Recent Posts Tagged With 'IRS'

• U.S. Continues to Uncover the Methods Used by Wealthy Tax-Evaders

  Posted on Friday August 21st, 2009 at 14:15 in income tax, offshore accounts, IRS, ubs

  In our last post, we addressed that the IRS was receiving an overwhelming number of disclosures from wealthy taxpayers, regarding income earned, but not reported, on offshore accounts. The U.S. continues to aggressively pursue the people who use thes...

• IRS Offering Clemency for Taxpayers Secreting Offshore Accounts

  Posted on Thursday August 6th, 2009 at 14:38 in income tax, offshore accounts, IRS, offshore voluntary disclosure initiative

  U.S. Taxpayers are required to declare on an annual basis income earned from foreign financial accounts by the filing of IRS Form TD F 90-22.1. For years, offshore accounts in certain countries have made it possible for these taxpayers to park money...

• Fiduciary Duties – The Missing Income Tax Return

  Posted on Friday June 26th, 2009 at 15:47 in income tax, IRS, fiduciary, executor, irs form 4506, irs form 1040, irs form 56

  You are now acting as the executor of an estate and your attorney informs you that you are responsible for seeing that all tax returns are timely filed. At your attorney’s suggestion, you look for a past income tax return among the piles of papers...

• High End Estate Tax Savings Strategies Being Eyed by White House

  Posted on Thursday May 14th, 2009 at 13:16 in obama, IRS, estate tax, gift tax, flp, family limited partnership, grat, grantor retained annuity trust

  A recent Wall Street Journal article, Estate-Tax Strategies Could Survive Curbs, reports that the Obama administration is proposing to curtail the use of two estate planning techniques typically employed by high net worth individuals.  The two techn...

• Skip your IRA minimum distribution for 2009

  Posted on Wednesday May 6th, 2009 at 12:16 in IRS, IRA, rmd, required minimum distributions

  Is your IRA suffering due to the stock market?  You can skip taking a required minimum distribution (RMD) for 2009.  Investors over the age of 70½ are normally required to take an annual minimum distribution amount from their IRA’s.  The requ...

• Income Tax Season is Upon Us

  Posted on Monday March 30th, 2009 at 19:28 in income tax, IRS, ohio department of taxation

  There are a number of sites on the Internet that help people with basic tax terminology; however, some of the best information comes from the taxing authorities.  The IRS website provides tax forms, online filing instructions, and has a “Frequentl...

• 529 College Savings Plan Follow Up

  Posted on Monday February 16th, 2009 at 10:43 in financial planning, IRS, college savings, 529 plan

  Yesterday I posted an update on 529 college savings plans, noting that the IRS will allow investors to make two investment changes for 2009.  Coincidentally, The Columbus Dispatch ran an article today, stating that the Ohio Tuition Trust Authority h...

• Do You Have a 529 College Savings Plan?

  Posted on Sunday February 15th, 2009 at 10:49 in financial planning, IRS, college savings, 529 plan

  This year there is a slight but significant change to the investment rules for 529 college savings plans.  Previously an investor could only change investments once a year.  This created some issues in 2008 when the market sank and investors had al...