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Tax Articles

Inherited IRA’s Are NOT a Protected Asset Class in FEDERAL Bankruptcy Proceedings

Traditional retirement accounts are generally speaking considered a protected asset should you be required to endure FEDERAL bankruptcy protection. However an Inherited IRA is not generally considered a protected asset in 2 distinguishable regards: The distributions of funds from an inherited IRA to a surviving beneficiary transforms the nature of the IRA.  An inherited IRA…

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Foreign Earned Income – IRS Form 2555

IRS Form 2555, Foreign Earned Income Exclusion says basically that United States Citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when filing their U.S. federal tax return. They may also qualify to exclude compensation for their personal services…

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Can a Personal Service Corporation (PSC) elect Sub-chapter S Status? IRS Form 2553

This is a GREAT question that I’ve been getting lately. The basic answer is – as ALWAYS – it depends. Internal Revenue Code (IRC) 448(d)(2) defines a qualified personal service corporation as an entity where substantially all of the activities involve the performance of services in the fields of health, law, engineering, architecture, accounting, actuarial…

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