It just keeps getting better for wealthy individuals! The Internal Revenue Service recently announced the inflation-adjusted estate and gift tax exclusion amount for 2020. For gifts made and estates of decedents dying...
As discussed in a prior blog post by my colleague, Anthony Daddino, here, the IRS began sending “educational” letters (i.e., warning letters) to taxpayers regarding their potential failure to report or pay tax on...
At least once in their career most tax return preparers have faced the dilemma of whether and how to make a disclosure with a tax return. A disclosure is an extra explanation beyond the usual income and expenses shown on a...
Most LLC agreements provide that distributions will be made to members in accordance with their positive capital accounts. In fact it is virtually boilerplate. So what happens when an LLC makes a Subchapter S election...
The IRS Streamlined Procedures are not a one-size-fits-all program, as evidenced by the successful criminal indictment of a taxpayer charged with filing a false “streamlined submission” to disclose his foreign accounts...
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