October 23, 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...]

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...]

Is it Time to Form Your Own Insurance Company?

Regardless of the business you run, there is risk. And the universe of risks applicable to your circumstance will differ (often wildly) from other businesses. Even businesses in the same industry can present very different risk profiles. The universe of risk applicable to your business breaks … [Read more...]

Comparison of Form 8938 and FBAR Requirements

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which they meet the relevant reporting threshold.    Form 8938, Statement of … [Read more...]

The Five Key Problems with Domestic Asset Protection Trusts

With the advent of the domestic asset protection trust (the “DAPT”), and its moderate growth in the United States over the last decade, the DAPT is being given due consideration in planning discussions with high net worth clients in the states. For those who have been a bit skittish about … [Read more...]

The Process of Divorce

By, Diane L. Danois, J.D., Case Management Strategist Maintaining an Active Tempo in Your Divorce Who really controls the tempo of a lawsuit?  Are the parties dragging their feet?  Are the lawyers creating more work than necessary?  Are the court systems backlogged?  If you want to control the … [Read more...]