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The IRS on March 27 announced that starting May 13, 2019, as part of its ongoing security review, only individuals with either a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) may be listed as the ‘responsible party’ on an entity’s Employer Identification Number (EIN) application, i.e., Form SS-4. This requirement to …

IRS revises EIN application process to enhance security, transparency Read More »

The Internal Revenue Service (IRS) in December 2017 released a revised Form SS-4, Application for Employer Identification Number (EIN), and accompanying instructions.The revisions provide much needed clarity to applicants with respect to completing certain entries on the form. The most noteworthy change is the new requirement that only an individual, and not an entity, may …

Revised Form SS-4 instructions provide needed clarity to EIN applicants Read More »

The Internal Revenue Service and Treasury Department released their final regulations on a major international tax provision, the Foreign Tax Credit. Here’s what you need to know if you claim foreign tax credits. What is the foreign tax credit? The foreign tax credit is a non-refundable tax credit for income taxes paid or accrued to …

IRS Rules on Foreign Tax Credit Read More »

SSN, ITIN and W8-BENs are important to understand as you navigate your international tax responsibilities. We dive in here. SSN – A Social Security Number (SSN) for your child can equal refundable tax credits. ITIN – An Individual Tax Identification Number (ITIN) for your NRA (non-resident alien) spouse, dependent(s) or other U.S. tax residents which …

SSNs, ITINs, and W8-BENs: What’s the Difference? Read More »

Taking a client out to lunch? Under the Consolidated Appropriations Act, the full costs of meals provided by a restaurant that have a business purpose are now 100% deductible. What is the meals and entertainment tax deduction? It’s no secret that sometimes the best business deals and conversations happen over lunch, during a round of …

New 100% Business Meal Deduction Read More »

Have you applied for forgiveness on your First Draw PPP Loan? If the answer is NO, your first payment on your PPP loan is due soon. it has been 18 months since our first blog about the CARES Act and PPP loans. If you have not applied for forgiveness on your First Draw PPP loan, …

First PPP Loan Payments on Unforgiven First Round PPP Loans are Set to Begin This Month Read More »