US Treasury to introduce IRS “sucker cards”

Posted Leave a commentPosted in IRS, Tax Planning, Taxes

U.S. Treasury Secretary Steven Mnuchin announced that “Next week we will be unveiling the new 1040 and it will be a postcard as we promised.” After decades of moving Americans to a computerized online tax filing system the IRS is now reversing course and going back to promoting a physical post card based filing system […]

The new state health insurance mandates – why this is the most important financial planning issue today

Posted Leave a commentPosted in Affordable Care Act, Financial Planning, Taxes

So far three states – New Jersey, Massachusetts and Vermont – have passed laws that add a health insurance mandate with tax penalty for not having coverage. The new laws kick in when the federal insurance mandate law expires in 2019. Other states are considering similar laws. Some things are not clear yet: – what […]

What small employers need to know about New Jersey’s sick leave law

Posted Leave a commentPosted in New Jersey, Small Business, Taxes

Update June 21: My friends at Workplace offered to extend an invitation to those in the Philadelphia region to a seminar at Tavistock Country Club in Haddonfield NJ on Wednesday July 18th at 8am. Find more information at this Facebook event  or register online here. New Jersey just passed a sick leave law that affects […]

Ignoring tax and insurance law is a big deal

Posted Leave a commentPosted in Affordable Care Act, Health Insurance, Taxes

The announcement today by Jeff Sessions that the U.S Justice Department will not defend parts of federal tax and insurance law related to health insurance is a big deal but not only for the reasons that most news reports (like this report from Reuters on the bizarre legal logic that the law is unconstitutional) are focusing […]

Checklist and tips on international tax issues

Posted Leave a commentPosted in immigration, IRS, Taxes

Taxpayers with financial interests both inside and outside the U.S. face the greatest risk of compliance complications with the Internal Revenue Service. We’ve known that collection of taxes on assets and income outside the U.S. has been a major focus of IRS over the past decade. Now the service is taking that effort a step […]

Bigger isn’t better when it comes to tax advice

Posted Leave a commentPosted in IRS, Law firm, Tax Planning, Taxes

Small law firms and accounting firms sometimes feel ‘pushed out’ when it comes to a client’s largest transactions like the sale of a business or estate property. That’s usually not a good thing. “reliance on a promoter takes the good faith out of good-faith reliance.” – Tax Court Justice Holmes There’s a powerfully clear and simple […]

The battle to cut federal income taxes

Posted Leave a commentPosted in Tax Planning, Taxes

Many of my clients are facing higher federal income taxes this year as a result of the so-called “Tax Cuts and Jobs Act” that was passed by a slim minority of Republican lawmakers without the benefit of professional review that normally accompanies important fiscal social policy issues. While the law cuts taxes for most people, […]

Avoid IRS penalties with assertive strategies

Posted Leave a commentPosted in Affordable Care Act, IRS, Taxes

Many of the penalties that IRS asserts on individual taxpayers and small businesses can be avoided with the right strategic response. Some or the penalty waiver procedures are straightforward, while some are not. Yet the strategies are not always apparent and sometimes even seasoned tax professionals are surprised by the favorable results. Tax penalties that […]

How Facebook’s IRS tax case applies to us

Posted Leave a commentPosted in Legal, Taxes

Facebook’s multi-billion dollar tax case in the news today has implications for us ordinary tax-paying citizens. Two take-home lessons: If you rely solely on the Taxpayer Bill of Rights without other statutory authority, then this adds a level of procedural risk to your dispute. We do routinely rely on these procedures and expectations of ‘fair play’ […]