assets
IRS' Second (and Last) Settlement Offer of Reduced Penalties for Offshore Tax Evaders – Part 2
The penalties under OVDI are higher than the original disclosure initiative announced in 2009. The 25% penalty can be mitigated under certain circumstances. It is reduced to 12.5% if the taxpayer’s highest aggregate account balance or assets was less than … read more
What to do if you Cannot Pay Your Tax – Part 2
Yesterday, we covered some different payment options if you cannot pay your tax. We continue today with more options that you may qualify for. Undue hardship extensions. You may also qualify for an extension of time to pay if you … read more
Celebrity Tax Issues
What is it about fabulously wealthy celebrities and their tax scandals? Is it that their advisers are reckless? Or, are rich celebrities seeking out advisers who are aggressive and willing to play fast and loose with tax law and their client’s … read more
Tax Relief Act Provides Businesses with Enhanced Investment Incentives and More
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, passed by the Senate Dec. 15 and the House Dec. 16, may be best known for extending lower income and capital gains tax rates for individuals. But the … read more
Should You Make Taxable Gifts in 2010?
For individuals who have already used up their lifetime exemption (i.e. made a million dollars of gifts), they may want to consider making taxable gifts in 2010. 2010 presents unique planning opportunities. Values of assets, particularly real estate and family … read more
IRS Shifting Attention to Smaller Businesses
According to a study conducted by the Transactional Records Access Clearinghouse (TRAC), a research organization sponsored by Syracuse University, even in the face of a growing federal deficit, IRS audit efforts of the largest and richest corporations have declined. Even … read more
Step Up (or Down) in Basis
If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis. What is “Basis”? The answer depends on how the seller acquired the property. The original … read more