Tax Insights

One part of FACTA imposes additional disclosure requirements on individuals.  Beginning in 2011, U.S. taxpayers with an interest in any foreign account with a foreign financial institution will be required to report such interest on an information return when the aggregate value of the account exceeds $50,000.  This new informational return will be attached to [...]

I am amazed what people you don’t know will tell you.  Back in January, I was at a party making small talk with the people seated nearby.  The man mentioned he had a business located here and in Australia.  I asked him who was doing his taxes and he said he uses someone local in [...]

If you are dabbling in options or futures contracts, you may find it helpful to know that there are special tax rules that go along with what are known as Section 1256 Contracts.  A section 1256 contract is a regulated futures contract, foreign currency contract, non-equity option, dealer equity option, or dealer securities contract, all [...]

Effective on March 30, 2010 (the enactment date of the Reconciliation Act), the general exclusion for reimbursements for medical care expenses under an employer-provided accident or health plan is extended to any child of an employee who hasn’t attained age 27 as of the end of the tax year.   This change is also intended to [...]

Is it more advantageous for married couples to file income tax returns jointly or separately?  Unfortunately, the answer is not as simple as it may sound. 
When filing separately, some credits and deductions are not allowed.  These include earned income credit, credit for the elderly or disabled, child care credit and adoption credit (unless spouses lived [...]

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) has some favorable provisions for individual taxpayers that are scheduled to expire at the end of 2010. Chief among these are the favorable tax rates for long-term capital gains and qualified dividends.
Under JGTRRA, capital gains that were taxed at 10% (8% for securities held [...]

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 though the amount of tax dollars recovered per revenue agent hour are about 8 times [...]

Now that the housing market is beginning to rebound you may be considering putting your current personal residence on the market.  But what do you need to know before you call your real estate agent?
First of all, does the residence qualify as your “main” home?  And secondly, will the sale result in a gain or [...]

Have you ever needed copies of your tax information from prior years and for some reason you were unable to locate your records?  Did you know that it is possible to obtain this information directly from the IRS?  The process is quite simple and allows you a transcript copy of your return or other documents [...]

You have likely heard the expression that only two things in life are certain, death and taxes.  Our practice combines the two as we prepare the returns for decedents for the year of death and often times, years thereafter.  Following is a brief discussion of what returns may be required when someone dies.
Final income tax [...]