What is Code Sec. 83(b)? Code section 83 discusses the tax consequences of property transfers in connection with services performed where the transferee’s rights to the property are subject to a substantial risk of forfeiture. The 83(b) election is an election that allows you to opt to include [...]
As we get closer to the April 15th tax filing deadline, more and more of our clients are reaching out to ask about calls they have received from someone claiming to be from the IRS. As previously mentioned in this piece we sent out in January, the IRS will not [...]
The IRS has issued long awaited final regulations on the treatment of costs to acquire, produce or improve tangible property. Taxpayers will need to apply these regulations going forward to determine whether they can deduct costs as repairs and maintenance under Code Sec. 162 or must capitalize the costs [...]
Estimated Tax Responsibilities and Avoiding Underpayment Penalties Below, we have included some helpful information relative to your estimated tax responsibilities and how to avoid underpayment penalties. The IRS assesses penalties for underpayment of income tax. You may be subject to a penalty for underpayment of estimated tax if you [...]
Please remember that the IRS does not initiate contact with taxpayers by email to request personal or financial information. There is now a virus being sent via email which refers to an 'IRS payment' or an "IRS refund" with a Word document attached (.doc file). One example is: [...]
The Tax Increase Prevention Act of 2014 retroactively renewed the Credit for Nonbusiness Energy Property (CNEP) effective January 1, 2014, expiring again on December 31, 2014. As you may know, the CNEP can be taken when qualified energy efficient improvements or expenditures are made to your principal residence, including [...]
Perhaps one of the more difficult questions to answer from a financial planning perspective is what might be the optimal time to begin taking social security benefits. If we all had a crystal ball and could predict our own demise this would be an easy one. The reality is [...]
In 2010 Congress passed the Foreign Account Tax Compliance Act (FATCA) in an effort to identify U.S. taxpayers with foreign accounts and assets shielded by the secrecy laws of foreign banks. FATCA focuses primarily on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore accounts By [...]
Please remember that the IRS does not initiate contact with taxpayers by email to request personal or financial information; they also do not use text messages or social media channels. The IRS will never: Call to demand immediate payment, nor will the agency call about taxes owed without first [...]
The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind knowing you have retained adequate records should you be audited. General Rules [...]
