Category Archives: High Net Worth Practice
Subject to FBAR Reporting? Final Regulations Change the Rules for June 2011 Filings
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account in 2010—or had signature authority over a foreign account owned by a domestic entity, such as a corporation, partnership or trust—you may be subject (continue reading…)
Recent Developments Have You Rethinking Reverse Mortgages?
“It’s tough to make predictions, especially about the future.” Of course, Yogi Berra was mangling the English language while talking baseball, not retirement planning, but the concept applies.
In these turbulent times it’s become increasingly difficult for many couples to predict, and then secure, the money they’ll need to support themselves after retirement. For some seniors, it’s been impossible. And for a portion of those seniors, sometimes referred to as cash-poor and house-rich, federally-insured reverse mortgages can provide a viable option.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group
Tagged Home Ownership, Personal Finances, Wealth Planning
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Impacted by New 1099 Reporting Requirements?
[April 14, 2011 update: President Obama signs the Comprehensive Taxpayer Protection and Repayment of Exchange Subsidey Overpayments Act of 2011, repealing expanded Form 1099 reporting.]
[January 12, 2011: The following post is updated from the original post Receiving Rental Income from a Residential or Commercial Property?published December 14, 2010.]
It’s been all over the news: Congress, as a revenue raiser in its health care legislation, dramatically expanded Form 1099 reporting requirements beginning in 2012, for 1099s filed in 2013.
Now, after a wave (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Real Estate Group, Tax Services
Tagged Business Tax, IRS, Legislation, Personal Tax
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Need Better, Safer Passwords?
Nothing is more powerful than habit, they say. And it’s true. Unfortunately, for those of us with computers and smart phones, that can be a bad thing.
If you’re like most people, you have between 20 and 30 online accounts and logins. It’s a surprising number until you think about it: banking and investment accounts, online stores and auction sites like eBay, credit card accounts, remote-access logins, cloud backups, social media sites like Facebook and LinkedIn, web-based personal finance managers, and (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Hosted Accounting + Technology Services
Tagged Disaster Planning, Hardware/Software Systems, Operations
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Own an Offshore Bank Account or Other Financial Account?
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Wealth Planning
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Want to Maximize the Potential Tax Benefits of Gifting?
Sometimes, legislation is as notable for the things it doesn’t change as the things it does. Take last December’s tax bill.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act liberalized many of the rules for gifting and estate planning, at least through 2012.
For example, it increased the lifetime gift tax exemption—the amount of money or other property that you can gift over the course of your lifetime without incurring a gift tax—to $5 million, up from $1 million in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Aware of the New IRS e-Filing Requirements for Individuals, Estates and Trusts?
Technology is an integral part of daily life for many of us—even when it comes to paying our taxes.
U.S. taxpayers chose to e‑file nearly a billion individual income tax returns with the IRS over the last two decades―100 million last year alone.
At the federal level, at least for individuals, e‑filing has remained voluntary.*
That’s now changed.
Building on the momentum for e‑filing, the Worker, Homeownership and Business Assistance Act of 2009 established new rules that require paid tax preparers to e‑file on behalf (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Philanthropy
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Know the Significant Federal Tax Deadlines for 2011?
Do you know the federal deadline for making your IRA contribution? When to make estimated tax payments? Or when your tax return is due if you request an extension?
The dates are crucial.
If you miss a tax deadline, you can lose an important tax deduction or become subject to substantial penalties and interest.
The following quick-reference guide includes many of the most important federal income tax deadlines for the remainder of 2011, for calendar-year taxpayers.
2011 Federal Income Tax Calendar
First (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Not-for-Profit Practice, Tax Services
Tagged Business Tax, Personal Tax
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Want to Reduce Your Estate Tax? Plan Now to Take Advantage of Recent Legislative Changes
Uncertainty complicates planning. Sometimes, if we’re lucky, it also generates windows of opportunity.
Last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) changed the rules for gifting and estate planning. It temporarily extended a number of expiring tax provisions while also establishing new, albeit temporary, provisions.
The result is a new opportunity for gifting and estate planning.
However, because the Tax Relief Act’s provisions expire after 2012, you only have two years to take advantage of new (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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