by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has issued proposed and temporary regulations and a new information reporting form that must be used to report specified foreign financial assets for tax year 2011. Form 8938, Statement of Specified Foreign Financial Assets, must be filed by...
by apexcpas | Jul 4, 2018 | Tax Planning
Low- and moderate-income workers who take steps now to save for retirement can benefit from a special tax credit in 2011. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs, 401(k) plans and similar workplace...
by apexcpas | Jul 4, 2018 | Tax Planning
Hawaii rewards residents for taking care of their trees, so long as a certified arborist deems the tree “exceptional.” Individuals can deduct up to $3,000 for the costs associated with maintaining “a tree with historic or cultural value or that, by...
by apexcpas | Jul 4, 2018 | Tax Planning
If you owe money and either the lender forgives your debt or someone else pays your debt, usually the result is taxable income to you. The tax law calls this concept “income from discharge of debt.” Although a discharge of debt generally results in income,...
by apexcpas | Jul 4, 2018 | Tax Planning
Not surprisingly, the Tax Court has ruled that taxpayers cannot cite a television commercial that mischaracterizes certain tax rules as authority to support the position taken on a tax return. In 2009, Ralph and Jacqueline Grosso purchased a townhome for their adult...
by apexcpas | Jul 4, 2018 | Tax Planning
In some cases, life insurance proceeds can be subject to estate tax, even if you do not own the policy at the time of your death. The proceeds of insurance on a decedent’s life payable to a named beneficiary are subject to estate tax if the decedent possessed...