Tag Archives: #Taxes

Offshore Trusts Were Used To Commit Tax Fraud, Bankruptcy Court Finds

A federal bankruptcy court has found that a taxpayer used offshore trusts to hide some $1 billion from U.S. taxation. The court was not persuaded that the taxpayer had used the offshore trusts for tax deferral, as he claimed, rather … Continue reading

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Are you coordinating your income tax planning with your estate plan?

  Until recently, estate planning strategies typically focused on minimizing federal gift and estate taxes, such as by giving away assets during life to reduce the taxable estate. Today, however, the focus has moved toward income taxes, making the coordination … Continue reading

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The tax-smart way to replace a business vehicle

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not … Continue reading

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Boost your 2016 deductions by buying a business vehicle this year

  If you’re looking to boost your deductions — and reduce your 2016 tax bill — you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section … Continue reading

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2016 New Tax Developments

  As 2016 comes to an end, we thought it would be beneficial to provide an overview of the new developments in US tax law. This overview includes the items we believe are most relevant for the year and is … Continue reading

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IRS Sets Compliance Sights On Micro-Captive Insurance Transactions

  The IRS has recently notified taxpayers who use so-called “micro-captive” insurance transactions that the agency is taking an interest in potential abuses associated with the transactions. As of November 2, 2016, the IRS will highly scrutinize these transactions. Take … Continue reading

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Partners Who Work For Disregarded Entity Owned By Partnership Are Self-Employed

Partners Who Work For Disregarded Entity Owned By Partnership Are Self-Employed The IRS has issued final, temporary and proposed regs that preserve a partner’s status as a partner, and not an employee, where the partner works for a disregarded entity … Continue reading

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2016 Business Tax Planning Ideas

With Congress still contemplating changes before year end, we thought it would be good idea to put together some planning ideas that you can implement before year end. If Congress passes actionable laws before year end, you can add those … Continue reading

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Tax Court Ruling on Activity Qualified As Business, Not Hobby

Tax Court Ruling on Activity Qualified As Business, Not Hobby In TC Memo 2016-71, the Tax Court found that a taxpayer’s hair-braiding             activity qualified as a business, where the taxpayer had a genuine, if optimistic, … Continue reading

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Federal Tax Developments for 2016 Third Quarter

During the third quarter of 2016, there were many important federal tax developments. This post highlights some of the more significant developments for you. As always, contact our office if you have any questions. Tax legislation After an extended summer recess, … Continue reading

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