Tag Archives: irs

Escaping the Quandary Posed by Unreported Foreign Accounts

 Many U.S. taxpayers have at least one financial account located in a foreign country. Failure to report an offshore account carries with it possible civil and criminal penalties. Foreign account reporting requirements are provided for under the Bank Secrecy Act, … Continue reading

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Like Kind Exchanges Alive and Well: An Update Attempts by the Obama administration to curtail or eliminate IRC § 1031 exchanges were decidedly unsuccessful. Based upon their pronouncements, neither Ms. Clinton nor Mr. Trump would be expected to attempt to … Continue reading

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Private Letter Ruling Requests

I. Introduction Private letter rulings are in the nature of “advisory” rulings by the IRS concerning the tax implication of income or estate transactions contemplated by taxpayers. As stated in Rev. Proc. 2015-1, the IRS generally issues a letter ruling … Continue reading

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Tax News & Comment — August 2014

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IRS & NYS DTF Matters: Recent Developments & 2013 Regs. & Rulings of Note

I.      IRS Matters Final Regulations For Health Insurance As of January 1, IRC § 5000A requires that all “non-exempt” individuals obtain “minimum essential healthcare coverage.” Final regulations governing penalties for noncompliance have been issued. (T.D. 9632). The regulations provide, inter … Continue reading

Posted in Gift & Estate Tax Decisions of Note, IRS, IRS Matters, IRS Rulings & Regulations, NYS Dept. of Tax'n & Finance | Tagged , , , , , , , , , , , , , ,

Summary of Tax Changes Under American Taxpayer Relief Act of 2012

           (1)    Ordinary Income.         Beginning in the 2013 taxable year, single taxpayers with ordinary income over $400,000 and married taxpayers filing jointly whose income exceeds $450,000 will be subject to a new higher 39.6 percent tax rate. [These … Continue reading

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Second Term Blues Visit President Obama

Congress Grants One Year Reprieve For Affordable Care Payments President Obama has suffered a precipitous decline in his approval rating since late April, when that indicator was at 50 percent. Today, Mr. Obama enjoys the approval of only 45 percent … Continue reading

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