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True story, fictitious names: Jan and Michael Branson are an affluent couple, living in Florida and nearing retirement. They’re also clients.
The Branson’s 2010 federal income tax filing had been extended and, in October of 2011, they attempted to file their tax return electronically. They were expecting an $80,000 refund. Even so, they were surprised but not alarmed when their electronic filing was rejected. They assumed it was a small glitch in the transmission when the IRS claimed that a tax (continue reading…)
Voluntary disclosure programs work, for the IRS and for U.S. taxpayers.
The IRS has already collected a total of more than $4.4 billion as a result of two previous offshore voluntary disclosure programs—one in 2009 and a second in 2011. Last month, the IRS reopened the program for persons with undisclosed offshore bank and financial accounts.
If you still have foreign accounts that you haven’t disclosed on your federal tax filings, you have a new opportunity to become current with the IRS. As (continue reading…)
International tax evasion: In this time of economic crisis for many countries around the world, anti-fraud measures at the individual and corporate level are a major focus for governments and their taxing and regulatory authorities.
Recently, the U.S. government has launched major initiatives to disclose unreported income from foreign assets, which has been estimated to cost the federal Treasury between $40 billion and $70 billion in individual income taxes alone.
If you have a financial interest in, or signature authority over, a (continue reading…)
As a result of federal legislation passed in 2001, the estate tax was initially repealed for persons dying in 2010.
The Tax Relief Act of 2010 restored the federal estate tax for 2010 with a maximum tax rate of 35 percent and a per-person exemption of $5 million. It also provided an option: Estates of persons who died in 2010 could elect an estate tax rate of zero, along with a carryover basis for the assets rather than a stepped-up basis.
To (continue reading…)
Neither a borrower nor a lender be, advised William Shakespeare—and in these volatile times it’s tempting to follow his advice. But even in this economy, borrowing can be the best financial strategy.
With today’s historically low interest rates, refinancing a mortgage makes financial sense for many homeowners. To know if it’s the best possible choice for you, it’s important to base your decision on more that just a lower monthly payment.
Making the Decision to RefinanceYou’ve probably heard it said that refinancing doesn’t make financial (continue reading…)
Bader Martin turns 21 this fall!
Join us in celebrating our anniversary at our annual open house on Thursday, November 17 between 4:00 p.m. and 7:00 p.m.
An RSVP for the open house is required. Please phone Megan at 206.621.1900 or email us at rsvp@badermartin.com.
Validated parking will be available in both of the parking garages in our building. You can enter from either Spring or Madison, between Second and Third Avenues.
Click here for driving and transit directions.
Change is in again, at least when it comes to the federal tax code.
Recently, the IRS published the federal tax amounts for the coming calendar year. Unlike last year, many of the inflation-adjusted tax amounts have been adjusted upward.
As taxes impact most of your business and financial decisions―and many of your personal ones―planning for them is crucial to your tax and transaction planning for the coming year.
The following guide includes many of the most important tax amounts for 2012 and compares them to the (continue reading…)
We’re in for a cold, stormy winter in the Pacific Northwest according to the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center, as well as a variety of other long-term forecasts.
That makes the next few months a great time to replace doors or windows in your home, add insulation, or even install a new furnace or a heat pump. It’s an even better idea when you consider that a federal income tax credit designed to foster such energy-efficient home (continue reading…)
Virtually unheard of just 30 years ago, cell phone use in the U.S. has exploded since the first 150-user trial in D.C. and Baltimore in 1981. Now, for most of us, it’s unimaginable to function without one.
If your business provides employees with cell phones for business use—or reimburses employees for the business use of their personal cell phones—you’ve been subject to tax rules and recordkeeping requirements mandated by the IRS. If you’re an employee, the value of the cell phone (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Not-for-Profit Practice, Personal Wealth Planning Services, Professional Practices Group, Tax Services, Technology Group
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Tagged Business Tax, IRS, Legislation, Personal Finances, Personal Tax
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As many as 200,000 people in Seattle work without paid sick leave. A controversial new ordinance addresses the concern of some that employees without sick leave can’t afford to stay home when they or their family members are ill, and therefore risk prolonging or intensifying their illnesses or spreading infectious diseases to those around them.
This month, Seattle joined Washington, D.C., San Francisco and the State of Connecticut in mandating paid sick leave. Similar legislation is proposed in California and Massachusetts, (continue reading…)
Posted in Business Consulting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Employee Benefit Plans, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group
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Tagged Compensation, Operations
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