by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, Tax Compliance - High Net Worth Individuals
In January 2014, the Economist magazine indicated that Foreign Account Tax Compliance Act (FATCA) would negatively impact the Miami Financial District. They indicated that Miami had lots to lose from Latin American money deposited in Miami’s financial district...
by cpaofmiami | Dec 8, 2014 | Condominium and Homeowner Audits - Real Estate Accounting, Tax Compliance - High Net Worth Individuals
The “average family selling a home” for the first time and moving on to South Florida will not need to worry about capital gains. According to the IRS, when you sell your primary residence (the key word here is primary residence or the home you actually...
by cpaofmiami | Dec 8, 2014 | Condominium and Homeowner Audits - Real Estate Accounting
Tis the season for condominium associations and homeowner associations to get prepared for complying with Florida Statutes. For the typical condominium complex, now is the time to contact a Florida CPA firm that focuses on real estate accounting requirements. Most...
by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes, Tax Compliance - High Net Worth Individuals, Uncategorized
It is getting harder and harder to hide bank deposits in other countries. Recently, 51 nations agreed to automatically exchange tax information in 2017. This agreement was led by Europe’s five biggest economies and appears to be like the United States version of FATCA...
by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
As our world has become more global in scope and United States citizen are living abroad regularly, the new tax laws that were designed to close tax loop holes have caused record numbers of U.S. citizens to abandon their American citizenship which is unfortunate. The...
by cpaofmiami | Dec 5, 2014 | Condominium and Homeowner Audits - Real Estate Accounting, Tax Compliance - High Net Worth Individuals, Uncategorized
On December 3, 2014, The House passed the one-year extension of the tax extenders package. Once passed by the Senate and signed into law, the House bill will likely extend the incentives through 2014. For our real estate developers, commercial property owners, and...
by cpaofmiami | Dec 4, 2014 | Condominium and Homeowner Audits - Real Estate Accounting
The primary purpose of an audit is to assure users of the financial statements that these statements are reliable. When is a Condominium Association Required to Have an Audit? Florida law requires condominium, cooperative, and homeowners’ associations to have...
by cpaofmiami | Dec 4, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
The Internal Revenue Service (IRS) is now looking at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets. Effective July 1, 2014, the U.S. government will start imposing 30 percent taxes on many overseas...
by cpaofmiami | Dec 3, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
In an effort to prompt United States taxpayers with hidden offshore accounts to come clean regarding the existence of those accounts, the Internal Revenue Service, or IRS, launched its “Offshore Assets Disclosure Program”. By 2012, the IRS claimed to have recovered...
by cpaofmiami | Dec 2, 2014 | IRS Tax Problem Resolution - Back Taxes
You may know someone who’s been through an IRS audit. You’ve at least heard that it can be a grueling, complex process. But how much do you really know about this potentially-unpleasant procedure? Here’s some of what every business owner should know. What is an IRS...
