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NEWS & UPDATES

Paid tax professionals aren’t permitted to endorse or otherwise negotiate a refund check issued to a taxpayer. This is true, even if the taxpayer requests their refund be directed into the paid tax professional’s bank account or in his/her name. Failure to comply could result in an Internal Revenue Code, Section 6695(f) penalty of $510 for each tax return...

February 14, 2018

Taxpayers with expired Individual Taxpayer Identification Numbers (ITINs) should renew them as soon as possible. Tax returns with expired ITINs will face processing delays and affected taxpayers may lose eligibility for key tax benefits until the ITIN is renewed.

An ITIN is used by anyone who has tax-filing or payment obligations under U.S. tax law but is...

February 9, 2018

An alien’s period of residency in the United States must have an official starting date and ending date. The rules for determining these dates are as follows.

Residency Starting Date under the Green Card Test

If you meet the green card test at any time during a calendar year, but do not meet the substantial presence test for that year, your residency starti...

February 5, 2018

Florida Technical Assistance Advisement No 02C2-006 that says Canadian citizens are NOT exempt from Florida intangible tax on their RRSPs.

February 5, 2018

All U.S. business enterprises in which a foreign person (in the broad legal sense, including a company)
owns directly and/or indirectly a ten-percent-or-more voting interest (or the equivalent) are subject to
these reporting requirements. This includes foreign ownership of real estate, improved and unimproved, except residential real estate held exclusive...

February 1, 2018

If this is your initial year you are filing there is not a minimum value. In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.

It's possible that homeowners whose furniture, fixture...

January 31, 2018

The IRS system records all address words in capital case letters. It uses abbreviations, here is an example:

Abbreviate directional names such as North, South, East, and West 

Use the following directional abbreviations: 

  • Abbreviate North, South, East, and West as N, S, E, and W

  • Abbreviate Northeast and Northwest as NE and NW

  • Abbreviate Southea...

January 24, 2018

Following is the W-7 line 6c visa info required with a diagram reference to a US visa (make sure to use correct month/day/year format on applicant’s W-7).

Complete Line 6c  as follows: Enter only U.S. non-immigrant visa information. Include the USCIS classification, number of the U.S. visa, and the expiration date in month/day/year format. For example, if...

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