For the past few years, year-end tax planning has been challenging due to the lateness of action by Congress. This year is no different because of uncertainty over whether Congress will extend any of the many expired or expiring tax provisions. However, regardless of what Congress does later this year, solid tax savings can still…
Details
If you are considering installing a solar electric system or solar hot water system for your home, there are tax issues you should consider when making your decision. First of all, there is a very lucrative non-refundable federal tax credit for 30% of the cost of the system with no maximum. So for example, if…
Details
Internal Revenue Service Advisory Council (IRSAC) held its annual public meeting this week and released its annual report for 2015 to the IRS Commissioner. The report includes recommendations on a wide range of tax administration issues. The IRSAC is an advisory group to the entire agency. The IRSAC’s primary purpose is to provide an organized…
Details
With the wild fires and draught in the West and flooding on the East Coast, we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a casualty, you may be able to recoup a portion of that loss through…
Details
The IRS sends many, many, many, letters and correspondence before they levy or garnished any Taxpayer’s wages, bank accounts, or other assets. Many taxpayers take the ostrich approach and ignore the problem, in hopes that it will go away. If you’re facing an IRS Problem, appropriate action can go a long way towards resolving it!…
Details
CFO Wanted With REIT Expertise (Dallas/Ft. Worth, Texas) We are currently conducting a search for a CFO who will be accountable for the administrative, financial, and risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control…
Details
According to Law360 (subscription required), an ex-managing director at corporate acquisition business MidCoast Financial Inc. was found not guilty by a Pennsylvania federal jury on Wednesday over his alleged involvement in a complex $200 million corporate tax fraud scheme. Donald Stevenson of North Palm Beach, Fla., 58, was cleared after a six-day trial on charges…
Details
On September 23, 2015, we posted “Some Nonresidents with U.S. Assets Must File Estate Tax Returns” where we discussed that deceased nonresidents who were not American citizens are subject to U.S. estate taxation with respect to their U.S.-situated assets. Many foreigners owning property or assets in the United States are in violation of 706-NA filing…
Details
Saving for retirement is one of the most important things you should do. Even though retirement may seem far away now, that time will eventually arrive and you will want to be prepared for it with adequate savings. Contributing to tax-advantaged retirement plans while you are working is one of the best ways to build…
Details
In this day and age, with businesses going global and worldwide travel being so easy, it is becoming more and more common to see marriages occurring between a U.S. citizen/U.S. resident alien and a resident of another country. These marriages trigger significant tax consequences. U.S. resident aliens are individuals who have become permanent U.S. residents…
Details