21st Century Cures Act Signed by President Obama

President Obama signed the 21st Century Cures Act into law creating an option for small businesses to offer employees a health reimbursement arrangement (HRA) that is funded by the employer. Beginning January 1, 2017, the maximum employees can receive per

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Posted in HRA

Prepare for the Tax Pendulum to Swing

One thing to be be thankful for this holiday season is that the tax 'policies' of President Elect Trump (PET) and our Republican friends in the 115th congress will keep tax accounts and bookkeepers gainfully employed well into the foreseeable future. In fact

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Posted in Tax planning, Trump

IRS Acceptance Agents No Longer Will be Situated Outside USA Borders

According to Sharon Bradley, Manager of the IRS' ITIN Policy Section in the Atlanta, GA  Service Center, Section 203 of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), Pub. L. 114-113, div. Q, enacted on December 18, 2015, modified Section

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Posted in Acceptance Agent, Certifying Acceptance Agent, Individual Taxpayer Identification Number, ITIN

Year End Tax Planning & the Kiddie Tax – IRC §1(g)(2) – IRS Form 8615

The most common year end tax planning questions generally have been revolving around the implications of sheltering and feeding fully grown and educated children as flying the coop has become increasingly difficult for the current generation of young adults.  "Hanging" at

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Posted in Kiddie Tax

With a CLAT, CLUT here and a CRAT, CRUT there – Old MacDonald had a Trust EIEIO: IRC 641-692 & IRS Form 1041

The one thing stopping good people from engaging the full force and effect of tax and estate planning using trust instruments is the language. Acronyms make it hard to understand what lawyers are saying and most of us simply put

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Posted in Charitable Contribution, Donor Advised Fund

Donor Advised Funds IRC §4966

In my last post about how year end tax planning starts with reassessing one's commitment to charitable donations I mentioned that my Mom donated her appreciated shares of Exon Mobile to a Donor Advised Fund (DAF). Many readers had questions

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Posted in Charitable Contribution, Donor Advised Fund

Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?

The more money we tend to have, the harder it tends to be to share our resources with others. This is true up to the point we start to appreciate the significance of giving back. For many this tipping point

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Posted in Charitable Contribution

New requirement for dependents whose passports don’t have a date of entry into the U.S.

The IRS changed its policy on acceptable documentation for issuing dependent Individual Taxpayer Identification Numbers (ITIN). The agency no longer accepts passports that do not have a date of entry into the U.S. as a stand-alone identification document for dependents

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Posted in Individual Taxpayer Identification Number, ITIN

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

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Posted in Charitable Contribution

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

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Posted in Charitable Contribution
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