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JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa: PENALTY ABATEMENT OVERVIEW | Jeffrey B. Travis CPA For a CPA firm, penalty abatement can be challenging. Between IRS notices as well as sta...

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...

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Jeff Travis, CPA | JeffreyBTravis.com | 847-267-0300

jeffreybtravis.com | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | 847-267-0300: INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVER...

jeffreybtravis.com | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | 847-267-0300: INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVER...: INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVERYDAY CLIENT | Jeffrey B. Travis, CPA There are various forms to consider to report a U.S. ...

JEFF TRAVIS CPA | jeffbtravis.com

JEFFREY B. TRAVIS | jeffreybtraviscpa.com

JEFFREY B TRAVIS CPA | jtraviscpa.com | 847-267-0300

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFIT...

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFIT...: GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFIT ENTITIES | Jeffrey B. Travis, CPA The AICPA has published its audit and accounting guide...

Jeff Travis, CPA | jeffreybtravis.com

Jeffrey B. Travis | jtraviscpa.com

Jeff Travis CPA | jtraviscpa.com

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Jeffrey B. Travis

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Jeff Travis CPA

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE: ENHANCED DEPRECIATION DEDUCTIONS-UPDATE Business may immediately elect to deduct up to $500,000 of the cost of qualifying asset acquisit...

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Jeffrey B. Travis | jtraviscpa.com

CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES

Section 1031 of the Internal Revenue Code provides taxpayers the ability to transfer or exchange investment property for new property without incurring income tax on the gain. No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchange solely for property of like-kind which is to be held either for productive use in a trade or business or for investment.

Requirements are:

1)    There must be an exchange
2)    Both the property being sold(“Relinquished Property”) and the property being acquired (“Replacement Property”) by the taxpayer must be held for productive use in a trade, or for investment
3)    The Relinquished Property and the Replacement Property must be of like-kind.

Section 1031 does not apply to an exchange of any of the following:

1)    Stocks-in-trade or other property held primarily for sale
2)    Stocks, bonds, or notes
3)    Other securities or evidence of indebtedness or interest
4)    Interests in a partnership
5)    Sale of primary residence

Section 1031 allows a taxpayer:

1)    45 calendar days after the date on which the taxpayer transfers the Relinquished Property to identify the replacement property.
2)    To close the Replacement Property 180 days after the closing of the sale of the Relinquished Property.

These transfers or exchanges are complex. Please feel free to contact my office.

Buffalo Grove, IL 60089 | CPA Firms

List of Certified Public Accountants in Buffalo Grove, IL 60089

Travis & Warzala, Ltd.
Bronswick, Reicin Pollack; Albert & Goodman; Weltman Bernfield, LLC

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS CPA

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms: List of Certified Public Accountants in Winnetka, IL 60093: Travis & Warzala, Ltd. GLG Accounting

FEDERAL SALES TAX LEGISLATION PROPOSALS

A CPA always needs to be updated regarding managing compliance processes and tracking trends in the sales tax compliance environment. The following is a summary:

1) Potential National Legislation on Remote Sales
2) Potential US Supreme Court Action on Remote Sales
3) The States Tax Collection Obligation

The question that always arises is where are you obligated to collect sales tax?

1) Nexus: the legal connection that triggers an obligation to collect sales tax
2) The proposed legislation and potential court decisions that may come will not affect your obligation to collect sales tax in those states

There are three versions submitted or in draft for potential congressional action

1) Marketplace Fairness Act of 2015
2) Remote Transactions Parity Act of 2015
3) Online Sales Simplification Act( Draft only)

The future for all businesses will be the request for the desire for clarity and predictability for sales tax collection.