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2014 FBARs Must Be Received by Treasury by June 30, 2015 and Other Important Information

The U.S. government has become increasingly concerned about, and focused on, offshore tax evasion. One tool the government has to combat tax evasion is the Report of Foreign Bank and Financial Accounts (FinCEN Report 114, commonly referred to as FBAR). There are strict rules and severe penalties for failure to timely file FBARs. We have […]

CRIMINALS OBTAINED INFORMATION ON 100,000 TAX ACCOUNTS THROUGH THE IRS “GET TRANSCRIPT” PROGRAM

The IRS announced last week that criminals had attempted to access about 200,000 accounts in its Get Transcript online application and successfully obtained information from about 100,000 of those accounts. About 23 million taxpayers used the online Get Transcript application this past filing season. What information was available through this IRS application depends on what […]

OOPS! BUT IT’S ONLY 800,000 Feb 20

Today, the Centers for Medicare and Medicaid Services (“CMS”) announced that approximately 800,000 taxpayers who received health care coverage through theHealthcare.gov were sent wrong information on their Forms 1095-A.  The “second lowest cost Silver plan” benchmark amount is wrong.  The CMS urges people receiving 1095-A to wait until the first week of March to file […]

IRS Makes it Easier for Small Businesses to Apply Tangible Property Regulations to 2014 and Future Years Feb 16

On the afternoon of Friday, February 13, 2015, the Internal Revenue Service (“IRS”) made it easier for small business owners to comply with the final tangible property “repair” regulations (“Regulations”).   Revenue Procedure 2015-20 allows small businesses to change a method of accounting under the Regulations on a prospective basis for the first taxable year beginning […]

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, […]

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