Publications Archives - Page 18 of 26

Getting Older Without Family: Addressing Personal, Legal, and Financial Concerns

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal July 2018 Issue The American Association of Retired Persons (AARP) projects that by 2030, approximately 16% of women will be between 80 and 84 years old and childless (Donald Redfoot, Lynn Feinberg, and

Preparing For Audits Of Submissions Under The IRS’s Streamlined Filing Procedures

By Cassandra Vogel The CPA Journal June 2018 Edition The IRS’s streamlined filing procedures for offshore assets were announced in 2012 for non-U.S. residents and extended to U.S. residents in 2014. The streamlined procedures are open to taxpayers whose failure to report foreign financial assets “did

Tax Controversy Corner: Consider The Constructive Partnership Rules Before Reorganizing To Elect Out Of The Bba

By: Megan L. Brackney Journal of Passthrough Entities May – June 2018 Edition The Bipartisan Budget Act of 2015 (the “BBA”) made substantial changes to the audit procedures for passthrough entities. The BBA repealed the prior rules for partnership audits and replaced them with a centralized

Reporting Virtual Currency Transactions To The IRS: Time May Be Running Out For Affected Taxpayers

By: Sharon L. McCarthy The CPA Journal May 2018 Edition IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency as property for federal income tax purposes (Notice 2014-21). This means that

Moving to Another State: Financial, Legal, and Tax Issues

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal May 2018 Issue Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job, retirement, health, or for any

Planning During Terminal Illness

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal May 2018 Issue Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide the answers. The authors provide an overview

The Impact of the Tax Cuts and Jobs Act on Life Insurance

By Sidney Kess and Lee Slavutin CPA Journal May 2018 Issue The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no exception. The authors detail four changes with important ramifications for life

First Look at the Tax Cuts and Jobs Act

By Sidney Kess and Chaya Siegfried CPA Journal May 2018 Issue Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has completely changed the landscape of international taxation, but not,

Written Supervisory Approval Of IRS Penalties: When Must It Be Given, And Who May Give It?

By Henry Stow Lovejoy CPA Journal April 2018 Edition The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue agent examining a return will be one who proposes a penalty. Revenue

Planning for a New Child in the Family

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal March 2018 Issue The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families. According to the U.S. Department

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