Archive for the Tax Planning Category

Ways and Means Approves Tax Extender Bills Without Revenue Offsets

A divided House Ways and Means Committee approved six bipartisan tax bills on April 29. The tax incentive measures, popularly known as tax extenders because they often lapse and are restored by Congress, were taken from a comprehensive tax reform package introduced by Committee Chairman Dave Camp,…

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Do Unregulated Tax Preparers put Taxpayers at Risk?

Did you know that nearly 80 million taxpayers use paid tax preparers, but 60% of those preparers are not regulated by the IRS?  The reason for this is because the agency is only allowed to impose requirements on tax attorneys, enrolled agents, and Certified Public Accountants? The Government Accountability…

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Tax Extenders That Expired December 31, 2013

There are dozens of temporary tax provisions that expired at the end of 2013.  Most of these provisions have been part of past temporary tax extension legislation.  Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act of 2012.  Collectively, temporary tax provisions…

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IRS Issues First Guidance on Bitcoin

While bitcoin and other virtual currencies are becoming more popular, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property.  Well, the first step to clearing this up for federal tax purposes…

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Advantages & Disadvantages of Making an S Corp Election

Entrepreneurs often struggle with how to structure their business.  My clients often pose this question to me, as they should, while trying to make sense of the advantages and disadvantages of each corporate structure. Essentially, the most simplest structure is to be a Sole Proprietor.  But it is…

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Tax Implications for Earnings of Foreign Subsidiaries

Under the current U.S. tax rules, non-U.S. earnings are generally not subject to U.S. tax until the earnings are repatriated.   While the U.S. tax system generally taxes income of U.S. taxpayers wherever earned, profits earned from active overseas businesses, as opposed to passive overseas investments, are generally…

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International Tax Proposal included with 2015 Fiscal Year Budget Released to Congress

President Barack Obama released his fiscal year 2015 budget request to Congress on Tuesday March 4, 2014 and lawmakers will promptly ignore it. But the annual ritual highlights his policy priorities for the coming year and serves as a Democratic Party manifesto as Democrats seek to draw…

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Tax Reform Package Proposed is Received with Mixed Reactions

House Ways and Means Committee Chairman Dave Camp, R-Mich., unveiled his long-awaited comprehensive tax reform package on February 26 to mixed reaction. Camp’s proposed Tax Reform Bill of 2014 would reduce the number of individual tax brackets, cut the corporate tax rate, simplify, repeal or curtail many popular…

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IRS Issues Guidance on Employer 401(k) plan Rollovers to Roth IRA Accounts

The Internal Revenue Service has issued guidance for employers whose 401(k) plans offer Roth IRA accounts for the rules governing rollovers by participants younger than retirement age. The key part of the IRS guidelines explains that any rollover made before a participant reaches age 59½ must be…

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Decision on 2013 Tax Extenders Like to Happen by Spring 2014

House GOP leaders are unlikely to make a decision on whether to retroactively pass a group of expiring individual and business tax incentives until next spring, a senior member of the House Ways and Means Committee said on December 12. Rep. Richard E. Neal, D-Mass., speaking at…

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