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Klug Law Office PLLC
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Serving Your U.S. Based and International Tax Needs
Serving Your U.S. Based and International Tax Needs

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Like all things, tax laws are constantly changing.
An important part of serving your clients is responding quickly and strategically to new developments in the tax law landscape.

So how do you take full advantage of the 2017 TCJA
🔑 Key Points to Discuss With Your Clients
https://goo.gl/mKrCHB
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With the recent enactment of the TCJA, the applicable exclusion amount has increased from $675,000 per taxpayer in 2001 to $11.18 million per taxpayer in 2018.  

The applicable exclusion amount of $11.18 million has significantly reduced the impact of the estate, gift, and generation-skipping transfer taxes.

As a result, the focus of tax planning as part of estate planning will continue to focus on income tax planning opportunities.  Step-up in income tax basis planning for family assets at the death of the client is now one of the primary tax planning goals.
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The 2017 Tax Cuts and Jobs Act (“TCJA”) made several key changes that impact the investment of non-US persons in US real estate. The changes to the TCJA that affect US taxation of cross-border investment should prompt non-US persons to take a second look at investments in US real estate.

You can read this offline here: http://bit.ly/TCJA-PROMPT-SECOND-LOOK-AT-FOREIGN-INVESTMENT-IN-US-REAL-ESTATE
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📣 The IRS is ending the 2014 offshore voluntary disclosure program (“OVDP”) on September 28, 2018.
... All versions of the OVDP provided eligible taxpayers with unreported offshore income and assets the opportunity to become current with their filing obligations without criminal penalties and with predictable civil penalties.
Read one here: https://goo.gl/Qbj9qX
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The IRS is ending the 2014 offshore voluntary disclosure program (“OVDP”) on September 28, 2018. The Internal Revenue Service (“IRS”) has not provided clear guidance on what will happen to taxpayers who make voluntary disclosures after the end of this month. If there are no new voluntary disclosure procedures for willful noncompliance, taxpayers will not have certainty as to the penalties they will incur under a “quiet disclosure” or the traditional voluntary practice outlined in the Internal Revenue Manual (“IRM disclosures”).

Read more about this here: https://goo.gl/Qbj9qX
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It’s understandable that the price of higher education is one of the biggest worries looming in your clients’ minds. A defined goal, such as a large purchase or a child’s educational needs, provides much more motivation to clients than an amorphous, abstract goal.

Read more about this here → https://goo.gl/pUf4j5
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Estate tax planning for decades has revolved primary around maximization of the estate and gift tax applicable exclusion amount. The Tax Cuts and Jobs Act (“TCJA”), signed into law December 22, 2017, significantly increased the estate and gift tax applicable exclusion amount.

With the recent enactment of the TCJA, the applicable exclusion amount has increased from $675,000 per taxpayer in 2001 to $11.18 million per taxpayer in 2018. The applicable exclusion amount of $11.18 million has significantly reduced the impact of the estate, gift, and generation-skipping transfer taxes. As a result, the focus of tax planning as part of estate planning will continue to focus on income tax planning opportunities.

Step-up in income tax basis planning for family assets at the death of the client is now one of the primary tax planning goals.

Read more about this here: https://goo.gl/FieBpP
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📌 Tax Cuts and Jobs Act’s Changes to international Taxation 📌

...All other income of the foreign subsidiary was not subject to US taxation until the profits were
distributed/repatriated back to the US shareholder or the US shareholder sold its investment in the foreign subsidiary.

Read more about this here → https://goo.gl/uGCYzf
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⚠️ The Changes to the TCJA that affect US taxation of cross-border investment should prompt non-US persons to take a second look at investments in US real estate. Income tax rate decreases, limitations on deducting interest expenses, and deducting net operating losses will impact foreign persons investment in US real property.

Read more about this here: https://goo.gl/BWQNMg
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📣📣📣  The IRS announced that the OVDP (Offshore Voluntary Disclosure Program) will close on September 28, 2018. 📣📣📣

Alternative disclosure options will exist after the closing of the OVDP, however, these options will have a narrower focus.  Many taxpayers will be left with less than great options for disclosures. Taxpayers who cannot comfortably certify non-willfulness, which is an increasing proportion of the noncompliant taxpayers, will be affected.  Practitioners expect the IRS’ future approach in the international compliance area will shift from disclosures to assessments.

How are you affected by this change?
Read here → https://goo.gl/J9b5ZA
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