Beware of Currency Seizures
In the past two decades, the US Department of Homeland Security (DHS) seized over $2 billion in currency at airports mostly due to travelers’ failure to fill out the relevant form. There is no limit to how much currency or
Our Best Net Investment Income Tax (NIIT) Tax Minimization Planning Strategies
The NIIT is a 3.8 percent Medicare surtax imposed on the lesser of an individual’s (a) net investment income (NII), or (b) the amount of modified adjusted gross income (MAGI) that exceeds $250,000 for MFJ (married filing jointly) or $200,000
Watered-Down Build Back Better (BBB) For High-Income Taxpayers
After months of negotiations, the Democratic-led House of Representatives advanced the Build Back Better (BBB) Act to the Senate. The table below shows how the tax provisions have evolved since September. Many of the most controversial tax increase provisions were
Charitable Planning Strategies High-Net-Worth Individuals Need to Know for Year-End Tax Planning
This year has a few charitable tax law changes unique to 2021. We have compiled our top charitable tax planning ideas you may want to consider implementing this year before December 31st. 1. Take advantage of the higher limit this
IRS Provides Form 5471 Information-Filing Relief For Dormant Foreign Corps.
Every foreign corporation in which a U.S. person is generally involved in any capacity with at least 10% interest must be reported to the IRS on Form 5471. This is the way for the IRS to prevent the disguised accumulation
IRS Updates Process for FAQs
IRS finally figured out that taxpayers need help with IRS frequently asked questions (FAQs). IRS places FAQs on its website and taxpayers naturally read them and believe them to be true and reliable. IRS has issued more than 1,100 FAQs