HoweyCoin—Too Good to be True
“If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you.” Sound too good to be true? It is. This announcement was made in the May 16, 2018 U.S. Securities and Exchange Commission (SEC) press release which was issued to […]
Continue reading HoweyCoin—Too Good to be True
Audit of the Offshore Voluntary Disclosure Program
The Treasury Inspector General for Tax Administration (“TIGTA”) completed an audit of the Offshore Voluntary Disclosure Program (“OVDP”). US citizens are taxed on their worldwide income and must report bank accounts when their aggregate balance exceeds $10,000. The OVDP and other similar programs allow taxpayers a mechanism to come forward and get into compliance with […]
Continue reading Audit of the Offshore Voluntary Disclosure Program
Celebrities’ Initial Coin Offering Endorsements Under SEC Scrutiny
Cryptocurrency start-up firms sometimes attempt to raise funding for an original cryptocurrency venture through Initial Coin Offerings (ICOs). Typically, the firm presents a whitepaper plan detailing the: (1) project requiring funding, (2) amount of funding needed, (3) amount of cryptocurrency that investors will retain, (4) specific currency accepted, and (5) timeline for the ICO campaign. […]
Continue reading Celebrities’ Initial Coin Offering Endorsements Under SEC Scrutiny
Credit Suisse Hearings focus attention on Foreign Bank Accounts
The chief executive of Credit Suisse recently appeared in front of a Senate subcommittee to answer questions related to the bank’s role in aiding tax evasion. A similar hearing in 2008 resulted in a $780 million fine for Swiss bank UBS after the bank admitted helping U.S. taxpayers shield assets to avoid taxes. In conjunction […]
Continue reading Credit Suisse Hearings focus attention on Foreign Bank Accounts
Qualified Terminable Interest Property (QTIP) Trust
A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as […]
Continue reading Qualified Terminable Interest Property (QTIP) Trust
The Foreign Account Tax Compliance Act: What is FATCA?
Eli S. Noff, Esq.,CPA, PartnerBrent Conrad In an effort to reduce persistent high unemployment rates resulting from the 2008 financial crisis, President Obama signed The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act)1to incentivize employers to hire and retain workers. Tax incentives provided in the HIRE Act included: (1) a payroll tax holiday, […]
Continue reading The Foreign Account Tax Compliance Act: What is FATCA?
Innocent Spouse Relief (IRC §6015)
Eli S. Noff, Esq., CPA, Partner Under Internal Revenue Code (IRC) §6013(d)(3), spouses who file joint income tax returns are subject to joint and several liability for the income tax reported on those returns. In other words, the IRS will hold each spouse responsible for the entire amount of tax due. Sometimes, however, one spouse […]
Continue reading Innocent Spouse Relief (IRC §6015)
Baltimore Police Commissioner De Sousa Charged With Tax Crime
On May 10, 2018, the United States Attorney for the District of Maryland announced that new Baltimore Police Commissioner Daryl De Sousa has been charged with three misdemeanor counts of willful failure to file a U.S. individual income tax return. Specifically, the charges allege that Commissioner De Sousa failed to file returns for tax years […]
Continue reading Baltimore Police Commissioner De Sousa Charged With Tax Crime
New Tax Laws in Maryland in Response to Federal Tax Reform
On May 15, 2018, Maryland enacted laws which are projected to counteract the recent federal tax reform’s negative effects on a significant portion of Maryland taxpayers. Recent estimates issued by the Comptroller’s office indicated that 23% of Maryland taxpayers would experience an increase in their state and local taxes due to the new federal code […]
Continue reading New Tax Laws in Maryland in Response to Federal Tax Reform
Estate Planning Strategies for Charitable Giving
When considering a large charitable gift, individual donors have many options at their disposal. Charitable trusts, donor‑advised funds, and private family foundations are three commonly used charitable giving options. Below is a summary of each option, as well as the advantages and disadvantages of each. Donor advised funds – A donor‑advised fund at a local […]
Continue reading Estate Planning Strategies for Charitable Giving