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Resources

Tax Tips

  • IRS willing to consider requests for relief from double taxation related to repatriation
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS Issues 2020 Standard Mileage Rates
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • NEW TAX DEADLINE IN THE WORKS
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • The Three Step Process: Disaster Loans
  • Emergency Paid Sick Leave Act (EPSLA)
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Federal Income Tax Filing Date postponed to July 15
  • FAQs About COBRA Insurance Coverage
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • 2020 depreciation limits for cars and trucks are issued
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • Business Education Series: PPP Round Two – What You Need to Know
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • IRS Announces New Extended Tax Deadline for Individuals
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • CHILD TAX CREDIT
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • IRS Suspends Several Automated Collection Notices
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • Tax Law Changes effective 2022
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Taxability of Lawsuit Settlements
  • IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use
  • Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
  • IRS: Eligible employees can use tax-free dollars for medical expenses
  • Overview VA SIT update
  • IRS Advises Taxpayers To Be On The Lookout For New SSN Scam
  • IRS Provides Guidance on Paying Repatriation Tax
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

IRS Provides Guidance on Paying Repatriation Tax

The IRS posted information for taxpayers that have started paying their transition tax, also known as a repatriation tax, in installments.

In Q&A format, the agency advised taxpayers that it will “make every effort” to issue installment notices and payment vouchers for installments about six or eight weeks before the due dates. It provided instructions for making the payments and for handling transfer agreements and consent agreements.

The 2017 tax law created the transition tax, which applies to assets held overseas during the years since 1986. The tax, under tax code Section 965, can be paid in installments over eight years.

 

For more information, please feel free to contact us at info@millermusmar.com or call us at +1-703-437-8877.

Please feel free to contact us to discuss how we can work with you to achieve your goals.
MillerMusmar is committed to the professional standards of
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Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
Fax: 703-437-8937
info@millermusmar.com

Manassas, VA Office

MillerMusmar CPAs
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Manassas, VA 20109
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Texas, Office

MillerMusmar CPAs
11908 Yarmouth Lane
Fort Worth, TX 76108
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info@millermusmar.com

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MillerMusmar CPA’s
2100 Reston Parkway suite 400
Reston VA 20191
Email: info@millermusmar.com
Phone: (703) 437-8877
Fax: (703) 437-8937