Posts by Chad Zimmerman

Matthew Costa, CPA, CFP® MAcc All of us paying attention to the recent tax reform suspected that: 1. We will not be doing our taxes on a postcard going forward, and 2. The US treasury would not just forget about the wealth that has been created in the cryptocurrency space in 2017. Washington lawmakers and […]

The Report of Foreign Bank and Financial Accounts (FBAR) is generally required for United States citizens and residents that have an interest in foreign accounts. A failure to properly report these assets can result in fees and other penalties, including imprisonment. The severity of the penalty generally depends on the details of the violation. Willful […]

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. This is the first major tax reform since Ronald Reagan was president in 1986. The act replaces the graduated corporate tax rate structure with a flat 21 percent tax, repeals the corporate AMT, lowers the tax rates for six of the […]

To report or not to report? That question has likely crossed the minds of any investor that owns cryptocurrency. Those who ask this question should note that the Internal Revenue Service (IRS) has now trained agents on how to pursue digital currencies like Bitcoin. Unfortunately, there is not currently an official amnesty program for those […]

The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate […]

The Foreign Account Tax Compliance Act (FATCA) went into effect in 2010. This law requires all foreign institutions outside of the United States to report assets and identities of account holders that are United States citizens. Failure to comply can result in serious ramifications, including steep financial penalties. How has this law impacted the industry? […]

Competing laws can make for confusing situations. For many people in the Washington, D.C., area, trying to find the balance becomes something of a way of life. This may be particularly true for green card holders who have financial ties that reach around the globe. On one hand, the current political turmoil over immigration makes […]

During the 2017 tax season, the MD Comptroller suspended a total of 54 tax preparers who have been involved in potentially fraudulent behavior. Among the suspicious activities are: Business income reported when taxpayers did not own a business. Refund amounts requested much higher than previous year tax returns. Inflated and / or undocumented business expenses. […]

U.S. taxpayers with more than $10,000 in a foreign financial account at any time during the calendar year are required to report foreign financial interests on Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Since the financial crisis in 2008, the government has increased its attention to overseas […]

Leanne Fryer Broyles, Esq. Most people are familiar with the concept of a “spendthrift”- a person who is recklessly wasteful with his or her spending. While the spendthrift trust bears the name of the type of person for whom it was designed, its modern purpose is much broader. Anyone leaving substantial means to their beneficiaries […]