We recently were told the following story. Parents bought their son a car as a graduation gift (titled in parents’ names). When the parents called their auto insurance carrier and requested quotes, … [Read more...] about Asset Protection – Auto Insurance Coverage
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Why IRS Form W-4 Results in Underwithholding of Taxes
Every tax season we hear a familiar question: “Why didn’t my employer withhold enough federal income taxes from my paycheck and what can I do about it?” Why am I subject to underwithholding … [Read more...] about Why IRS Form W-4 Results in Underwithholding of Taxes
IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE
We continuously see new clients who had been using a tax preparation software package to prepare their personal tax returns and discover that preparation errors have been inadvertently made by the … [Read more...] about IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE
IRS AGENTS – SAD BUT TRUE STORIES
Apparently, not all IRS employees believe in proper tax planning and tax preparation. A former IRS supervisory and group manager has been fined $20,000 and sentenced to a year in prison, followed … [Read more...] about IRS AGENTS – SAD BUT TRUE STORIES
EFFECTIVE ESTATE PLANNING TOOL – INTENTIONALLY DEFECTIVE GRANTOR TRUST
Since the exemption from the federal estate tax is currently $5,250,000, indexed for inflation, some may say that federal estate tax planning and estate tax preparation are dead. If the emphasis is on … [Read more...] about EFFECTIVE ESTATE PLANNING TOOL – INTENTIONALLY DEFECTIVE GRANTOR TRUST
UNREASONABLE COMPENSATION – S CORP LOAN RECHARACTERIZED AS WAGES
Proper tax planning and tax preparation considerations require that all taxpayers take the necessary steps to properly document their transactions. Failure to document transactions can lead to … [Read more...] about UNREASONABLE COMPENSATION – S CORP LOAN RECHARACTERIZED AS WAGES
