Form 5500 Pension Plan Penalty Filing Relief

For those of you like me presently wrestling with this issue the IRS recently came out with the following: Revenue Procedure 2014-32 establishes a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500 EZ. Revenue Procedure 2014-32 will be published in Internal Revenue Bulletin 2014-23 on June 2,…

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Reporting Investments In Certain Foreign Corporations for U.S. Tax Purposes

As we increasingly become more connected on this planet US Taxpayers are compelled more than ever before to hold investments in multiple countries. As a direct result timely filing IRS Form 5471 is becoming profoundly significant. I’ve been involved with enough international tax matters to appreciate this form and subsequent schedules. This post is a summary of…

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S – Corp Charitable Donations

The most intriguing aspect of maintaining this tax blog is the pleasure of meeting and engaging a wide variety of successful people all with the courage to take the risk of venturing out on their own professionally in pursuit of dreams and aspirations. Sharing with me the lessons learned through experiences chalked up to enduring…

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Application for Automatic Extension of Time To File U.S. Individual Income Tax Return – IRS Form 4868

Everyone starts getting a little freaked out this time of year because of personal income tax reporting and paying obligations due on April 15th. I have found through the years that this kind of pressure causes people in all walks of life to make poor judgments and less than fully informed decisions just to hit…

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Retirement Plan Recharacterization

Retirement Plan Recharacterization means according to Reg. Sec. 1.408A-5 that if you make a contribution to one type of IRA you may be able to treat the contribution as though it had been made to a different type of IRA. This is basically considered a correction if you will which can be significant for a wide variety of…

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Tax Treatment of Virtual Currencies

As many of you know who follow this tax blog I enjoy dabbling in the uncharted waters of the US Tax Code. It helps keep me fresh. One of the many areas that this includes is the tax treatment of virtual currencies. With the most recent run up in the price of Bitcoins there were…

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Corporate and Partnership Automatic Extension Request: IRS Form 7004

The Business and Partnership Tax deadline is coming up fast. Don’t sweat it. File IRS Form 7004 and apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled feel welcome to check out the instructions for IRS Form 7004. If you need help contact me and one of my…

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