U.S. taxpayers in southern and western Puerto Rico who were affected by the earthquakes that began last December have extra time to file various tax returns, as well as relief from certain penalties.
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Tax Relief For ‘Accidental Americans.’ Virtually all children born in the United States, and many born outside the United States with at least one U.S. citizen parent, acquire American citizenship at birth. Because U.S. citizens are subject to tax on their worldwide income regardless of where they reside, this has created complications for many individuals who were unaware of their American tax obligations.
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Many taxpayers found themselves owing money to the Treasury when they completed their first tax returns covered by new rules that took effect in 2018. In response, the IRS in January offered some relief from penalties for failing to prepay enough of the tax bill via withholding or estimated taxes.
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Wisconsin Offers Balm For SALT Wounds: Wisconsin joined the parade of states seeking to offer workarounds for the new $10,000 itemized deduction limit for state and local taxes.
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Music Gets Modernized For The Digital Era. Congress passed and sent to President Trump a sweeping overhaul of the way songwriters, performers and other music industry creatives are compensated when their works are streamed, downloaded and broadcast via satellite.
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IRS Speaks On State Tax Workarounds… Taxpayers should be wary of supposed workarounds to the new $10,000 annual limit on deductions for personal state and local taxes, the IRS cautioned.
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New Hampshire Still Has (Almost) No Income Tax. A measure to repeal the Granite State’s 5 percent tax on residents’ interest and dividend income stalled in the state Senate when Republican John Reagan of Deerfield agreed to set the bill aside after previously voting with his party against killing it outright.
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SCOTUS Considers Whether Shredding Receipts Constitutes Obstruction. Carlo Marinello operated his courier service, carrying parcels between the United States and Canada, on an all-cash basis. He also paid personal expenses such as his mortgage in cash, and he made a habit of shredding receipts and other records.
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Veteran Chopper Pilot Shoots Down IRS Arguments. After serving two stints over nearly 25 years as a helicopter pilot and flight instructor for the Army, Jesse Linde found himself losing out to younger pilots for stateside jobs. While his wife remained in Alabama, Linde relocated in 2009 to Iraq, where he found steady work flying for a government contractor.
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