• 2018 20% Pass-through Deduction

    MUCH CONFUSION NOW! In general the new tax law allows self-employed and owners of pass-through entities (partnerships and S Corps) to deduct 20% of “qualified business income“. The law is COMPLEX with limitations, exceptions and undefined terms. Needs to define “qualified business income” more clearly.  Specified service entities are subject to high income limitations.  There…

  • Canadian Pensions

    U.S. social security benefits paid to a resident of Canada are taxed in Canada as if they were benefits under the Canada Pension Plan, except that 15% of the amount of the benefit is exempt from Canadian tax. According to the IRS, special tax treatment applies to payments received from the Canadianpension, the Quebec pension plan,…

  • Wanting to Move to a Foreign Country?

    If you move but keep your citizenship, you must still report your worldwide income.  You may be eligible for a Foreign Earned Income Exclusion and a Foreign Tax Credit for what tax is paid to the foreign country… but ALL US CITIZENS must report and maybe pay. The rules on reporting foreign bank accounts still apply.…

  • 1099’s – can we just do them?

    For many things processed at www.USATaxHelp.com, we will need to submit your authorization in the form of a Power of Attorney (POA).  If it is an income issue, audit issue, etc we will need one type POA (F2848)… if it is authorization to file payroll tax forms… IRS has another form (F8655) as does State of Florida (DR600)…..…

  • Exchange – not Sale to defer tax

    SUMMARY OF IRS LINK       https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031 You cannot sell ANYTHING and defer taxes… You can EXCHANGE (qualified intermediary is hired.. you don’t get your hands on the money)… subsequent property is identified within 45 days… and have a total of six months from sale date to purchase like kind property. When the exchange is done, if you…

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