Effective December 31, 2013, the IRS issued temporary regulations providing guidance on the reporting by U.S. officers, directors, and shareholders of foreign corporations. Generally, this information is required to be reported on Form 5471, Information Return of U.S. Persons with … read more
Even as the tax code becomes increasingly complex, more and more Americans are preparing their own tax returns. A recent survey conducted by BMO Harris Financial Advisors found that nearly 48% of Americans prepare their own tax returns. Eighty-three percent … read more
For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans … read more
The IRA is often overlooked when individuals meet with an attorney for estate planning. Perhaps this is because the IRA owners fill out the beneficiary designation form themselves and they believe they are capable of completing it on their own. … read more
While the majority of Americans get a tax refund from the Internal Revenue Service each year, there are many taxpayers who owe and some who can’t pay the tax all at once. The IRS has a number of ways for … read more
During their marriage, a client and her husband owned several partnerships which generated large passive losses. Because there was not sufficient passive income to offset these losses, the losses were suspended. Since the couple resided in a community property state, … read more
Do you own a residential rental in Maricopa County? Did you realize that you must have your rental registered with the county as such pursuant to A.R.S. § 331902? Regardless whether the tenant is related or non-related, the county will … read more
About half the workforce does not have a retirement savings plan and fewer than 10 percent of those without plans at work contribute to a plan on their own. That makes the idea of an automatic enrollment 401(k) plan very … 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.
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- Changes to Form 8621 Filing Requirements
- The Capital Gains Look-Through Rule at a Glance
- Can Spouses Help each Other Lower Their Self Employment Tax?
- Temporary Regulations Provide Guidance on Form 5471
- New Like-Kind Exchange Reporting Required for California (IRC 1031)
- Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills
- Timing Rules for SEPs and SIMPLE-IRAs Part II
- Timing Rules for SEPs and SIMPLE-IRAs Part I
- Are You an Identity Theft Victim?
- Supreme Court Decides Severance Pay is Subject to FICA Tax