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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More 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 ...
Read More