Tag Archives: taxes
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Tax Planning for Nonresident Aliens Who Own US Property
Individuals who are not citizens or residents of the United States, known as nonresident aliens (NRA), need to be aware of the U.S. estate and gift taxes that will be applicable to their U.S. fixed assets, for example, U.S. real estate. If an NRA owns fixed assets located in the ... Read More
TAGGED: trust & estates, irs, nonresident aliens, property, qdot, real estate, taxes
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Exempt Organizations: Tax Reform Provisions to Watch
Part II: Senate and House proposals By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Joint Committee on Taxation released the Senate’s “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” on November 9, 2017. The Ways and Means Committee of the U.S. House of Representatives previously released its long-awaited tax bill on November 2, ... Read More
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Exempt Organizations: Tax Reform Provisions to Watch
By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Ways and Means Committee of the U.S. House of Representatives released its long-awaited tax bill on November 2, 2017. The bill is entitled Tax Cuts and Jobs Act, H.R. 1 (“TCJA”). Note that there is nothing in the title referencing “tax simplification”. The full text of the bill ... Read More
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Forgiven Debt – Taxable to the Borrower?
Generally, if a borrower is required to pay a sum certain at a specific time, the obligation is considered “debt” under the Internal Revenue Code. If the lender forgives a portion, it has “cancelled” the debt and the borrower must declare and take into income the dollar amount cancelled. A lender may unilaterally decide that a debt is not collectable ... Read More
TAGGED: chapter 7, Federal taxes, tax, debt, bankruptcy, irs, taxes, 2016 taxes, 2017 taxes, chapter 11