An increasing number of investment fund managers are returning outside investor capital in order to focus on managing their personal and/or family wealth. The decision to “go private” can be driven by a number of factors, including dealing with an ever more complicated regulatory environment, fee compression,
increasing difficulty in finding alpha in stretched markets, the advancing age of the principal, or even as one of our clients recently told us: ”You know, it’s just not fun anymore.”
June is typically the most popular month for weddings. Did you ever wonder if there is a divorce season?
I did. And I found out that just like there is a season for getting hitched there’s one for getting unhitched too.
When two people fall in love, they tend to be blind to life’s realities. The last thing they want to do is bring up issues that might generate conflict, and let’s face it, the topic of taxes is definitely turbulent.
Ask these tough tax questions before you get married – to avoid an inevitable divorce.
The addition of these two credits to the required due diligence of paid preparers in preparing a return that claims either or both was made by the PATH Act (P.L. 114-113, 12/18/15). The statutory language added at §6695(g) implied that regulations were needed. The IRS released draft Form 8867 and instructions in summer 2016, but did not release the regulations until 12/5/16. [TD 9799 (12/5/16) and REG 102952-16 (12/5/16)]
How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of some of these tax rules.
The most common year end tax planning questions generally have been revolving around the implications of sheltering and feeding fully grown and educated children as flying the coop has become increasingly difficult for the current generation of young adults. “Hanging” at Mom and/or Dad’s place as a young professional is the new ‘thing” to do. If you can…
We get used to certain rules in the tax system and then think they HAVE to be there. But, often, that is not the case. I think the rules related to divorce are good examples.
Alimony is deductible by the payer and taxable to the recipient. This violates the “fruit of the tree” doctrine from the famous 1930 US Supreme Court case, Lucas v Earl.
This article will discuss the requirements to claim a relative as a dependent, items considered as support and items not considered as support. It also discusses multiple support agreements.
Requirements for claiming an exemption. ALL of the following must be met or the exemption will be disallowed by the IRS.
This article will discuss the requirements to claim a child as a dependent and the requirements for a non-custodial parent to claim an exemption. It also discusses the ”tie breaker” rule, voluntary release of the exemption by the custodial parent to the non-custodial parent, and a recent Tax Court decision that dealt with this issue.
A Health Savings Account—HSA—allows employees covered by a High Deductible Health Plan (HDHP) to take a deduction for Adjusted Gross Income (AGI) for contributions to an IRA type account to pay for or to be reimbursed for qualified medical expenses. This article will explain the eligibility rules regarding qualified individuals, limits on contributions and withdrawals, treatment of distributions, reporting contributions and distributions on form 1040 and supporting schedules.
I looked up my last blog post and realized I have not posted here since January! What a tax season it was, and how did time get away from me? Oh wait…I know how!
The past few years have seen a steady growth of a client base that has foreign accounts: no complaints there! Most clients have very routine FBAR filing requirements but then sometimes things are a little out of the ordinary and that gets me all excited…yes, I know..it does! That either tells you about my lack of a life during tax season or we should just notch it up to tax nerd-iness!
Senior Director/Family Tax– Northern California
The Senior Director/Family Tax serves as a trusted tax advisor to the family regarding tax matters. The incumbent is responsible for guiding the family in respect of a myriad of tax issues, including individual tax, trusts, estate tax, partnership tax, Subchapter S tax, gift tax, and private foundations. The Senior Director/Family Read More
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