Planning for Dependent (or not Independent) Family Members
...live independently. Even worse, adults with disabilities are living far longer than in the past, which means their aging parents must plan for the day when their dependent (or not...
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2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better
...do not, there may be a reason to adjust for new goals or major life changes (think new children, health changes, etc.). Old insurance trusts or credit shelter trusts may...
The InSECURITY of the SECURE Act
...for retirement plans and IRAs, is effective on January 1, 2020. The new law effectively ends “stretch IRAs” that enable non-spouse beneficiaries to extend RMDs over their lifetime. As a...
Traveling? Resolve Tax Debt Before Getting Your Passport
...which the IRS has filed a Notice of Federal Tax Lien and the period to challenge it has expired or the IRS has issued a levy. Before denying a passport...
Make Sure You have Filed FATCA Compliance Certifications
We have recently published the below article in Money Life, a weekly online finance magazine. https://www.moneylife.in/article/make-sure-you-have-filed-fatca-compliance-certifications/56190.html Many Indian banks and financial institutions have in recent years been requesting customers to...
New Jersey Enacts Tax Amnesty Bill
Enacted legislation requires the New Jersey Division of Taxation to establish a 90-day state tax amnesty period that ends no later than January 15, 2019. The Legislature had previously passed...
The TCJA and the Future of American Taxpayers
...charitable gifts. If you’re in such a scenario, then perhaps the most valuable year-end tax planning strategy is to accelerate charitable contributions before the end of 2018. One of the...
IRS Passport Revocation or Denial for Unpaid Taxes
...of federal tax lien has been filed and all administrative remedies under IRC § 6320 have lapsed or been exhausted or IRS Levy has been issued Thus, you will not...
The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced an automatic six-month extension for taxpayers required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Taxpayers...
New Jersey Department of Revenue publishes “Manual of Audit Procedures”
...guidance, and may not be appropriate, applicable or necessary for every audit. Auditors should use discretion, in consultation with their supervisors when needed, when deciding which techniques should be used...
Individuals with disabilities can create their own self-settled trusts
...as Section 5007 of the 21st Century Cures Act which was signed into law by the President on December 13, 2016. The Act corrects an error in existing law that...
Common Issues for US-India Tax Reporting
...term over one year must be given OID treatment; interest is taxed when accrued, not earned. Indian life insurance is typically non-qualified and must receive 7702G computations. HSBC India is...