tax

Defer your Capital Gains Tax by Investing in Opportunity Zones

By Satya Yeruva Overview The 2017 Tax Cuts and Jobs Act (TCJA) introduced a tax incentive program called “Opportunity Zones.” Opportunity Zones are low-income areas chosen by the US government for investment. New investments in an Opportunity Zone may qualify for tax deferral on capital gains. On October 19, 2018, the Treasury Department issued proposed …

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What Businesses Can Deduct for Entertainment, Commuting Benefits, and Meals Under the Tax Cuts and Jobs Act

By Eunice Go After the Tax Cuts and Jobs Act (TCJA), there are various expenses that businesses can no longer deduct starting in tax year 2018. Generally, prior to 2017 Tax Cuts and Jobs Act (TCJA), employers and other taxpayers could deduct ordinary and necessary business expenses. These included cash and noncash compensation, such as fringe benefits, …

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How to Treat Virtual Currency in Your Corporate Taxes

By Hansa Patel Virtual currency is becoming more common in the corporate world. For federal tax purposes, virtual currency is treated as property. General tax principles that apply to property transactions also apply to virtual currency transactions. What is Virtual Currency? Virtual currency is entirely digital and decentralized. This means it is not managed by …

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Reporting Foreign Assets: Compliance with FBAR and FATCA

By Kapil Handa FBAR and FATCA are two IRS filing regulations that require some individuals and entities to report their foreign assets or accounts above a minimum value. As more people become aware of these regulations, FBAR and FATCA compliance is improving. Reporting requirements vary between FBAR and FATCA. Generally, minimum dollar thresholds for reporting …

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Reporting Foreign Assets: Compliance with FBAR and FATCA

By Kapil Handa FBAR and FATCA are two IRS filing regulations that require some individuals and entities to report their foreign assets or accounts above a minimum value. As more people become aware of these regulations, FBAR and FATCA compliance is improving. Reporting requirements vary between FBAR and FATCA. Generally, minimum dollar thresholds for reporting …

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