A Government Accountability Office (GAO) report found that U.S. citizens who participate in foreign workplace retirement plans encounter difficulties in reporting their retirement savings for tax purposes. There are two reasons for this: complex federal requirements governing the taxation of foreign retirement accounts and a lack of clear guidance on how to report these savings. The report also noted that U.S. individuals in foreign retirement plans face problems transferring retirement savings when they change jobs. Read the highlights here: http://bit.ly/2pvLGmC
The Tax Cuts and Jobs Act liberalized the rules for bonus depreciation of business property. You may wonder if the changes mean that you should now use bonus depreciation rather than Section 179 expensing when writing off business assets. But some taxpayers may benefit more by expensing the property’s cost under Sec. 179 because it provides more flexibility in certain situations. The rules are complex. We’ll examine both options when preparing your return to ensure we choose the best option for your business.