Category Archives: Tax Services
Someone Else Filing a Tax Return in Your Name? Learn More about This Form of Identity Theft
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…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Identity Theft, IRS, Personal Tax
Comments Off
Another Voluntary Disclosure Program for Foreign Assets? What You Need to Know
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…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Personal Finances, Personal Tax
Comments Off
Know About the New IRS Rules for Reporting Foreign Financial Assets?
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…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, Legislation, Personal Tax, Wealth Planning
Comments Off
REMINDER January 17, 2012 is the Deadline for Electing Out of the Federal Estate Tax for 2010
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.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, Personal Finances, Wealth Planning
Comments Off
Thinking About Refinancing Your Home?
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…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, Personal Finances, Personal Tax, Wealth Planning
Comments Off
Wondering About the New Federal Tax Deductions and Limits for 2012?
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…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Personal Finances, Personal Tax, Retirement Planning, Tax Credits + Incentives, Wealth Planning
Comments Off
Still Planning to Upgrade Your Home’s Energy Efficiency? Time Is Running Out on the Federal Tax Credit
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…)
Posted in Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, IRS, Personal Finances, Personal Tax
Comments Off
Know the New Tax Rules for Business Use of a Cell Phone?
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…)
Losing Out on the Federal Research Tax Credit? IRS Releases Final Regulations for the Alternative Simplified Credit Method
If cats can claim nine lives, this has them beat. It’s the tax credit that wouldn’t, and arguably shouldn’t, die.
Initially created by the Economic Recovery Tax Act of 1981, the federal research credit was intended to expire after four years. And it did, but only temporarily.
Since 1981, the credit has expired and been revived, often retroactively, more than a dozen times.
Introduction to the Federal Research CreditDesigned to encourage investments in U.S.-based research and experimentation, the federal research credit can be claimed (continue reading…)
Thinking About Buying Your Kid a Condo for College Living?
It’s an exciting time for the Wolff family. Laura, an only child, begins her second year of college this fall—and, for the first time, she’ll be living truly on her own.
As a freshman, Laura was required to stay in on-campus housing, at a cost of nearly $11,000 for basic room and board. This year, since she has the option, she’d rather live off-campus with two long-time friends in a shared house or an apartment.
Her parents are researching the cost and (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, Personal Finances, Personal Tax, Wealth Planning
Comments Off
