PA Announces Measurement Dates for Economic Nexus Standards

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Recently, Pennsylvania adopted an economic nexus standard with respect to determining whether an out-of-state entity is required to register for a license and subsequently collect, report and remit Pennsylvania Sales Tax.  The Commonwealth measures its sales and use tax economic nexus threshold by calendar-year sales preceding the collection period. Additionally, after the first year, collection […]

IRS Releases “Draft” Form 1040

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The IRS recently released a “draft” form of the 2018 federal Form 1040. The newly proposed “postcard” form has just 23 lines, cut down from 79 lines on the 2017 Form 1040. In conjunction with the attempt at simplification, the Forms 1040A and 1040EZ have also been eliminated. However, most of the available deductions and […]

Texas Offers Tax Amnesty Program

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The Office of the Texas Comptroller has announced a tax amnesty program which will run from May 1, 2018 through June 29, 2018.  The amnesty program will provide delinquent taxpayers with relief from penalties and interest on tax due and applies to periods due before January 1, 2018.  By participating in the program, a taxpayer […]

FBAR Automatic Extension

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As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the new annual due date for filing the Reports of Foreign Bank and Financial Accounts (FBAR) is April 15, to coincide with the Federal income tax filing season. However, for calendar year 2016, the filing date is April 18, 2017, […]

Federal Tax Debt Can Hinder Your Travel Itineraries

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New rules put into place by the FAST Act prohibit anyone with “seriously delinquent tax debt” from obtaining a passport (and can cause previously-issued documents to be revoked). If you are planning a trip, make sure you are current with your payments to the IRS. Read the article from the Fall 2016 GYF Perspectives.

IRS, Internal Revenue Service, Education Credits, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Proposed Regulations to Affect Education Credits

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On August 2, 2016 the Internal Revenue Service issued proposed regulations [REG-131418-14] which would affect the rules for taking advantage of the American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) as well as the above-the-line deduction for qualified tuition and related expenses.  The proposed regulations would change the existing regulations to conform to […]

83(b) Election, IRS, taxpayerGYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

New 83(b) Election Regulations

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An individual who is compensated with stock or other property in connection with the performance of services typically must include as income the difference between the fair market value and the amount paid for the property.  The year of inclusion is the tax year where the Taxpayer’s rights in the property is transferable or not […]

foreign banks, financial accounts, taxation, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Reporting for Foreign Bank & Financial Accounts

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Congress has taken significant steps to ensure that worldwide taxable income subject to United States taxation is properly reported.  A major part of that effort is predicated upon collecting information on foreign bank accounts. For more details about this effort, see our previous FBAR and FATCA post. Reporting Requirements All United States citizens and resident […]