While you may have read my articles on various websites, or my posts on Facebook pages and other forums, from time to time I like to wax eloquent without fitting my thoughts into someone else’s prescripted format. Some of the entries may be long and a few will simply be rants. Whatever the case, you are guaranteed to find some nugget of tax knowledge fitting for your situation with a dash of sarcasm or philosophy.
Since our clients are primarily engaged in multi state assignments, cross border employment or posted abroad, they share a common connection of working on the road, exploring the world or just planting themselves in a foreign land… travelers and nomads at heart.
In the article linked below, it notes that New York gets over half of its tax revenue from the top 2% of earners. Now they want to charge more tax. Like him or not Former President Trump moved his residence to FL partly to get away from the smothering taxes in NY.
Is this sound policy? No. The richest among us have the most volatile incomes so its very hard to do a revenue forecast that is stable when you place so much weight on such a erratic source.
I actually use this scenario as a part of my test questions when I teach tax at colleges
The 12 month rule has not changed (any assignment more than 12 months is not considered temporary) just because there is a pandemic happening right now. Of course, it seems to make more sense to keep someone that’s already been trained, knows the ropes, and has already adapted to that environment rather than to hire someone new. Or does it? Joseph Smith explains more in this video. Watch to stay informed!
Believe it or not, with it being an election year, there will potentially be changes in the tax laws. We usually have our new workbook out by this time, but due to senate runoffs, we have decided to hold off until January 2021, due to these potential changes.
If you’ve already decided to get your paperwork together for us, that is awesome! You may use our 2019 Workbook and send that in, or decide to wait for new workbook coming out soon.
Whatever you do, do not wait long to at least get your file started with TravelTax. Remember, we process client documents in the order that they come in, so to claim your slot, you may do so by sending in the contact information page, travel contracts (if you are a traveler) and a copy of your driver’s license (if you are a new client or if your previous one is expired). This will save your place in line, and you can send in the rest of your documents as soon as you have them available.
We look forward to working with you this coming tax season!
Check out the article below for Corporate tax rates broken down by country! Since tax reform, we are no longer one of the highest, we are right where we should be. People own companies and all of our retirement funds are invested in companies, so corporate tax policy hits our bottom line and wealth. Taxing corporations is just political eye-candy, not necessarily good policy.
If you have had your tax appointment with us but for some reason have not sent back you e-file authorization signature pages, please do so because the IRS e-file system will shut down November 21st to prepare for upcoming tax season!
While wildfires and hurricanes were making October interesting, the FBAR deadlines for those affected was extended to October 31, 2020.
However, when the notice was issued, the writer failed to mention that it was only intended for those affected. Sooooo – the deadline was changed for everyone 🙂
What is an FBAR? A US resident or someone treated as a resident for tax purposes who has an interest or signature authority in any foreign accounts (like bank, securities, retirement and others), must file an FBAR when the aggregate value of the foreign accounts exceeds $10,000 at any time during the calendar year.
If this is you and you haven’t filed, give us a shout!
October 15th is just around the corner and you might be part of that group scrambling to get your paperwork turned in to us to file your 2019 return.
We are more than ready to assist you but do not wait until the midnight hour! 🙂 You may prefer to upload your documents to our Secure File portal, email to email@example.com but you may also fax them to 877-872-8829. Click here to go to TravelTax website.
This article does a good job of showing how the CA laws and court decisions making it harder to work as a contractor are harming those the law was supposed to protect.
With the Gig economy gaining increased momentum during the COVID pandemic, many of these attempts to make everyone an employee are archaic and behind the times. Odd for such a “progressive” state like CA.