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William Byrnes (Texas A&M) tax & compliance articles

Archive for February, 2015

United Capital Expands $2B Through Hiring

Posted by William Byrnes on February 27, 2015


read about United Capital’s hiring strategy, reported on by Investment News Service – on the International Financial Law Prof Blog

 

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Byrnes and Perryman’s Analysis of the FATCA GIIN Lists June 2014 – February 2015 | Kluwer International Tax Blog

Posted by William Byrnes on February 25, 2015


Byrnes and Perryman’s Analysis of the FATCA GIIN Lists June 2014 – February 2015 | Kluwer International Tax Blog.

Since the publication of the U.S. Treasury’s original GIIN list 1 June 2014, HaydonPerryman (FATCA systems designer for several tier 1 financial institutions) and I (primary author, Lexis Guide to FATCA Compliance) have been analyzing on a monthly basis the list that the USA provides of “approved FFIs” (foreign financial institutions). On 1 February, the IRS published its second 2015 FATCA GIIN list of “approved FFIs” (a list of the financial firms that have registered on the IRS FATCA portal). Global FFI Registration has reached 153,797.

  • But from what countries are these registrations?
  • Are these DCFFI registrations or PFFIs?
  • Which countries are leading in the registration compliance and which are lagging?
  • Has FFI registration growth by country and region been measured over the past eight months?

Wolters Kluwer has published our complete analysis on the International Tax Law blog.

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IRS Checklist of Credits and Deductions for Children

Posted by William Byrnes on February 25, 2015


In Tax Tip 2015-14, the IRS discussed the potential reduction of the amount of taxes owed for a year that tax credits and deductions associated with children may provide to the parents.

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• Dependents.  In most cases, a taxpayer can claim a child as a dependent.  For each dependent, the taxpayer may deduct $3,950 from taxable income.  However, for high income taxpayers, the amount of allowed deduction decreases.

• Child Tax Credit.  A taxpayer may be able to claim the Child Tax Credit for each of the qualifying children under the age of 17. The maximum credit is $1,000 per child.  However, if a taxpayer receives less than the full amount of the Child Tax Credit, then the taxpayer may be eligible for the “Additional Child Tax Credit”.

• Child and Dependent Care Credit. A taxpayer may be able to claim this credit if the taxpayer paid for the care of one or more qualifying persons. Dependent children under age 13 are among those who qualify.  The care must be paid for so that the taxpayer could work or could look for work.

• Earned Income Tax Credit (EITC).  If in 2014 a taxpayer earned less than $52,427 from work, the taxpayer may qualify for the EITC.  The EITC may be worth as much as $6,143.  The EITC is available regardless of whether the taxpayer has children.

• Adoption Credit.  A taxpayer may be eligible to claim a tax credit for certain costs paid for adoption of a child.

• Education tax credits.  An education credit can help a taxpayer with the cost of higher education.  There are two credits that are available. The American Opportunity Tax Credit and the Lifetime Learning Credit may both reduce the amount of tax owed.

If the credit reduces the tax owed to less than zero, the taxpayer may receive a refund of the extra amount.  Even if the taxpayer does not owe any taxes for the year, the taxpayer may still qualify.

• Student loan interest.  A taxpayer may be able to deduct interest paid on a qualified student loan.  This benefit is available even for taxpayers that do not itemize tax deductions.

• Self-employed health insurance deduction.  If a taxpayer was self-employed in 2014 and paid for health insurance, then the taxpayer may be able to deduct premiums paid during the year. This may include the cost to cover children under age 27, even if they are not claimed as a dependent!

Tax Facts on Individuals & Small Business

2014_tf_on_individuals_small_businesses-m_1Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor.  Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients.  National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.

Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction.  Call 1-800-543-0874.

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Are My Tips Taxable?

Posted by William Byrnes on February 23, 2015


9dc30-6a00d8341bfae553ef01bb07b43355970d-piThe IRS disclosed certain tax tips in a recent publication (2015-13) that may help a taxpayer file and report “tip” income correctly.

• Show all tips on the 1040 tax return.  All tips received during a calendar year must be added up and included on the federal tax return.  This even includes the value of tips that are not in cash.  Examples of non-cash tips include items such as tickets, passes or other items when provided by a customer for work or service.

• All tips are taxable.  Tips paid directly by a customer and tips added by a customer to a credit card are both to be included in taxable income. As well, tips received under a tip-splitting agreement with other employees, such as in a restaurant, are to be included.

• Report tips to the employer.  If an employee receives $20 or more in tips in any one month, the employee must report the tips for that month to the employer.  Tips reported to the employer include cash, check and credit card tips but does not include the value of any noncash tips.  The employer must withhold federal income, Social Security and Medicare taxes on these reported tips.

Daily tip log.  Use the IRS’ Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tips.

Tax Facts on Individuals & Small Business

2014_tf_on_individuals_small_businesses-m_1Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor.  Financial advisors are continually looking for competitive information to help them provide the best answers for their clients and to obtain new clients.  National Underwriter’s Tax Facts series is the only resource written specifically for the financial advisor and producer providing fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts has been famous over 50 years.

Anyone interested can try Tax Facts Online risk-free for 30 days, with a 100% guarantee of complete satisfaction.  Call 1-800-543-0874.

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Working Group for Distance Learning in Legal Education Spring 2015 Meeting Hosted by Hastings

Posted by William Byrnes on February 17, 2015


Download BestPracticeRecommendationsforDistanceLearningforLegalEducation 2015 (or contact williambyrnes@gmail.com)

Dates: Thursday, March 12, 2015 at 12:00PM – Saturday, March 14, 2015 at 12:00PM (PST) < Register Here >

Location: UC Hastings College of the Law (Sky Room – 100 McAllister Street, San Francisco, CA, 94102)

The Working Group for Distance Learning in Legal Education is a loosely structured alliance of law educators collaborating to provide increased opportunities for faculty, students, and other participants to access high quality, innovative, and interactive online legal education.

Officially organized in November 2011, the Working Group is an outgrowth of the Program for the Legal Profession’s Future Ed Series. To date, the Working Group has focused on three major priorities:

  1. Providing model policies and information for law schools engaged in distance learning programs.
  2. Developing recommended practices and standards for emerging distance learning programs in legal education.
  3. Providing comments and policy recommendations for accreditation bodies that regulate distance learning in legal education, including the American Bar Association.

Members of the Working Group meet three times a year, with substantive meetings in the fall and spring, and an update gathering at the American Association of Law Schools annual meeting in January. Membership is open to academics and professionals associated with accredited law schools in the U.S., and others working in the distance learning field concerned with legal education are welcome to attend meetings and participate, as appropriate, in Working Group matters.

Please contact Ashley Dymond for further information at dymonda@uchastings.edu or < Register Here >

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TJSL Hosted Moscow State University Professors and Students | Thomas Jefferson School of Law

Posted by William Byrnes on February 13, 2015


TJSL Hosted Moscow State University Professors and Students | Thomas Jefferson School of Law.

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Longevity Pegged Annuities – What’s Changed With The Final Regulations

Posted by William Byrnes on February 12, 2015


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Longevity Pegged Annuities – What CPAs Need to Know About the New Rules (William Byrnes & Robert Bloink)

The Treasury Department made sparks fly when it recently issued final regulations governing qualified longevity annuity contracts (QLAC).

read the full story at CPA Journal of the New York Society of Certified Public Accountants http://viewer.zmags.com/publication/8df8c3b9#/8df8c3b9/66

Posted in Financial, Retirement Planning | Tagged: , | Leave a Comment »

 
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