Category Archive: Uncategorized

Tangible Property Regulations Complicate Tax Return Filing

New Tangible Property Regulations May Require More Time and Expense to File 2014 Income Tax Returns of Many Taxpayers The Internal Revenue Service recently issued final tangible property “repair” regulations and disposition regulations (“Regulations”).   These broad Regulations will likely impact most taxpayers in all industries.   These Regulations generally apply to taxable years beginning on or […]

Frivolity Abounds

The Internal Revenue Service recently unveiled its annual “dirty dozen” of top tax scams for 2015.  The twelfth scam made public was frivolous tax arguments.  The IRS takes such frivolity seriously. Last month, the IRS released its 2015 version of The Truth About Frivolous Tax Arguments.  The publication addressed forty-four such arguments.  Some are relatively […]

65-Day Election for Trusts Feb 6

Deadline Approaches for Distributions Eligible for 65-Day Election byCalendar-Yearend Complex Trusts and Estates:  March 6, 2015 The fiduciary of a complex trust or estate can elect annually to treat amounts paid or properly credited by the complex trust or estate to a beneficiary within the first 65 days following the close of the tax year […]

My Take on President Obama’s State of the Union Tax Proposals

Okay. I understand that most of President Obama’s tax proposals are just positioning for the 2016 presidential election on behalf of the progressive wing of the Democratic Party. Rest assured that most of his proposals will not see the light of day for the next two years with Republicans in charge of both houses of […]

We’re Stars!

Maybe it’s because I spent the holiday season taking my wife to the movies, (she claimed that the last show I took her to was “Gone with the Wind” when it was first released), or maybe it’s because I watched the Golden Globes last night ( to see Tina Fey and Amy Poehler have some fun) […]

CONGRESS PASSES EXTENDERS PACKAGE

On December 16, the Senate approved HR 5771 – the Tax Increase Prevention Act of 2014 (“TIPA”).  President Obama has indicated that he will sign TIPA as soon as the bill hits his desk.  TIPA extends through 2014 more than 50 tax incentives.  These incentives expired at the end of 2013.  TIPA does not make […]

IRS ANNOUNCES 2015 RETIREMENT PLAN LIMITS Oct 24

The Internal Revenue Service announced yesterday contribution limitations for 2015 – some higher – for retirement plans and other updated information related to retirement planning.  Key items include the following: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from […]

Pizza, Anyone?

Hiring your kids can save you taxes. If you hire your children, they are under 18 years old and your business is unincorporated, neither the business nor the kids have to pay Social Security or Medicare taxes on their wages. Shifting income to your children this way can also reduce your family’s income tax bill, […]

This is a Good Summer Beach Read!

Oh boy, oh boy!  Last week the IRS released the 2012 individual statistics of income, known to us tax nerds as Pub 1304.  Once again, I curled up on the couch with this 340 page document for a good read. (I am back from the beach already and hunkered down for the extended return filing […]

OH, COME ON, MR. PRESIDENT

Today’s Accounting Today has an article entitled “Obama Blames Accountants for Inversion Trend.” During a press conference yesterday, President Obama said the following: “You have accountants going to some big corporations – multinational corporations but that are clearly U.S.-based companies – and these accountants are saying, you know what, we found a great loophole – […]