Do I Need Estate Planning? Estate planning is about protecting yourself, your family, and your loved ones against potential problems that could arise after you die. Estate planning includes creating a will, establishing trusts, making medical directives, and choosing guardianship over minors. Having a valid will is essential if you don’t do anything else. You...Read More

What are Qualified Charitable Distributions? Qualified charitable distributions (QCDC) allow individuals over age 70 ½ to donate money directly from a taxable IRA without triggering a 10% early withdrawal penalty. This type of contribution is called a “qualified charitable distribution.” A QCDC does not trigger a 10% early withdrawal fee, unlike traditional IRA withdrawals. However,...Read More

What Is Identity Theft Identity theft happens when someone uses your personal information to commit fraudulent activity. This includes applying for credit cards, bank accounts, loans, or government benefits. If you suspect you are experiencing identity theft, contact your local police department. You don’t always realize you’re being targeted because the thieves usually steal your...Read More

Introduction Of The CARES Act President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES Act” into law, providing relief funds to help stimulate the economy from the impact of the COVID-19 pandemic. Small businesses that would like to apply for a loan with reduced interest and potential forgiveness should apply through the...Read More

What Is Form 8283? Form 8283 is a tax reporting form used to report donations to charities. If you donate property valued at $500 or more during the calendar year, you must complete and submit Form 8283 within 30 days of making the gift. This includes cash gifts, securities, life insurance policies, annuities, real estate...Read More

The Acquisition Process When businesses acting as the seller or purchaser are going through the acquisition process, there is likely to be discussion as to whether the acquisition will be structured as an asset purchase or a stock purchase. There are advantages and disadvantages to an asset purchase and a stock purchase for both the...Read More

Many people have questions relating to FIRPTA and the relating withholding tax requirements. Below are common questions and answers related to FIRPTA, but please remember to consult directly with your tax attorney and other tax advisors.  What is FIRPTA? FIRPTA is a withholding tax requirement for a foreign person’s disposition of a U.S. real property...Read More

Defining Investors, Traders, Securities & Dealers Many individuals (and businesses) buy stock and securities with the hopes and intent of the securities appreciating and perhaps paying interest or dividends. What determines when an individual is treated as an investor, dealer, or trader? Furthermore, what are the tax treatment and proper way to report income and...Read More

Lawsuit Settlements And Taxes Lawsuits are one of those things that people always want to avoid. They don’t like being sued and don’t like paying up. When it comes to lawsuits, there are some exceptions. For example, most personal injury claims will not be taxed. This includes cases where someone falls off a ladder, slips,...Read More

IRS Special Agents & Criminal Investigations The Internal Revenue Service performs criminal investigations into individuals suspected of tax evasion, money laundering, drug trafficking, and other crimes. These investigations are conducted primarily by special agents assigned to the Criminal Investigation Division (CID). However, several sources of criminal investigation data are used by CID investigators. A Denver...Read More