Lower Your 2019 Tax Bill

There is still time to take advantage of ways to minimize your 2019 tax bill before the end of the year.  Below are a few items that you might want to consider before the end of the year.  If you have any questions on how any of these techniques may apply to your personal tax situation, please contact us. Opportunity Zones A key deadline for opportunity zones, an incentive including in the 2017 tax law … Read More

91% Conviction Rate for IRS in 2019

The IRS has a 91.2% conviction rate for tax criminal cases in 2019 — a figure IRS officials vow to improve in coming years as the agency pursues an aggressive enforcement strategy.  The of the IRS’s criminal investigations, released on Thursday, come as the agency is putting a heavy emphasis on enforcement and highlighting its image as a serious law enforcement agency as criminals have found new methods and technologies to evade tax laws.  “They … Read More

2019 Tax Planning for Businesses

As 2019 draws to a close, there is still time to reduce your 2019 tax bill and plan ahead for 2020. This letter highlights several potential tax saving opportunities for you to consider. I will arrange to meet with you to discuss specific planning opportunities and issues that you might have in mind. Although C corporations enjoy a flat 21% statutory tax rate and pass-through entities are taxed at lower rates following the 2017 tax … Read More

IRS Warns of New Property Lien Scam

The IRS has advised about scams involving those involving fake property liens, which threaten the recipient with a tax bill from a fictional government agency, stating signs of such scams and what to do if suspecting one. A scam lien or levy letter entails bogus overdue taxes owed to a non-existent agency that might have a legitimate-sounding name such as “Bureau of Tax Enforcement” and may reference the IRS. Here are some details about the … Read More

IRS Issues Final Rules for Bonus Depreciation Treatment

The IRS recently issued final regulations and new proposed regulations governing the 100% bonus depreciation deduction under Sec. 168(k). The final regulations finalize proposed regulations issued in August 2018 (REG-104397-18) with some changes in response to comments. REG-106808-19 contains new provisions not addressed previously. Both sets of regulations have been posted to IRS.gov prior to their official publication in the Federal Register. The final regulations adopt the August 2018 proposed regulations with some modifications. They … Read More

IRS Offers Tax Break for Certain Expatriates

The Internal Revenue Service recently announced a break for some “accidental Americans,” giving certain expatriates who have renounced their citizenship a chance to escape the U.S. tax system. The IRS said many people eligible for the relief have lived outside the U.S. for most of their lives and may not have realized that they had U.S. tax obligations. They may have become U.S. citizens by being born in the country or because they had American … Read More

Noncustodial Parent Needs Form 8332 to Claim Child

In a recent court case between Mark Skitzki and the Internal Revenue Service, the United States Tax Court ruled that he was not entitled to claim the dependency exemption deduction, head of household filing status, or child tax credit. He was not allowed to claim these deductions because he did not have Form 8332, which is a Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent. Due to a change in custody … Read More

UBS Account Holders and French Tax Authorities

On July 26, 2019, the Swiss Federal Supreme Court rendered a groundbreaking judgment in the field of administrative assistance in tax matters. Reversing a 2018 ruling of the Swiss Federal Administrative Court, the Supreme Court decided that information regarding tens of thousands of UBS account holders presumed to have tax residence in France could be transmitted to the French tax authorities.  The decision was rendered by a panel of five judges, who held public deliberations—a … Read More