by Kevin Thompson | Jan 16, 2014 | Tax Laws
If you fail to report your “Required Minimum Distribution” (RMD) in your tax return, you can get stuck with as much as a 50% penalty. However, there’s a way to obtain IRS permission to skip that penalty and it would be a good idea to consult your tax advisor to find...
by Kevin Thompson | Jan 14, 2014 | Tax Laws
The IRS has been in the dog house in the eyes of the American people for some time now. In an effort to renew trust in the agency, Taxpayer Advocate Nina E. Olson is calling for the IRS to adopt a new Taxpayer Bill of Rights in order to serve taxpayers better and...
by Kevin Thompson | Nov 5, 2013 | Tax Laws
Financial planners know that when their clients don’t talk about end of life planning with their family members, disputes and other unpleasantness will happen. It’s important to hold family meetings to discuss how your assets will be distributed and to whom. ...
by Kevin Thompson | Nov 4, 2013 | Tax Laws
The latest guidance for the enactment of the Foreign Account Tax Compliance Act (FATCA) was issued by the IRS on October 28, 2013. This will apply to foreign financial institutions (FFI) entering into an FFI agreement with the IRS or branches of FFI’s treated as...
by Kevin Thompson | Oct 17, 2013 | Tax Laws
According to a report by the International Bar Association, tax avoidance may be considered to be a violation of the international human rights law. The report prepared by the IBA’s Human Rights Institute Task Force states that certain tax strategies “cross the...
by Kevin Thompson | Oct 15, 2013 | Tax Laws
A tax amnesty program began in the city of LA September 1, 2013 and will continue through December 2, 2013. Amnesty on City of LA taxes will include: Business Utility Users Commercial Tenant’s Occupancy Transient Occupancy Parking Occupancy In order to...
