Category: Individual

TCJA Offers Innovative Ways to Deliver Client Service

By: Stephen Boisvert, CPA, MST, CExPTM | Tax Manager It should be no surprise that the topic of the day in the field of income taxes is the Tax Cuts and Jobs Act (TCJA). Like other tax reform packages in the past, the TCJA is a mixed bag of legislation. Some of it will affect…

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Foreign Bank Account Reporting – New Due Dates and Recently Announced Extensions

The FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR), is filed by taxpayers (both individuals and entities) that have a financial interest in, or signature authority over, a foreign financial account.  In prior years, the FinCEN Form 114 required filing by June 30 to report foreign accounts for the previous calendar year…

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The Potential Impact of Tax Reform on Exempt Organizations

With a new administration taking office, tax reform is a topic that has received a lot of attention.  While what will ultimately pass and be signed into law is anyone’s guess at this point, there are a number of potential provisions that could have an impact on charitable giving and ultimately, on the tax-exempt sector….

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The 401k vs. the Roth 401k

When it comes to limiting your taxable income; pension plans are great first steps. I recommend that whatever plan you choose you always try to contribute the maximum. The sooner you start contributing the maximum the better because it builds up over your working life and you can take advantage of the compounding tax free….

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When to Complete Form 673

IRS Form 673’s official title is “Statement for Claiming Exemption From Withholding on Foreign Earned Income Eligible for the Exclusion(s) provided by Section 911.” What a name? Why should you, an expat, worry about this form? Overseas US Employees: If you anticipate being able to claim the overseas earned income and housing exclusions, you are…

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Beware of Online Shopping during the Holiday Season

It’s the holiday season and a lot of us will turn to online shopping to avoid the crowded malls. Online shopping is an easy solution during the holiday season and vendors have worked hard to make it safe for us to pay online. However, there are some things that are out of their hands such…

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The Importance of Keeping Your Receipts

I’ve often wondered if keeping your receipts is as easy and simple as it sounds (and looks!). The truth is, yes, it can be easy and convenient. The key is organization. No one, not even your auditors, wants to dig through a year’s worth of 10-inch stacked barely readable receipts just to find that one…

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