November 19, 2018

Credi Suisse Latest in Agreeing to Turn Over Information

Credit Suisse resolved its IRS investigation regarding certain banking practices that occurred with respect to U.S. taxpayers. The Credit Suisse resolution follows the IRS resolution with UBS and closure of Wegelin & Co., Switzerland’s oldest private bank, after its U.S. criminal … [Read more...]

FATCA’S New International Disclosure and a 30% Investment Income Tax Arrived July 1st

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...]

IRS Voluntary Disclosure Program is Significantly Revised

The IRS initiated a new voluntary disclosure program for US taxpayers with foreign accounts on June 18, 2014. The IRS also noted some interesting statistics regarding its previous two foreign account voluntary disclosure programs as well as its audit programs. Among the more notable statistics, the … [Read more...]

New Changes to OVDP and Streamlined Procedure

Expanded streamlined procedures are now available to a wider population of U.S. taxpayers living outside the country and, for the first time, to certain U.S. taxpayers residing in the U.S. The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore … [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...]

Guide for Self Employed Individuals Confused Between SEP IRA, Simple IRA and Solo 401(k)

By: Rick Pendykoski For a self employed individual there are a variety of retirement investment options to choose from. The three most popular ones are SEP IRA, Individual 401(k) Plan, and Simple IRA. SEP IRA A Simplified Employee Pension (SEP) plan provides self employed people an easy way … [Read more...]

How to Put an End to Your Alimony Obligation if Your Ex Is Living With Someone Else

By, Diane L. Danois, J.D., Family Law Mediator/Divorce Coach, Florida Paying spousal support is often considered the price many men must pay to extricate themselves from a bad marriage. It's cynically considered the cost of doing business. While the calculations used to formulate the spousal … [Read more...]