December 10, 2018

IRS Examination Coverage

The Internal Revenue Service has listed the percentage of tax returns filed and examined by the amount of Adjusted Gross Income, see below. The returns showing Adjusted Gross Income, AGI, for 2016 of $10,000,000 or more were the highest audit at 14.52%. The returns with AGI of $75,000 to under … [Read more...]

Foreign Bank Account Report due June 30, 2016

This alert serves as a reminder that you may need to file a Report of Foreign Bank and Financial Accounts with respect to your foreign assets. For calendar year 2015, an FBAR is required to be filed on or before June 30, 2016. The FBAR form is now called FinCen Report 114, and superseded the Form TD … [Read more...]

Mandatory Filing for U.S. Persons with Interests in Foreign Business Enterprises

A new change in reporting requirements imposes a non-tax filing obligation on “U.S. Reporters” with interests outside the U.S.  The BE-10 report is one of several surveys used by the U.S. Bureau of Economic Analysis (BEA) to collect information about inbound and outbound foreign investment under the … [Read more...]

Unextendable deadline of June 30, 2015 FBAR

Deadline Notice: The Foreign Account Tax Compliance Act (FATCA) filing deadline for the Report of Foreign Bank and Financial Accounts, known as the (FBAR) is still June 30, 2015, but now has expanded its application to individuals. However this time it is different! New individuals and entities … [Read more...]

Is there a DING knocking at your client’s door?

  In 2013 the Internal Revenue Service (“Service”) issued several private letter rulings (“PLRs”) sanctioning the use of a state income tax planning strategy known as the Delaware Incomplete Non-Grantor trust—or the “DING” trust. DING trusts are designed to lower the state income tax burden … [Read more...]

IRS: Supports Legitimate Captives but Warns Against Captives Lacking Substance

The Internal Revenue Service (“the Service”) annually publishes its Dirty Dozen list.  The Dirty Dozen list compiles a variety of scams along with a list of transactions that have the potential for tax abuse.  The purpose of the Dirty Dozen list is to remind taxpayers to protect themselves against a … [Read more...]

Taming the Planning B.E.A.S.T. Part V – Tax Minimization

By: James M. Duggan, JD Part IV - Taming the Planning B.E.A.S.T. Part IV – Succession Planning In this, the final installment of the “Taming the B.E.A.S.T.” series, we at last hit on the topic that is on the mind of all entrepreneurs – Tax Minimization. The “T” in our planning BEAST has two … [Read more...]

You Should Take Action Now to Avoid FATCA’s New 30% Tax

In 2010, Congress and President Obama carried into law the Hiring Incentives to Restore Employment Act (“HIRE Act”).  The HIRE Act contained a set of provisions named the Foreign Account Tax Compliance Act (“FATCA”), which the U.S. Treasury stated “targets the illicit activities of some wealthy … [Read more...]

Learning Medicaid Planning Can Add Value to Your Practice

We’ve been suggesting for years that every advisor who gives advice to clients age 60 and over who has less than 1 million dollars must learn Medicaid planning. Why? Because there will be 80 million American’s will be over 65 by 2040; 75% will require LTC during their lifetime (50% for a minimum … [Read more...]

Medicaid Planning Gets Huge Boost with CMP™ Accreditation

Major Medicaid news was made this week when the CMP™ Governing Board announced that its program had received full accreditation from the National Commission for Certifying Agencies (NCCA). “We are extremely proud to announce that the CMP™ (Certified Medicaid Planner™) designation is now … [Read more...]