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Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net … read more

Temporary Regulations Provide Guidance on Form 5471

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

Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills

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

Timing Rules for SEPs and SIMPLE-IRAs Part II

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

5 Tips for Recently Married or Divorced Taxpayers with a Name Change

If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A difference between … read more

Don’t Forget Your IRA When Creating Your Estate Plan

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

Tips for Taxpayers Who Owe Money to the IRS

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

How are Passive Losses Treated in Divorce

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

Residential Rental Registration & Sales Tax Compliance

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

Automatic Enrollment 401(k) Plans

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


Welcome


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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