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Notable Changes to FBAR Filing for the Upcoming June 30 Deadline
Posted by Robert Kerr on Thu, May 29, 2014 @ 09:23 AM

New Form 114 Electronic Filing Requirement

In September 2013, the Financial Crimes Enforcement Network (FinCEN) introduced Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Form 114 is still required to be submitted to FinCEN before June 30, but it now must be filed electronically by using a registered tax software program or by using the Bank Secrecy Act (BSA) E-filing System. The electronically filed Form 114 replaces Treasury Department Form 90-22.1, which was paper filed with FinCEN in previous years.

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Topics: Robert Kerr, FBAR, Form 114

Real Estate Sales: Capital Gains or Ordinary Income?
Posted by Kevin Wulff on Tue, May 27, 2014 @ 09:08 AM

A recent Tax Court decision has provided a good set of guidelines when considering whether a sale of real estate is an investment activity or a trade or business. In Pool v. Commissioner, TC Memo 2014-3, the court held in favor of the IRS, deciding that the income was trade or business ordinary income, not capital gain. Although the facts and lack of proof in this case strongly favored the IRS, the case provides insight on what to avoid when structuring a real estate transaction.

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Topics: tax update, Kevin Wulff, real estate, capital gain

New Market-Based Sourcing Rules May Significantly Impact Architecture and Engineering Firms
Posted by Tarra Curran on Mon, May 19, 2014 @ 09:02 AM

Authors: Tarra Curran, CPA, MST and Dave Swan, CPA

Last July Massachusetts’ lawmakers voted to switch the rules for sourcing sales of services in its income apportionment formula, moving from a statutory “cost of performance” method to a “market-sourcing” approach. Architecture and engineering firms have been using the cost of performance method for quite some time so this rules change represents a significant change in how they will apportion their income.

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Topics: David Swan, Tarra Curran, Market-Based Sourcing in Massachusetts, Market-Based Sourcing

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