Brady Ware News

U.S. Residency Certification Request Fee Rises

User Fee Rises for Some U.S. Residency Certification Requests The user fee for processing residency certification made on Form 8802 (“Application for United States Residency Certification“) is increasing from $85 to $185 for non-individual taxpayers. This is effective for forms postmarked on or after December 1, 2018. The announcement was made in IRS Revenue Procedure…

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IRS Increases Retirement Contribution Limits

IRS Ups the Ante on Retirement Contributions Every year, the IRS releases cost-of-living adjustments to qualified retirement plan amounts. For tax year 2019, many of the limits applicable to pensions and other retirement plans will increase. But some will remain unchanged from 2018. Annual Adjustments The following limits will increase for 2019 based on the…

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4 Year-End Strategies to Lower Your Personal Tax Bill

4 Year-End Strategies to Lower Your Personal Tax Bill The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went…

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Major Changes to Revenue Recognition

The Way Technology Companies Recognize Revenue is About to Change Significantly by Andrew Walker, CPA For many technology entities, top line revenue is one of the most important metrics for both business owners and investors. Murky guidance and lack of comparability with international reporting has long been a complaint from the readers of financial statements….

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Proper PFIC Reporting

IRS Advises Taxpayer on Verifying Proper PFIC Reporting In an Information Letter, the IRS has advised a taxpayer, who sold his interest in a passive foreign investment company (PFIC), on the steps to take to verify that he’d properly reported his PFIC transaction and, presumably, determine whether he’s due a refund. PFIC rules were enacted…

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