Personal Finance
Gifting Property in Anticipation of Reduction of the Federal Estate and Gift Tax Exclusion Amount Is Ill-Advised in Most Cases
By Stephen J. Dunn |
We have a unified Federal estate and gift tax. When applied to gifts which people make during their lifetime it ...
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U.S. Tax Compliance Concerning Foreign Income, Accounts, and Entities
By Stephen J. Dunn |
United States citizens and residents (“U.S. persons”) need to comply with two U.S. statutory schemes concerning foreign income, accounts, and ...
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Why You Should File Your Delinquent Income Tax Returns
By Stephen J. Dunn |
COVID Tax Tip 2020-77, recently issued by the Internal Revenue Service, gives reasons why taxpayers should file a 2019 income ...
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Forms 3520 and 3520-A: What You Need to Know
By Stephen J. Dunn |
If you own an interest in a foreign trust, you may be required to file Form 3520, Annual Return To ...
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The Time May Be Right for an Offer in Compromise
By Stephen J. Dunn |
In ordinary times, an offer in compromise is rarely in a taxpayer’s best interests. Most offers in compromise are ultimately ...
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U.S. Income Taxation of U.K. SIPPs and ISAs
By Stephen J. Dunn |
Note: This is the third of three articles on United States income taxation of British Self-Invested Pension Plans (“SIPPs”) and ...
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Long-Term Care Insurance Policy Reinstated
By Stephen J. Dunn |
A recent case involved a husband and wife who purchased long-term care insurance policies in 2001. Each policy provided a ...
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IRS Relents from Collection Action in Coronavirus Pandemic
By Stephen J. Dunn |
The Internal Revenue Service has temporarily closed its call-in collection service centers. When a taxpayer fails to make a payment ...
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CARES Act Loans for Small Busnesses
By Stephen J. Dunn |
The just-enacted Coronavirus Aid, Relief, and Economic Security (‘‘CARES’’) Act makes loans available to eligible small businesses to help them ...
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Payroll Tax Holiday Is a Terrible Idea
By Stephen J. Dunn |
A proposal has been floated to suspend the Federal payroll tax for six months to a year as a means ...
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