Keeping Your Estate Plan Updated

An up-­to­-date estate plan can help you preserve family unity after death or in the event of incapacity. Even if you have put an estate plan in place in recent years, estate planning is an ongoing process and needs attention at regular intervals. An out­-of­date plan can become misaligned with your goals, new laws, and policies, rendering it less effective and more likely to generate conflict (the last thing you want). Share your wisdom: By … Read More

Tax Implications of Renting Your Vacation Home

Despite the uptick in interest rates, an improved economy may lead to a resurgence of interest in vacation or second homes. These properties offer a chance to provide the family with a place to rest and relax at a reduced cost when compared to expensive short-term resort rentals, and at the same time give owners a shot at capital appreciation over the long term. They also offer a chance to earn some rental income when … Read More

Marijuana Business Denied Deductions

In a recent case, the U.S. Tax Court ruled against Laurel Alterman and Altermeds LLC.  They found that Non-marijuana merchandise business expense deductions for taxpayers that own a medical marijuana business were not allowed.  Finding an economic interrelationship between selling non-marijuana merchandise and selling marijuana merchandise, the court found that tax code Section 280E, denies all deductions for amounts paid in carrying on a business dealing with trafficking in controlled substances. The court denied additional allowances … Read More

OVDP Ending for US Expats Living in France

For Americans living in France, the time to take advantage of an IRS program that offers some relief for those who haven’t been declaring their foreign assets is running out. Recently the IRS announced that it will begin to wind down the 2014 (OVDP) – Offshore Voluntary Disclosure Program, which allows for US taxpayers with assets out of the country to avoid criminal prosecution for not reporting foreign accounts. With the program concluding on September … Read More

OVDP Ending for US Expats in Germany

For Americans living in Germany, the opportunity to take advantage of an IRS program that offers some relief for those who haven’t been declaring their foreign assets is almost over. The IRS has recently announced that it will begin to wind down the 2014 Offshore Voluntary Disclosure Program, which allows for US taxpayers with assets out of the country to avoid criminal prosecution for not reporting foreign accounts. With the program ending on September 28, … Read More

OVDP Ending for US Expats Living in Hong Kong

For Americans currently in Hong Kong, time is running out to take advantage of an IRS program that offers some relief for those who haven’t been declaring their foreign assets. Recently, the IRS announced that it will begin to wind down the 2014 Offshore Voluntary Disclosure Program, which allows for US taxpayers with assets out of the country to avoid criminal prosecution for not reporting foreign accounts. With the program concluding on September 28, affected … Read More

How Does the IRS Contact Taxpayers

In order to help taxpayers avoid scams in which criminals impersonate IRS employees, IRS has issued a Fact Sheet in which it sets out the ways that it does and does not contact taxpayers. Background. For several years now, IRS has been publishing, in various formats, information and warnings about scams that involve taxpayers and IRS and about how taxpayers can protect themselves from such scams. Ways in which legitimate IRS employees contact taxpayers. Here are … Read More

No New Version of Voluntary Disclosure Program Coming

The IRS is not issuing a new version of its voluntary disclosure program for wealthy Americans with money hidden abroad to gain amnesty if they come into compliance, despite “commentary in the tax press” suggesting otherwise, an official said June 6. “That is false. There will be no additional iteration of OVDP,” said Daniel Price, an attorney in the Internal Revenue Service Office of Chief Counsel in Austin, using an acronym for the agency’s Offshore … Read More