Here we go again! It is campaign season and some candidates just cannot wait to say how they are going to penalize business. Hillary Clinton is proposing a new scheme where businesses that manufactured things will be tax differently than businesses that are “trading”...
Rev Rul 2015-8, 2015-18 IRB The Applicable Federal Rates for May 2015 are reproduced below. Table 1 Applicable Federal Rates (AFR) for May 2015 Period for Compounding Annual Semiannual Quarterly Month Short-Term AFR .43% .43% .43% .43% 110% AFR .47% .47% .47% .47%...
Durable Power of Attorney-the Smart Choice! Today I received a frantic telephone call from the adult daughter of a senior citizen client for whom I prepared an estate plan 10 years ago. Unfortunately, the man, who is a widower, had a serious stroke. He is alive but...
More Taxes – Time after Time Wake up and smell the coffee! Its political season again and unfortunately it appears most candidates for State Governors and Congress are advocating a “tax the other guy” approach. “We need more money for the schools!”-Tax the Rich. “We...
The IRS announced in IR 2014-99 increases to retirement plan contributions. Highlights include the following: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan...
Most of my clients from around the world make their initial contact by email. It is usually a result of my website, blog posts (published on Tax Connections) and Avvo. Usually, they need a lawyer to negotiate a contract or deal with the IRS or State Tax agencies. When...
Let’s review the facts: Ray Rice is a star NFL player. He is not a role model. He is not a minister. They pay him to be a “bruiser” and arguably a star attraction to the Baltimore Ravens. Rice clobbered his (now) wife in a domestic fight. The NFL kicked him out of the...
The IRS is not calling to arrest you! Today, a new client appeared in my office and explained he needed a consultation right away. This is very strange because most people call to set up an initial conference and we discuss the case on the telephone before meeting....
Cash is a good way to get clobbered for taxes! For many years, small restaurants, bars, pizza parlors, ice cream stands, and other food establishments have used all cash systems to hide their income and not pay sales tax and income tax on the full receipts. In New...