Tax Insights

Some people call it a Stealth Tax. CPAs call it AMT. Congress calls it a Revenue Enhancer. The Internal Revenue Code calls it the Alternative Minimum Tax.
Did you know that for individuals there are two tax systems that run parallel to each other? Most people are familiar with the regular income tax system but there [...]

Audits by IRS are becoming more prevalent as Uncle Sam tries to improve compliance with tax law and raise revenues.  IRS does not publicly disclose all the factors on a tax return that could trigger an audit, but common sense and experience tells us that such things like recurring self-employment losses and unusually large deductions [...]

Do you want to share your wealth with your family but feel that the annual gift tax exclusion of $13,000 is not enough? Yes, there are many ways to plan for the future by transferring assets into trusts etc. and via careful estate planning reduce or avoid taxation. There are a few simple ways to [...]

This is part II of how to take care of your tax return when going through a divorce…
Payments to an ex-spouse

If you’re the spouse who is paying alimony, you can take a tax deduction for the payments, even if you don’t itemize your deductions. Keep in mind, though, that the IRS won’t consider the payments [...]

If you’re going through a divorce, taxes may be the last thing on your mind, so we’re here to help.
If you’re going through a divorce, the last thing you may have on your mind is how the breakup will affect you and your ex-spouse on your next tax return. But whether you’re structuring a property [...]

Repair or improvement?  Current deduction or depreciation deduction over the useful life?
Contrary to popular belief, you cannot determine if an asset can be expensed as a repair solely if the amount is less than $500.  The $500 amount is as close to folk lore as the tax rules can get.  However, unlike many urban legends, [...]

Initial Stages:Depending on where you are in the process, deciding to purchase a second foreign property usually evolves something like this: One year you decide to rent a house in a quaint seaside village. Several years go by and you find you are continuing to rent various homes in the same village. You ultimately fall [...]

For owners of real estate, a Cost Segregation study can increase the cash flow from the property by accelerating depreciation deductions. How does it work? A Cost Segregation study is the process of analyzing the cost components of a real estate project and classifying these costs for depreciation purposes as personal property, land improvements or [...]

Transfer pricing involves transactions between related (commonly owned or managed) entities.  These transactions can involve sales of products (finished goods, work-in-process, or raw materials), or they can involve “services” (e.g., a US company provides marketing, accounting, management, or other services for a foreign company), or, they can involve transfers of intellectual property (e.g., a US [...]

Are you a U.S. citizen or resident alien who works outside of the U.S.?  If so, you may be able to exclude some or all of your income earned in foreign countries.  Moreover, you may be able to exclude or deduct foreign housing costs.
Generally, if you are a U.S. Citizen or resident alien and live [...]