October 22nd, 2017 by Kim Chen
a)Tax-Favored withdrawals from retirement plans.— (1)In general.— Section 72(t) of the Internal Revenue Code of 1986 shall not apply to any qualified hurricane distribution. (2)Aggregate dollar limitation.— (A)In general.— For purposes of this subsection, the aggregate amount of distributions received by an individual which may be treated as qualified hurricane distributions for any taxable year […]
October 20th, 2017 by Kim Chen
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers […]
October 16th, 2017 by Kim Chen
The IRS has issued an alert on a scam aimed at accessing annuity and life insurance accounts. Cybercriminals seek to obtain the email credentials of tax professionals by impersonating cloud-based storage providers. Emails that appear to come from practitioners are then sent to clients. The messages ask clients to complete a fake IRS insurance form, […]
October 7th, 2017 by Kim Chen
The Tax Court denied a divorced, noncustodial parent the dependency exemption for his minor daughter because he did not meet the qualifying child requirements of IRC Sec. 152(c). The taxpayer neither showed he met the support requirements under IRC Sec. 152(d), nor submitted Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by […]
October 4th, 2017 by Kim Chen
[Updated- October 03, 2017] FinCEN is re-issuing this Notice, dated September 12, 2017, which provides FBAR-filing relief to victims of Hurricane Irma, to expand the relief to include victims of Hurricane Maria, as well as victims of Hurricane Irma in additional areas that the Federal Emergency Management Agency (FEMA) designated as qualifying for individual assistance […]
October 2nd, 2017 by Kim Chen
The District Court for the eastern district of Pennsylvania ruled that the maximum Report of Foreign Bank and Financial Accounts (FBAR) penalty imposed on a taxpayer was invalid because the reporting failure was not willful. Despite (1) filing an inaccurate FBAR by omitting one of two Swiss bank accounts, (2) likely learning of the existence […]
September 21st, 2017 by Kim Chen
Equifax, one of the nation’s three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here’s how to find out — and how to help protect yourself against future breaches. What Went Wrong? On July 29, Equifax discovered that, starting in […]
September 21st, 2017 by Kim Chen
The IRS announced that employer-sponsored retirement plans (such as 401(k)s) can make loans and hardship distributions to Hurricane Irma victims and their families. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take […]
September 21st, 2017 by Kim Chen
Hurricane Irma has left many victims in parts of Florida, the U.S. Virgin Islands and other areas unable to fulfill their tax responsibilities and perform some key tax-related responsibilities. In response, the IRS is offering Hurricane Irma victims extra time to complete these tasks. Affected individuals now have until January 31, 2018, to file certain […]
August 3rd, 2017 by Kim Chen
The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your retirement, you can use it as an estate planning […]
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