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The Significance of Stepped Up Basis in Estate Planning IRC 1014

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. This is often referred to as stepped up basis and it is

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Posted in Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Tax planning, Trusts

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

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

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Posted in IRS Collections, IRS Enforcement, IRS Mediation, IRS Penalties, Non-filed Tax Returns, Penalty, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests, Taxpayer Advocate

AVOID PENALTIES – Get Income Tax Extension Requests Filed & Estimated Income Taxes Paid

Remember your US Income Tax extension request is ONLY for additional TIME to FILE your tax forms, your income tax payments, estimated or otherwise, are still due April 18th 2016. Most US Taxpayers forget that income tax payments are due in April, even if

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Posted in Extension, IRS Penalties, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests

Deliberate Tax Free Compounding is the Secret of the Golden Flower

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

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Posted in Employee Business Expense, IRA, Retirement, Small Business, Social Security, Tax planning

Protecting Americans from Tax Hikes (PATH) Act of 2015 – A Summary

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

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Posted in DIY, Enrolled Agent, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, ITIN, Licensed Tax Professional, PATH Act 2015, Paying Taxes, Penalty, Tax Abuse, Tax Court, Tax Credit, Tax Fraud, Tax Guidance & Preparation, Tax planning, Tax Preparer, Tax Problems & Requests

Year End Tax Planning for Individuals

It is indeed that time of year again, the holidays for many of us, year end tax planning for tax geeks like me and my team. It seems like every tax practitioner is coming out with their year end comments.

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Posted in Tax planning

2016 Tax Planning for Business

The most important point to remember about year end business tax planning is that proactively minimizing this year's income tax can indeed have an equally adverse impact on next year's tax planning, so tread lightly and consider both sides of the

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Posted in Tax Guidance & Preparation, Tax planning, Uncategorized
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