thoughts The summary information in this document is being provided for education purposes only. Recipients may not rely on this summary other than for the purpose intended, and the contents should not be construed as …
Team Member Profile
Tax Legislation Clears House with Momentum as Heads to Senate
On January 31, 2024, the House of Representatives passed H.R. 7024 on a 357-70 vote. The $79 billion bill, referred to as The Tax Relief for American Families and Workers Act of 2024, entails updates to tax code provisions of significant interest to many taxpayers, as well as modifications to rules concerning the Employee Retention …
Continue reading "Tax Legislation Clears House with Momentum as Heads to Senate"
Team Member Profile
Overview of Corporate Transparency Act
As of January 1, 2024, many companies now have to report beneficial ownership information (“BOI”) to Treasury’s Financial Crimes and Enforcement Network (“FinCEN”) which is a bureau of the United States Department of the Treasury, as required by the Corporate Transparency Act (the “CTA”), which was enacted in 2021 as part of the National Defense …
Team Member Profile
Navigating Taxes and Financial Reporting for New Online Casinos in India
In recent years, the online casino industry in India has experienced significant growth, fueled by technological advancements and shifting consumer preferences. It’s essential to understand the intricate landscape of taxes and financial reporting to ensure compliance and sustainable growth with the help of new casino reviewed by gambling experts. Taxation Framework India’s taxation system for …
Continue reading "Navigating Taxes and Financial Reporting for New Online Casinos in India"
Team Member Profile
The Corporate Transparency Act: – Beneficial Ownership Information of “Reporting Companies”
What is the Corporate Transparency Act (CTA) The CTA was enacted in 2021 to enhance the transparency in entity structures and ownership in an effort to combat money laundering, tax fraud, and other illegal activities. One of its key elements, beginning in 2024, will require all “reporting companies” to disclose certain beneficial ownership information …
Team Member Profile
ARE STAKING REWARDS TAXABLE? MAYBE…
Earlier this summer (July 31, 2023), the Internal Revenue Service (IRS) released Rev. Rul. 2023-14. According to the ruling, cryptocurrency staking rewards are included in a taxpayer’s gross income at the time the taxpayer gains “dominion and control” over the tokens, not when the award is subsequently disposed. The ruling presents an example …
Team Member Profile
U.S. TAX COURT RULING: IRS LACKS AUTHORITY TO ASSESS PENALTIES UNDER SECTION 6038(b)
On April 3, 2023, the United States Tax Court (“Tax Court”) issued a decision in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023) in which it determined that the Internal Revenue Service (“IRS”) does not have the statutory authority to assess penalties imposed by Section 6038(b) of the Internal Revenue Code (the “Code”). …
Team Member Profile
FGMK Tax Alert – Secure Act 2.0 Impact to Qualified Retirement and 529 Plans
As part of the $1.7 trillion spending bill Congress passed and President Biden signed into law at year-end, a series of new laws—known collectively as Secure Act 2.0—has provided favorable changes to both qualified retirement plans and Section 529 plans. This FGMK Tax Alert provides a summary of these key changes. Changes to …
Continue reading "FGMK Tax Alert – Secure Act 2.0 Impact to Qualified Retirement and 529 Plans"
Team Member Profile
Does Your Foreign Corporation Need a U.S. Tax Return?
Foreign corporations need to evaluate their U.S. activity to ensure they stay in compliance with the Internal Revenue Service’s filing obligations. Several factors, including the existence of a trade or business and nature of and extent of economic activities can impact or otherwise create a filing requirement. This FGMK article highlights key considerations for foreign …
Continue reading "Does Your Foreign Corporation Need a U.S. Tax Return?"