By: Coleman Jackson, Attorney, Certified Public Accountant December 16, 2019 Recently I came across a United States Tax Court memorandum decision dated November 25, 2019 involving a South Dakota farmer with a cutting horse and seed business. The issues in the case that struck me were (1) whether the taxpayer’s cutting horse activity was an…
By Coleman Jackson, Attorney & Certified Public Accountant November 20, 2019 During this past summer, the Taxpayer First Act (“TFA”) became U.S. tax law. The U.S. Congress’ stated purpose of implementing the Taxpayer First Act was to modernize and improve the Internal Revenue Code of 1986. From a bird’s eye view, the following are three…
By: Coleman Jackson, Attorney, Certified Public Accountant October 11, 2019 The United States Congress first established the EB-5 immigrant visa classification in 1990 by enacting Public Law 101-649, 104 Stat. 4978. The stated purpose of the law was to encourage foreign investors to make capital investments in the United States to grow the economy and…
By Coleman Jackson, Attorney, Certified Public Accountant September 16, 2019 Texas imposes a 6.25 percent state sales tax and use tax on all retail sales, leases and rentals of most goods and some services that are either sold in Texas or used in Texas. Cities, Counties and Transit Authorities can charge up to 2%…
By Coleman Jackson, Attorney, Certified Public Accountant September 10, 2019 The Earned Income Tax Credit or EITC is designed to assist working class families with children by putting money in their pockets. The EITC is a tax credit, not, a tax deduction. The difference is huge! A tax credit is a dollar for dollar…
By Coleman Jackson, Attorney, Certified Public Accountant August 21, 2019 Ever heard of the Fixing America’s Surface Transportation (FAST) Act of 2015? Well, under FAST the IRS has the authority to notify the State Department of taxpayers certified as owing the federal government. A significant tax debt is currently defined as a delinquent…
By: Coleman Jackson, Attorney, Certified Public Accountant July 16, 2019 The 1970 Currency and Foreign Transactions Reporting Act, which is otherwise known as the Bank Secrecy Act requires U.S. residents, citizens and businesses with foreign bank accounts and certain other overseas assets to report those interest to the Financial Crimes Network annually on Form…
By Coleman Jackson, Attorney and Certified Public Accountant June 10, 2019 The Holy Bible at 1 Timothy 6:17 says that God gives to us richly all things…. It is a blessing to be able to give. Giving is an expression of gratitude and love. It is good to give. Every relationship should be based on…
By: Coleman Jackson, Attorney, Certified Public Accountant May 16, 2019 The United States Treasury has collaborated with over seventy countries to enforce the Foreign Tax Compliance Act (FATCA) which became U.S. tax law in 2010. FATCA in a nutshell requires Specified Individuals with foreign assets over a certain threshold amount to report those…
By: Coleman Jackson, Attorney, Certified Public Accountant May 06, 2019 Statement of Specified Foreign Financial Assets is Department of Treasury (internal Revenue Service’s Form 8938. Form 8938 is filed with the taxpayers’ annual tax return. Internal Revenue Code Sec. 6038D mandates that specified individuals, who include U.S. citizens, resident aliens, and certain non-resident aliens…
April 08, 2019 By Coleman Jackson, Attorney, Certified Public Accountant Texas is a community property state, which means that income earned by either spouse during their marriage is an item of community income. Under federal tax law, each spouse is liable for federal taxes on community income regardless of which spouse earned the…
By Coleman Jackson, Attorney, CPA March 15, 2019 Internal Revenue Code Section 3101 imposes on the income of every individual a federal tax equal to 6.2 percent of the wages received by the individual with respect to employment. The Code also imposes a 1.45 percent hospital tax on every individual who receives wages regardless…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking immigration assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.