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Draft Instructions for Form 1042-S Released by IRS (Updated for FATCA)

Draft Instructions for Form 1042-S Released by IRS (Updated for FATCA) On November 4, 2013, the IRS released draft instructions for Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding). The main change to Form 1042-S is to modify the form for the reporting of payments and amounts withheld under the Foreign Account Tax...
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Startup Entrepreneurs – 10 Thinking Points

Startup Entrepreneurs – 10 Thinking Points “The answer is 10.” Ted Sable, Ernst & Young Growing up in Ernst and Young, we were afforded some of the most unique training resources in the world. One such resource was Ted Sable; an EY instructor who taught us soft skills around a subject called management development. Now,...
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Giving Back: Out of Africa, Part 2

Giving Back: Out of Africa, Part 2 Kathy Sikora Accountant WithumSmith+Brown Princeton, NJ   After just participating in my very first Withum Week of Caring, I am reminded of the wonderful experience that I had in Africa this past July. Some of you might remember reading a previous post by Doris Martinez that shared her...
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Equity Sharing 101 for Startups

Equity Sharing 101 for Startups Guard: “The warden would like to make a little investment in your production.” Bloom: “Tell him he owns 50% of the show.” Last scene from The Producers (original version) So, another week has passed and I am reflecting on the content of meetings with new clients and prospects. Not surprisingly,...
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U.S. Signs Agreement with Costa Rica to Fight Offshore Tax Evasion

U.S. Signs Agreement with Costa Rica to Fight Offshore Tax Evasion Costa Rica is not only a place where we all dream about purchasing that vacation getaway while we watch a “House Hunters International” marathon on a lazy Sunday morning. It was a place where many Americans hid money in offshore accounts, until recently. The...
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Perfect Pitch – Get Your Mechanics Right!

Perfect Pitch – Get Your Mechanics Right! Moses: The Lord, the Lord Jehovah has given unto you these fifteen… [drops one of the tablets] Moses: Oy! Ten! Ten commandments for all to obey! From the movie History of the World It seems popular to use lists to convey ideas and 10, for some reason, is...
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Finance That Matters Winter 2013

Finance That Matters Winter 2013 Investment Migration I tell my New York City resident clients, “You may live in a high tax state but your investments don’t have to.” Intangible assets, like stocks and bonds, can be moved to a separate taxable entity in a low or no-tax state like Delaware or Nevada. This type...
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Another Investor in Trader Clothing

Another Investor in Trader Clothing Back in October I blogged about Mr. Endicott who got himself embroiled in a skirmish with the IRS over his status as a trader or investor for tax purposes -[https://frankandtothepoint.com/2013/10/09/clearing-back-the-brush-between-trader-and-investor/]. The Tax Court took a detailed look at Mr. Endicott’s activities, counting his trading days, number of trades, calculating an...
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