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Tax Articles

General Tax Benefits of Charitably Giving

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures: adjusted gross income – $11,563,931 – MILLION Itemized deductions – $5,477,694 – MILLION Total charitable contributions – $2,858,057,970 – BILLION…


Types of Charitable Contributions and the Most Common Way a Charitable Contribution Can Be Made

While working on the St. Peter 2016/17 Stewardship Campaign it became very clear to me that some very smart endowed good people simply do not know about the various types of charitable contributions that can be created or even simply how to charitably give. Once you’ve recognized the significance of giving back, you may as well…


Charitably Giving with Intention – An Introspective – Part 1 – QCD’s

Last spring I became relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado.  With membership ranks and pledged donations struggling, my wife and I developed a plan to drill down into several aspects of charitable giving and report findings along the way. Four underlying themes have surfaced including that the vast…


Immediately Effective Changes to IRS ITIN Acceptance Agent Program

According to Brenda L. Hales, Senior Tax Analyst, Internal Revenue Service, ITIN Policy Section-M/S 97-WI of 401 W Peachtree Street NW, Atlanta, GA 30308 the ITIN Acceptance Agent Program includes the following changes made in 2016 and are immediately effective: Certification Process Changes For dependents, Certifying Acceptance Agents (CAA’s) will now be allowed to authenticate the passport and birth certificate. CAAs…


What to do WHEN you disagree with the IRS

The IRS Office of Appeals offers taxpayers an opportunity to resolve their tax disputes without going to court. Appeals is an independent function within the IRS that provides an impartial review of your tax dispute. Appeals also offers mediation services through Fast Track Settlement and other programs. These mediation programs are designed to help you…


Why You Should File Past Due Tax Returns NOW

Regardless of whether or not you are able to pay your tax liability in full, you should file all tax returns that are due. To do so, file your past due return the same way that you would file a timely return. Contact me directly for more specifics as you see fit. If you received…


Lessons Learned Preparing & Defending IRS Form 8938 – FATCA

Foreign Financial Asset Reporting (FATCA) – Form 8938 was enacted March 18, 2010 and requires filing of Form 8938. The FATCA requirement does not replace or otherwise affect a taxpayer’s obligation to file an FinCEN Form 114. Basically if you are a US taxpayer holding foreign financial assets you must file IRS Form 8938 if you have an…


Foreign Earned Income for U.S. Overseas Taxpayers

The following was prepared by IRS Employees Bethany Barclay, Technical Specialist LB&I Division & Tracy McFee, CPA Technical Specialist LB&I Division regarding Foreign Earned Income Exclusion (FEIE). Tracy and I met as guest panelists on the hit TV Show Tax Talk Today – Aliens, Immigration, and Taxes – Navigating the Shoals and I’ve grown to truly appreciate…