No Springing in Spring
You may have heard of a “springing” powers of attorney (POA), which is a POA that “springs” into effect when you become incapacitated. This type of POA literally “springs” to life when it’s needed. Many
After You Wash Your Hands Take Back Control
In recent weeks, our office has received calls from people we have not heard from in 15 years. People are worried. One recent call was from a relatively healthy 83-year-old longtime client, who said he
Allow Us To Prepare Your Estate Planning Documents Remotely
In these uncertain times, you should have, at a very minimum, the four following documents in place: Power of Attorney: This document allows you to appoint an agent to handle your assets and to make
Tax-free Disaster Relief Payment Program
In response to the ongoing pandemic, on March 13, 2020, President Trump declared the coronavirus or COVID-19 as a national disaster. This declaration activates a little-known existing provision of the tax law: Section 139 of the Internal
Required Minimum Distributions Suspended For Retirement Plans and IRAs For 2020
The bipartisan COVID-19 stimulus bill just signed by President Trump includes welcome tax relief for retirees: The required minimum distribution rules for Individual Retirement Accounts and 401(k)s are waived for 2020. That means that instead of taking
Quarantine Tips for Tax Savings
There have been many important favorable legal and tax changes over the past 2 weeks. The new laws are the most expensive (the government) tax laws ever passed by the government. In these trying times,
US FATCA Enforcement Softens due to Coronavirus
The Internal Revenue Service is giving foreign banks and financial institutions more time to file their forms about U.S. taxpayers with overseas bank accounts and other holdings in compliance with the Foreign Account Tax Compliance
IRS Reduces Administrative Burden (for the first time) of Filing Some Forms 3520 and/or Forms 3520-A
A Revenue Procedure just released by the U.S. Internal Revenue Service (IRS) provides U.S. persons an exemption from the information reporting requirements for certain tax-favored foreign retirement and non-retirement savings trusts. Taxpayers who would otherwise
The IRS is Assessing Form 3520 Foreign Information Reporting Penalties
The IRS is aggressively sending out IRS Notice CP15 “Notice of Penalty Charge” for the late filing of Form 3520 to report the receipt of a foreign gift or foreign inheritance. The Notice states that
2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better
While we all resolve to go to the gym every day and lose weight, we have compiled a list of 2020 New Year’s tax planning resolutions. Beware of 2020 election-year tax uncertainties. It is important
The InSECURITY of the SECURE Act
At the end of 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act of 2019. The new law, which represents a major overhaul of the rules for retirement plans and IRAs,
Are You Ready For New FATCA Enforcement in 2020?
Banks and certain other financial institutions located outside the United States that have U.S. account holders are scrambling to meet a looming IRS deadline. These institutions, known as foreign financial institutions, or FFIs, must achieve