The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt - you may be unable to attain a new passport or renew your existing one.This applies to taxpayers with a “seriously delinquent tax debt” defined as exceeding $51,000, and for which a notice of lien has been filed. Individuals who receive IRS Notice CP508C should take action to address their tax debt or they may find their travel plans interrupted due to an ability to get a new passport. (The IRS also stated that Powers of Attorney will not receive a copy of Notice CP509C.)

Read more: If You Owe, You Won’t be Allowed to Go

Author: Alison Palmer

Wealthy individuals and families are seeking alternative routes to trusts to pass on their wealth tax efficiently. With corporation tax rates being relatively low currently and set to reduce further, many are considering the opportunities a FIC presents in terms of succession planning.

Read more: How can a Family Investment Company (FIC) be used for inheritance tax planning?

Mercer & Hole Audit and Business Advisory Partner, Andy Turner has considerable experience of the media sector and has advised many film and television production clients over the past 29 years. Working Title Films, Universal, ITV are amongst those who have benefitted from Andy’s commercial insight, technical expertise and dedication to excellent client service. Andy is also a BAFTA member – he is no ordinary accountant!

Here, Andy looks at some of the tax reliefs which can benefit British film and television production companies, which can help them to continue to produce high quality and award-winning work now and in the future.

Read more: Film and television tax reliefs for production companies

Author: Helen Brown, International Tax Director

The continued ambiguity surrounding Brexit is an issue that is affecting many different businesses in a variety of different ways, and the international tax implications of Brexit should also be considered.

There are many uncertainties surrounding Brexit and with the current exit strategy unclear, if your business carries out work in the European Union (EU), it is worth considering the taxation consequences Brexit could have for your business.

Read more: Brexit – The International Tax Implications

Tax planning for high-net-worth individuals has never been one size fits all. But since the signing of the Tax Cuts and Jobs Act (TCJA), those in the higher brackets are concerned that losing key deductions and other changes will leave them worse off. Is that really the case?

While it’s true changes to some coveted tax items stand to impact this class of taxpayers, Sue McGovern, co-chair of Cohen & Company’s Family Wealth Group, says it’s the totality of deductions and changes to the law that has to be considered to know where taxpayers stand.

Below is an interview adapted from Taxonomics magazine in which McGovern shares why not to assume the worst and how taxpayers may even help bring out the best in the TCJA.

Read the entire article