• INTERNATIONAL TAX CHEATS BEWARE!

    The United States, Canada, UK, Australia and the Netherlands have joined forces to battle international tax crimes and money laundering.  The coalition J5 alliance is in response to a request from the Organization for Economic Development (OECD) for countries to take more steps to stop tax crimes.  These countries will now pool their resources and […]

  • Taxation Of Damage Awards

    Ever since the first income tax, gross income has included all income from whatever source derived. However, Congress has always provided for certain exclusions from gross income, including an exclusion for the amount of any damages (other than punitive damages) received (whether by suit or agreement and whether as lump sums or as periodic payments) […]

  • Obvious and Subtle Signs of Elder Abuse and Neglect

    If you or your loved one is in a special seeds facility (SNF), it’s important to look out for signs of abuse and neglect. Some signs are obvious, while others are very subtle. Unfortunately abuse and neglect can occur when SNFs try to cut corners to save money. This results in bad outcomes for the […]

  • After the Enactment of the Jobs and Creation Act of 2017, Should a Taxpayer Use a C Corporation or a Pass-Through Entity to Conduct Business?

    At first blush, after the enactment of the new law, the use of a C Corporation appeared to be the winner. Indeed if the C Corporation reinvests all its income back into the C Corporation and fails to make any distributions, the overall federal and state combined rate will approximate 28% in California. Unfortunately, that […]

  • Inflation-adjusted 2018 figures for various civil penalties

    Inflation-adjusted 2018 figures for various civil penalties Failure to file tax return. For 2018, the minimum penalty under Code Sec. 6651(a) for failure to timely file a tax return is $215 (up from $210 for 2017). Failure to file certain information returns, registration statements, etc. For 2018, the following penalty amounts under Code Sec. 6652 […]

  • Inflation-adjusted 2018 figures for transfer tax and foreign items

    Inflation-adjusted 2018 figures for transfer tax and foreign items Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2018, the exclusion amount will be $5,600,000 (up from $5,490,000 for gifts made and estates of decedents dying in 2017). Generation-skipping transfer (GST) tax exemption. The exemption from GST tax […]

  • The Internal Revenue Service: Coinbase

    The Internal Revenue Service has decided to limit its probe of Coinbase users to those who engaged in transactions of $20,000 or more, according to a court filing. The IRS sent a broad request known as a John Doe summons last November seeking information on all of the San Francisco-based digital currency service’s users in […]

  • Hurricane Harvey Victims: Easier Access to Retirement Funds

    Hurricane Harvey Victims: Easier Access to Retirement Funds On August 30, 2017, the IRS announced that 401(k)s and similar sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Harvey and members of their families. Additionally, the IRS is also relaxing procedural and administrative rules that normally apply to retirement plan loans […]

  • Hurricane Disaster Relief and Donations: Helping an Employee in Need

    Hurricane Disaster Relief and Donations: Helping an Employee in Need Harvey was only the beginning. With Hurricane Irma terrorizing Florida and the East Coast, the need for disaster relief is more crucial than ever. Many employees have been impacted by the hurricanes, and while FEMA and insurance agencies are designed to help relieve some of […]