The SECURE Act and Retirement Considerations
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20, 2019, and was designed to help Americans be better prepared for retirement. The SECURE Act has made several noteworthy changes to individual retirement accounts (IRAs) that should be considered and will be highlighted below. One of […]
Are U.S. Treaty-Based Returns for Non-U.S. Corporations Really Necessary? The Tax Court Underscores Why the Answer is an Emphatic “Yes”!
If a non-U.S. corporation is selling product to customers in the U.S. or is rendering services in the U.S., there is a strong possibility that it would be considered to be conducting a U.S. trade or business; and the profits derived from such transactions could be subject to U.S. federal corporate income tax under U.S. […]
What Might President Biden’s Proposed Tax Plan Include?
As Present Joseph Biden settles into the role of President of the United States, many are wondering how his proposed tax plan will look or change as his proposed recommendations make their way through the House and the Senate to ultimately become law. A general observation from the new President’s proposed plan is that it […]
Doing Business in the U.S. – Sales Tax Update and State Mandates
If you are selling products and/or services into the U.S., are you confident that you are collecting and remitting the correct sales tax on those sales? The U.S. Supreme Court landmark S. Dakota v. Wayfair, Inc. ruling nearly two years ago has caused 48 out of the 50 states to enact economic nexus thresholds for […]
SBA Posts Guidance on Eligibility for Different Relief Options
The U.S. Small Business Administration (SBA) posted a new webpage titled Cross Program Eligibility on SBA Coronavirus Relief Options on their sba.gov website. The webpage includes this chart, which summarizes the criteria that must be met by applicants when considering the following Coronavirus relief options: Paycheck Protection Program (PPP) Shutter Venue Operators Grant (SVOG) COVID-19 Economic […]
Nevada Tax Amnesty Program Starts February 1, 2021
The Nevada Department of Taxation has announced the tax amnesty program established by law in July 2020 will begin February 1, 2021, and run through May 1, 2021. The program is open to individuals and businesses and will waive penalties and interest upon full payment of eligible unpaid taxes, fees or assessments. Eligible taxes may […]
The Global Pandemic Heard Around the World: The Impact on Auditing Requirements
In March 2020, COVID-19 (“Coronavirus”) impacted every industry across the globe. Generally, most businesses were prepared for the impending work-from-home mandates across the world utilizing various technologies to “remote into” servers and keep the global economy afloat. Among the most well-prepared industries for remote work was the public accounting industry due to most public accounting […]
Success Story: Significant Tax Savings for Auto Dealer Client
Learn how Tronconi Segarra & Associates saved our auto dealership client hundreds of thousands of dollars in taxes. For information on how we can investigate potential tax savings for your dealership or business, contact John Callahan, Tronconi Segarra & Associates Tax Partner, at 716.633.1373 or click here to send us an email. Download a PDF […]
SBA Posts Guidance for Shuttered Venue Operators Grants
The Consolidated Appropriations Act, 2021 signed into law by President Trump on December 27, 2020, includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which provides $15 billion in funding for the U.S Small Business Administration (SBA) to establish a new Shuttered Venue Operators Grant (SVOG) program for eligible […]
Selling your real estate investment or vacation home in the U.S.? Beware of FIRPTA
As the calendar flips from 2020 to 2021, we are seeing an uptick in real estate transactions, specifically in the area of vacation homes or cottages. The travel restrictions that have been in place since early 2020 may play a part in this decision as well. If you are a foreign (non-U.S.) person looking to […]