Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and other tax breaks will be [...]
Download PDF It’s been a long time since the words “new normal” were commonly used in the popular media. This term was frequently cited to describe the new era we supposedly entered a while back where the economy would never grow, stocks would [...]
The Treasury Department has taken a number of steps recently to continue its implementation of the Foreign Account Tax Compliance Act (“FATCA”), which was passed in March 2010. Recent developments include the release of model agreements for intergovernmental information sharing and draft forms that [...]
The IRS’ international tax crackdown is alive and well in 2012. The U.S. has made strides in breaking bank secrecy laws in Switzerland and other foreign jurisdictions, prompting many clients to withdraw funds from Swiss banks. The U.S. continues to mine data received under [...]
In May of this year, Maryland’s government approved a tax increase for taxpayers who earn above a certain dollar threshold. For Single filers, that threshold is $100,000 and for Married Filing Joint filers, the threshold is $150,000. Basically, if you are earning over six-figure [...]
October 15th is the final individual income tax filing deadline for most U.S. taxpayers. This means that there are no more available extensions. It also means that if there is a balance due with tax returns filed past this deadline, the balance will be subject [...]
January 1, 2013. Many of us will be waking up from a night of celebrating the dawning of a new year and new beginnings. Many of us will be also be waking up to the beginning of two new individual taxes that will take [...]
Download PDF Pop Quiz – Are U.S. stocks up or down through the first six months of the year? Given the endless stream of recent bad news (European recession, China’s slowing economy, global banking ills, etc.), answering “down” would be understandable. Once again, [...]
Unless Congress and the President enact legislation, the so-called Bush tax cuts will expire at the end of this year, and other taxes will take effect such that individual income taxes may skyrocket beginning January 1, 2013. End of Bush Tax Cuts Taxes may [...]
The IRS recently issued final regulations expanding the information reporting requirements for deposit interest paid by certain U.S. financial institutions to nonresident aliens. Under the new rules, U.S. financial institutions, including banks, credit unions, savings institutions, securities brokerages, and insurance companies, are required to [...]
