Brady Ware News

New York State and Local Tax Updates May 2019

Property Tax Bill Challenge Deadline: May 28 May 15, 2019 Not so fast, said the New York State Tax Department, Criminal Investigation Division. On March 1, 2019, a New York taxpayer was arrested and faces charges that she falsified her tax returns. In March 2018, she first filed a return showing wages of $7,500 and…

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California State and Local Tax Updates May 2019

Retailers selling to California residents must collect sales tax May 22, 2019 Attention, retailers selling to California residents: Due to the 2018 U.S. Supreme Court decision (South Dakota v. Wayfair, Inc.), retailers that lack a physical presence in a state but do have “substantial nexus” there must collect sales tax. Each state is able to…

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Three Ways to Get Tax Breaks for Home Improvements

Three Ways to Get Tax Breaks for Home Improvements Are you planning to make substantial renovations to your home? You may be adding a deck or patio, finishing a basement or attic or installing a pool. Despite some changes in the Tax Cuts and Jobs Act (TCJA) that may discourage homeowners, you can still realize…

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Offsetting Foreign Currency Option Transaction Had No Economic Substance

Offsetting Foreign Currency Option Transaction Had No Economic Substance The U.S. Court of Appeals for the Fifth Circuit recently handed down a decision in Tucker v. Comm., a case involving foreign currency options. In it, the appellate court affirmed the U.S. Tax Court’s position that a complex offsetting foreign currency option transaction had no economic…

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Delinquent Taxpayers May Experience Passport Issues

Delinquent Taxpayers May Experience Passport Issues Let’s say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. The person may not be able get a passport if he or she owes the government a significant amount…

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