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JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Jeff Travis, CPA : Jeffrey B. Travis Jeff Travi...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa: PENALTY ABATEMENT OVERVIEW | Jeffrey B. Travis CPA For a CPA firm, penalty abatement can be challenging. Between IRS notices as well as sta...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa...
INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVERYDAY CLIENT
INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVERYDAY CLIENT | Jeffrey B. Travis, CPA
There are various forms to consider to report a U.S. person’s interest in certain foreign assets.
These are the following forms to consider:
1) FinCEN Form 114-Report of Foreign and Financial Accounts (“FBAR”)
2) Form 8938-Statement of Specified Foreign Financial Assets
3) Form 3520-Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts
4) Form 3520-A-Information Return of Foreign Trust with a U.S. Owner
5) Form 5471-Information Return of U.S. Persons with Respect to Certain Foreign Corporations
6) Form 5472-Information Return of a 25% Foreign-Owned U.S. Corporation or Foreign Corporation Engaged in a U.S. Trade or Business
7) Form 926-Return by a U.S. Transferor of Property to a Foreign Corporation
8) Form 8621-Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
9) Form 8865-Return of U. S. Persons with respect to Certain Foreign Partnerships
10) Form 8858-Information return of U.S. Persons with Respect to Foreign Disregarded Entities
There are various forms to consider to report a U.S. person’s interest in certain foreign assets.
These are the following forms to consider:
1) FinCEN Form 114-Report of Foreign and Financial Accounts (“FBAR”)
2) Form 8938-Statement of Specified Foreign Financial Assets
3) Form 3520-Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts
4) Form 3520-A-Information Return of Foreign Trust with a U.S. Owner
5) Form 5471-Information Return of U.S. Persons with Respect to Certain Foreign Corporations
6) Form 5472-Information Return of a 25% Foreign-Owned U.S. Corporation or Foreign Corporation Engaged in a U.S. Trade or Business
7) Form 926-Return by a U.S. Transferor of Property to a Foreign Corporation
8) Form 8621-Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
9) Form 8865-Return of U. S. Persons with respect to Certain Foreign Partnerships
10) Form 8858-Information return of U.S. Persons with Respect to Foreign Disregarded Entities
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFI...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFI...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFI...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE Business may immediately elect to deduct up to $500,000 of the cost of qualifying asset acquisit...
CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES
Section 1031 of the Internal Revenue Code provides taxpayers the ability to transfer or exchange investment property for new property without incurring income tax on the gain. No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchange solely for property of like-kind which is to be held either for productive use in a trade or business or for investment.
Requirements are:
1) There must be an exchange
2) Both the property being sold(“Relinquished Property”) and the property being acquired (“Replacement Property”) by the taxpayer must be held for productive use in a trade, or for investment
3) The Relinquished Property and the Replacement Property must be of like-kind.
Section 1031 does not apply to an exchange of any of the following:
1) Stocks-in-trade or other property held primarily for sale
2) Stocks, bonds, or notes
3) Other securities or evidence of indebtedness or interest
4) Interests in a partnership
5) Sale of primary residence
Section 1031 allows a taxpayer:
1) 45 calendar days after the date on which the taxpayer transfers the Relinquished Property to identify the replacement property.
2) To close the Replacement Property 180 days after the closing of the sale of the Relinquished Property.
These transfers or exchanges are complex. Please feel free to contact my office.
Buffalo Grove, IL 60089 | CPA Firms
List of Certified Public Accountants in Buffalo Grove, IL 60089
Travis & Warzala, Ltd.
Bronswick, Reicin Pollack; Albert & Goodman; Weltman Bernfield, LLC
Travis & Warzala, Ltd.
Bronswick, Reicin Pollack; Albert & Goodman; Weltman Bernfield, LLC
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms: List of Certified Public Accountants in Winnetka, IL 60093: Travis & Warzala, Ltd. GLG Accounting
FEDERAL SALES TAX LEGISLATION PROPOSALS
A CPA always needs to be updated regarding managing compliance processes and tracking trends in the sales tax compliance environment. The following is a summary:
1) Potential National Legislation on Remote Sales
2) Potential US Supreme Court Action on Remote Sales
3) The States Tax Collection Obligation
The question that always arises is where are you obligated to collect sales tax?
1) Nexus: the legal connection that triggers an obligation to collect sales tax
2) The proposed legislation and potential court decisions that may come will not affect your obligation to collect sales tax in those states
There are three versions submitted or in draft for potential congressional action
1) Marketplace Fairness Act of 2015
2) Remote Transactions Parity Act of 2015
3) Online Sales Simplification Act( Draft only)
The future for all businesses will be the request for the desire for clarity and predictability for sales tax collection.
1) Potential National Legislation on Remote Sales
2) Potential US Supreme Court Action on Remote Sales
3) The States Tax Collection Obligation
The question that always arises is where are you obligated to collect sales tax?
1) Nexus: the legal connection that triggers an obligation to collect sales tax
2) The proposed legislation and potential court decisions that may come will not affect your obligation to collect sales tax in those states
There are three versions submitted or in draft for potential congressional action
1) Marketplace Fairness Act of 2015
2) Remote Transactions Parity Act of 2015
3) Online Sales Simplification Act( Draft only)
The future for all businesses will be the request for the desire for clarity and predictability for sales tax collection.
JEFFREY B. TRAVIS, CPA | jeff travis cpa | jeffrey b travis: Jeff Travis, CPA
JEFFREY B. TRAVIS, CPA | jeff travis cpa | jeffrey b travis: Jeff Travis, CPA: Jeffrey B. Travis, CPA | Travis & Warzala, Ltd. | 740 Waukegan Road, Suite 201 | Deerfield, IL 60015 | (847) 267–0300
JEFFREY B TRAVIS CPA
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