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
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
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
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
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
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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