Combat-zone contract workers qualify for foreign earned income exclusion

Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.

Manafort Trial FBAR Conviction Alert !

Manafort Trial FBAR Conviction Alert ! In the U.S. v. Paul Manafort trial, the jury reached a partial verdict finding Paul Manafort guilty on five counts of tax fraud and one count of failing to file foreign bank account reports (“FBARs”).

IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act

The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting.