Tag Archives: Personal Tax
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
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…)
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
Claim a Mileage Deduction? Federal Mileage Rates Increase for the Second Half of 2011
It’s one of those bad news/goods news things. Gasoline prices are up significantly, increasing the cost of operating an automobile. That’s the bad news.
The good news is that the standard mileage rates used to calculate federal income tax deductions have increased for the final six months of 2011, resulting in larger deductions.
According to IRS Commissioner Doug Shulman, “This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Personal Tax
Comments Off
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…)
