Dear Client and Friends, There is a common perception that divorcing spouses must liquidate retirement accounts for the purpose of splitting up property, and consequently accept the tax consequences for early withdrawal. This would rob account owners of the tax advantages that … [Read more...] about Can you divide retirement accounts in divorce without suffering tax penalties?
Dear Clients and Friends, Our new tax law doubles the standard deduction to $12,000 for an individual filer and to $24,000 for a married couple. (The IRS standard deduction is the portion of income that is not subject to tax, thereby lowering your overall tax burden. Taxpayers … [Read more...] about Buy or rent and our new Standard Deduction tax law
Dear Clients and Friends, If you lease your home to someone for a week or two through Airbnb or any other short-term rental service, do you have to report the income on your taxes? Maybe! The answer can be complicated. In general, the key question is whether you lease … [Read more...] about Short-term rentals (like Airbnb) can create tax issues
Dear Clients and Friends, The new tax law passed by Congress late last year and signed into law by the President on December 22, 2017 covers a lot of ground - including family law. For example, if you’re fortunate enough to leave a large estate to your loved ones they will … [Read more...] about Alimony and more under our new tax act
Dear Clients and Friends, As a former IRS attorney and with 40+ years in private practice, we continue to represent clients at all levels in tax-collection defense matters: audits, appeals, US Tax Court and beyond. Available tax records are game changers and that leads to the … [Read more...] about How long should you hold on to tax records?
Dear clients and friends, As many of you know, a comprehensive tax law was just passed by Congress and signed into law by the President. In the world of Family Law, alimony - known also as spousal support - is the change of highest interest. Spousal support will no longer … [Read more...] about Alimony (aka Spousal support) and our new Federal tax laws