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Royal Flush! FBARs Due June 30th

Posted on June 18, 2014 by

This is your reminder that your Foreign Bank and Financial Accounts Reports (FBARs) are due on June 30th. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, you must report […]

Taxpayers Have Rights???

Posted on June 11, 2014 by

Taxpayer Bill of Rights – On Tuesday, the Internal Revenue Service (IRS) unveiled the new and improved “Taxpayers’ Bill of Rights.” Unbeknownst to most taxpayers, the Internal Revenue Code actually sets forth rights of taxpayers (who knew!). The IRS touts that the new Bill of Rights will make it easier for taxpayers to understand their […]

Who needs a Tax Extenders Bill? It’s only June!

Posted on June 5, 2014 by

Over the past few years, we have all become accustomed to tax deductions, credits, and reduced rates expiring. We have also become accustomed to our elected officials debating until the very last minute about whether to extend sunsetting tax provisions. I am eager to report that 2014 will be no different – a senate bill […]

Could Religious Leaders Be Taxed on Their Housing?

Posted on May 30, 2014 by

On November 22, 2013, the federal district court for the Western District of Wisconsin struck down Internal Revenue Code Section 107(2) which exempts from income tax any compensation that is received by a “minister of the gospel” which is considered a housing allowance. The Freedom From Religion Foundation filed suit against the government on the […]

Punt Blocked – Former Green Bay Packers Kicker Found Guilty of Defrauding the IRS with Two Las Vegas Businessmen

Posted on May 29, 2014 by

A federal jury in Las Vegas found a former NFL punter, Joseph Prokop, and two Las Vegas businessmen guilty of defrauding the IRS and aiding in the preparation of false tax returns. The three men used two Nevada companies named the “National Audit Defense Network” and “Oryan Management and Financial Services” to promote and sell […]

Tasty Tax Morsel – The IRS Wants A Bite!

Posted on May 20, 2014 by

My colleague, Bryan Symes, posted the other day about including the value of employer provided meals when calculating overtime compensation. Employers often provide delicious edibles to promote healthy eating, improve morale, and foster collaboration over lunch. Employers, however, provide those meals, snacks, and beverages to employees without chewing over the tax implications. Meals provided by […]

IRS Announces Recognition of Legally Married Same-Sex Couples

Posted on May 20, 2014 by

Earlier today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced that all legally married same-sex couples, regardless of where they live, will be recognized for federal tax purposes, including income, estate, and gift taxes. The Supreme Court of the United States’ decision on June 26, 2013 declaring the federal Defense […]

Revisit Your Choice of Entity—Is Pass-Through Taxation Right For You?

Posted on May 16, 2014 by

Did you pay more tax on the income generated by your business or investments in 2013 than in years past? With the 2013 tax year in the books, we are getting our first look at the impacts of the American Taxpayer Relief Act of 2012 and the 3.8% net investment income tax enacted by the […]

Wisconsin Extends Net Operating Loss Carryforwards to 20 Years and Allows Additional Credits Against Alternative Minimum Tax

Posted on May 6, 2014 by

Recently enacted Wisconsin legislation contained a number of significant changes to our state s corporation franchise and income tax laws that may affect your business s tax liability. For instance, among other important changes, net business loss carryforwards under the corporation franchise and income taxes were extended from 15 years to 20 years, applicable to […]

2014 Inflation Adjustments – You May Gift $14,000 Tax-Free (Grandma, are you reading this?)

Posted on May 6, 2014 by

The Internal Revenue Service announced in October 2013 the annual inflation adjustments for a variety of tax provisions including tax rates, standard deductions, limitations for itemized deductions, and exclusion amounts. Fortunately for children and grandchildren alike, a taxpayer may gift $14,000.00 per year per person without paying any taxes. Accordingly, a married couple with three […]