On the 25th January, the IRS released an advanced version of Rev. Proc. 2018-13, setting forth the unpaid loss discount factors and salvage discount factors for the 2017 accident year.
The discount factors provided are to be applied to calculate discounted paid losses under section 846 and the discounted estimated salvage recoverable under section 832.
Legislative changes to discounting rules
The Revenue Procedure 2018-13 document also shows changes to section 846/ These changes are effective for the tax year beginning December 31, 2017 and reflect amendments that were made too the annual rate under section 846(c) and to the computational rules for loss payment patterns under section 846(d). Also, the new tax law repealed the section that allowed the taxpayer to use its own historical loss payment pattern, instead of the pattern published by the Treasury Secretary.
A transition rule means that, for the tax year beginning December 31, 2017, the unpaid losses and expenses and losses unpaid at the end of the preceding tax year will be determined as if the amendments made by the new tax law had applied to such unpaid items in the preceding tax year and by using the interest rate and loss payment pattern applicable to accident years ending with the 2018 calendar year.
If you have made energy saving alterations to your home during 2017, you are able to claim costs of the alterations on a Form 5695.
As an American living abroad it is essential that you stay in like with your US tax obligations in order to avoid unnecessary penalties and stress. This article offers a guide on what documents American Expats need in order to file their US expat tax returns. These documents are not only necessary to finalize your US expat tax return, but also to protect yourself in the event of an Audit from the IRS.
As a American living in the UK it is normal and expected to become homesick from time-to-time. While the Americans and English have many similarities in terms of lifestyle and interests, there are always going to be some differences that are likely to make any American feel slightly homesick.
Britain may well have one of the best tea selections in the work, however many Americans wake up craving nothing but an an omelet and a hot cup of filtered coffee.
Below we have put together a guide on London’s top spots for any homesick American living in the London:
Under the Tax Relief and Job Creation Act of 2010, the energy efficient appliance credit was modified and extended. This means that tax credit can be claimed for each type of qualified energy efficient appliance produced by the taxpayer during the 2011 calendar year ending with or within the taxpayer’s taxable year.
As an SME in the Creative Industry in the United States, they are eligible to certain tax reliefs. Like all SME’s in the US, an enterprise is eligible to a tax deduction for qualifying charitable donations.
As a US accountant to creative industry professionals, we understand that travel and varying bases is a huge factor of many creative industry jobs. Whether you’re an actor who has had to move to the other end of the country for a production contract, or a musician that is touring the US, we are expert in your tax matters.
On May 25th 2018, the IRS announced several changes in the Tax Cuts and Jobs act that affect moving, mileage and travel expenses.
We would like everybody to take a moment for everyone to watch this thought-provoking video put together by Marketing Agency BMB for Campaign to End Loneliness.
Just like US Citizens and Green Card holders, US businesses must report and pay tax on their worldwide income. The individual filing requirements of each entity can be dependent on a number of factors. This article aims to break down the basics of the filing requirements for common types of foreign entities.