Your Guide to State, Local, Federal, Estate + International Taxation

Preventing and reporting elder financial abuse

Elder financial abuse is a growing problem. In an earlier blog, I provided information about the reasons elder financial abuse has increased and “red flags” that may indicate abuse has occurred. In this blog, I provide information about preventing elder financial abuse and reporting it if it has already occurred. Ideally, financial elder abuse would …

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Elder financial abuse: how to spot red flags

The National Committee for the Prevention of Elder Abuse (NCPEA) defines elder financial abuse as “the illegal or improper use of an older person’s funds, property or resources.” Elder financial abuse comes in many forms, ranging from promises to care for the elder in exchange for money or control over property to outright forgery, theft …

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Tax season ends: from boom town to ghost town

The gold rush is over, how did you fare? Did you find yourself breaking even, did you get your gold back, or did you find yourself stuck in the mine shaft? If you’ve never been around a public accounting firm during tax season, then you probably don’t quite understand my metaphor. Around the beginning to …

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IRS focusing on a target “rich” environment

If you’re the IRS and you want to keep the revenues flowing despite being in an environment of budget cuts and auditor staff reductions, what do you do? It’s not rocket science but more of a battle plan. What they’ve done is focus their auditor brigade on a more target “rich” environment. While total IRS …

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A change in who’s the boss? Form 8822-B

Does your business or entity have a new “responsible person?” If so, use Form 8822-B to notify the IRS. The IRS requires any entity with an employer identification number (EIN) to report any change to its responsible party within 60 days of the change on Form 8822-B.The form is available on the IRS website at …

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Tax myths, lies and untruths as told by your CPA

So, as frequently happens, taxes come up in conversation. Well, at least, when I am around, they come up in conversation. But, there are some strange things out there that have been said about taxes or tax preparation that leave tax preparers, both seasoned and unseasoned, scratching their heads. Here are just a few tax …

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Get your Social Security Form SSA-1099 online

Sometimes a taxpayer’s Social Security tax form goes missing. You don’t need to visit a Social Security office to get a copy of your Form SSA-1099 or SSA-1042S to do your tax return. The Social Security Administration has made your statement available online. As reported by SocialSecurity.gov, an SSA-1099 is a tax form Social Security …

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Not your father’s research & development credit

The year 1981 is not often referred to as “one for the ages,” but a quick Google search exposes a different legacy. In 1981, Ronald Reagan became President, Sandra Day O’Connor was nominated to the Supreme Court, Raiders of the Lost Ark topped the box office and MTV, Post-It Notes and frequent flier miles were …

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VAT responsibility for U.S. companies selling to U.K.

The U.S. is one of few countries without a VAT system. By way of background, and in overly simplistic terms, it’s assessed on all goods and services. In most European countries the rate hovers around 18-20%. Generally speaking, U.K. companies will collect it on sales, pay it on purchases and submit the difference to the …

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Updated regulations on IRC Sections 987 and 988

On December 7, 2016, the IRS released temporary regulations under IRC Sections 987 and 988, which provide guidance on recognizing foreign income or loss as well as currency gain or loss from a qualified business unit (QBU). The original proposed regulations (regs) were issued back in 1991. In 2006, the 1991 proposed regs were replaced …

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