A hot button issue for IRS is the reporting of foreign bank and investment accounts by U.S. citizens and resident aliens. If you own an interest in or have signature authority for a foreign account, you may be required to file Form 114 (Report of Foreign Bank and Financial Accounts) annually by April 15 [...]
According to a recent article in the Post & Courier, the number of new businesses formed in Charleston since the 2008 recession has outpaced most of the nation. According to U.S. Census data, 1,700 businesses opened up in Charleston in 2014. Every year since 2011, the Lowcountry has seen a growth in new firms, [...]
Accel has many expatriate clients (both U.S. residents living abroad and foreign nationals living in the United States). If you are one of them, here are the important 2017 U.S. tax deadlines to be aware of: April 18, 2017: deadline for those living in the United States to either file an extension or timely [...]
Under the Affordable Care Act, employers have generally been prohibited from reimbursing employee health insurance costs. However, beginning in 2017, employers can once again use pre-tax funds to reimburse employee health costs, including insurance. Such Health Reimbursement Arrangements (HRAs) have several conditions. A few of the major ones: HRAs are limited to businesses with [...]
The due date for employers to transmit copies of Forms W-2 and 1099 to the Social Security Administration and IRS has historically been February 28. That is changing. Beginning with the 2016 forms, the due date will now be January 31. IRS says that this is a security measure intended to prevent tax return [...]
2017 is likely to see significant tax reform. What can we expect? It's too early to say for sure, but Congress and President-elect Trump have given some hints. Here are the top candidates: Elimination of the estate tax. This is nearly guaranteed. What is in question is whether the "step-up in basis" rule will [...]
