I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent happiness. You too can use...
Protecting Americans from Tax Hikes Act of 2015 (PATH) summarized by my friend Shirley Callahan EA. Some highlights include: Everyone will appreciate the permanency of the enhanced Educator Expenses, the Sales Tax deduction, and the R&D Credit. Section 179 is made permanent at $500,000 phasing out at...
The following is an article I coauthored with my friend Beth Logan for the November/December edition of the EA Journal. Beth is the Treasurer of the Massachusetts Society of Enrolled Agents. In addition to taxes, she is a small business consultant. She has two electrical engineering...
Over Thanksgiving I was asked to explain in basic sound bite terms the federal tax implications of the various health savings options. Caught off guard I stammered as eyes glazed over, heads drooped, and relatives closest to me pounced. It was brutal. "Aren't you an Enrolled Agent?" ...
Health Savings Accounts (HSAs) first introduced in 2003 via IRC § 223(b)(2)(A) were legislatively intended for individuals covered by high-deductible health plans to generally allow for preferential income tax treatment on money saved for medical expenses. Now that ObamaCare is indeed hitting a LOT of taxpayers in the wallet with...
Situations by which Docketed U.S. Tax Court Cases Settle in IRS Appeals...
Different Sources of Income Matter FDAP v. ECI One of the issues difficult for some of my international clients to grasp about the United States is its taxation of citizens and resident aliens alike on their worldwide income without any regard to where the income is...
I have many clients in the entertainment industry and appreciate them all. The ones that fly to Denver to meet with me are my favorite as they tend to be the most disciplined. You are applauded on and off the stage. Entertainers who invest their limited time...
Tax practitioners often times tend to judge each other by the quality of our client's respective asset lists and depreciation schedules. Truth is MANY practitioners get listed property limits WRONG because they simply do not understand the limits. Hence this post to help us all...
This is really confusing folks! On the one hand those of us who follow closely generally tend to believe that there is a LOT of rampant fraud in SSI Disability benefits practices these days but this news is going to really hurt a LOT of...