As most of you are no doubt aware, there is much concern by states over lost revenue from internet purchases where an out of state seller does not collect sales tax on sales to customers in a state that imposes a sales tax. Estimates for uncollected sales taxes are as high as in the [...]
We get a lot of inquiries about the Form 8938. The Form 8938 is used to report overseas financial assets over a certain threshold. The threshold amount varies by type of person. For 2017, here are the filing requirements: Unmarried taxpayers living inside the United States with financial assets outside of the United States that [...]
Today is tax filing day, and no doubt some of you wonder how you rank with the rest of the country in the big scheme of who is paying income taxes. The Tax Foundation has released its study of 2015 income taxes (https://files.taxfoundation.org/20180117125609/Tax-Foundation-FF570.pdf) and the information is entertaining if nothing else. For example, if [...]
We are racing towards the tax season finish line like the US Bobsled team in China (hopefully a bit faster), and now that we have seen a large volume of tax returns it is interesting to see what our initial projections are for who is most affected by the 2018 Tax Act. As a [...]
Our CPAAI member firm in Pittsburgh H2R CPA firm recently posted this blog on estate planning tips for the sandwich Generation. The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this [...]
