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 […]

Tax planning checklist for attorneys

Posted Leave a commentPosted in Law firm, lawyer, Tax Planning

I shifted my tax planning practice from a focus on contractors to a focus on attorneys after the societal realignment that followed the presidential election of 2016. It quickly became clear that the range of tools and techniques would be quite different for my new small professional firm clients. Some of the accounting and planning […]

NJ nonprofits face new filing challenges

Posted Leave a commentPosted in Uncategorized

In New Jersey nonprofit organizations must now file their annual reports online. The new online system is not working currently, according to a report today by a member of the NJCPA. A number of problematic issues were discussed at the Nonprofit Interest Group Meeting of the New Jersey Society of Certified Public Accountants today.

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’ […]

HRA for spouse of business owner?

Posted Leave a commentPosted in Affordable Care Act, Employee Benefits, Health Insurance, Small Business

Can a business with only one employee – the spouse of the sole proprietor – be eligible for a Health Reimbursement Arrangement? I can not give that assurance but at least one popular tax speaker says that he can and you are welcome to rely on that advice. In this situation, I would prefer to […]