Wealth Strategies Journal

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Month: September 2014 (page 1 of 7)

AICPA identifies problems with IRS’s electronic signature rules

The Journal of Accountancy notes that Jeffrey Porter, chair of the AICPA’s Tax Executive Committee, sent a letter to IRS Commissioner John Koskinen raising concerns about the IRS’s recently issued guidance on electronic signatures. The letter addresses the electronic signature standards that apply when a taxpayer does not appear in … Continue reading

Developments in Life Insurance in Florida

Carlton Fields/Jordan Burt reports on Florida Life Insurance Developments, noting that life insurers will find the following Florida decisions regarding the state’s unclaimed property law and false claims act important:

  • Total Asset Recovery Services, LLC v. Metlife, Inc. and Prudential Financial Inc., Case no. 2010-CA-3719 (Fla. 2d Jud. Cir., Aug.
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Regulatory Changes Could Restrict Pool of Private Investors

Paul Sullivan, in his weekly NY Times column, Wealth Matters, writes about possible changes to accredited investor rules.  His article begins as follows:

DAVID VERRILL considers himself a savvy, educated investor. Since the year 2000 he has been part of a group that has invested $25 million in 35 start-up

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Texas Judge Refuses to Grant Same Sex Divorce

Courthouse News Service reports that a Texas Judge has refused to void a lesbian couple’s marriage or grant them a divorce, citing the state’s constitutional gay marriage ban.  The article begins as follows:

     Brooke Powell, of Fort Worth, and Cori Jo Long, of North Richland Hills, married in June 2010

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Being Mindful Can Help Guide Financial Decisions

Carl Richards, in his Sketch Guy column in the NY Times discusses the benefits of Mindfulness in making financial decisions.

Mr. Richards notes that people try to form good new habits only to continuously fall back on old habits. He notes the following:

…take a look at the market for

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Pricing issues for small CPA firm sales

Joel Sinkin and Terrence Putney are writing a three part series of articles on sales of CPA practices in The Journal of Accountancy.  Their first article begins as follows:

For CPAs looking to sell their accounting practice, it can be a big plus to be in a small firm. That’s

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ESOPs: The Tax Law Provides a Buyer for Your Business

Ross Cohen of Baker Donelson writes about using ESOPs as a method of selling your business. His article begins as follows:

As baby boomer business owners begin to retire, many will want to monetize the value they have created in their businesses. An employee stock ownership plan (ESOP) is one

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Asset protection of retirement funds after Clark

The Journal of Accountancy explores asset protection of retirement accounts after Clark v. Rameker.  The article begins as follows:

In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn’t

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Five myths about billionaires

Darrell M. West, vice president of the Brookings Institution’s governance studies department and author of “Billionaires: Reflections on the Upper Crust” writes about five myths about billoinaires in the Washington Post, which is now owned by billionaire, Jeff Bezos.  Mr. West’s article begins as follows:

Billionaires can be fascinating —

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Love Them or Loathe Them, Reverse Mortgages Have a Place

Ron Lieber, in his NY Times column, Your Money, writes about Reverse Mortgages.  Among other things, Mr. Lieber notes that this summer, BNY Mellon got back into the business as a servicer and securitizer of the loans. In addition several respectable researchers have endorsed certain uses of reverse mortgages, and a series … Continue reading

Charles (Chuck) Rubin: Mission Creep Costs a Section 501(c)(3) Organization Its Exemption

By Charles (Chuck) Rubin

SUMMARY: A change in function of a Section 501(c)(3) organization results in the IRS revoking its exemption.

To receive Section 501(c)(3) status, exempt organizations apply for exemption from the IRS. The exemption application provides details on what the organization intends to do, and the IRS confirms … Continue reading

TIGTA Recommends Improvements to Selection of Problematic Paid Preparers For Further Enforcement Actions

The Treasury Inspector General for Tax Administration released its report, Return Preparer Coordinators Could Improve the Selection of Problematic Paid Preparers for Further Enforcement Actions.  The report notes that the Internal Revenue Service (IRS) could improve its selection of problematic paid preparers for further enforcement actions, according to a report … Continue reading

Charles (Chuck) Rubin: No Informal Abandonment of Residency Allowed

By Charles (Chuck) Rubin

SUMMARY: The Tax Court rules against informal abandonment of resident status.

Individuals who are admitted to the US as lawful permanent residents (“green card” holders) are treated as U.S. residents for income tax purposes. Code section 7701(b)(1)(A)(i). As such they are subject to U.S. income taxes … Continue reading

OCR Issues Guidance on HIPAA and Same-Sex Marriage

Kimberly J. Gold, of Mintz Levin, has written about guidance from the Office for Civil Rights on HIPAA and Same-Sex Marriage.  Her article begins as follows:

The U.S. Department of Health and Human Services (“HHS”) Office for Civil Rights (“OCR”) released guidance last Wednesday to help covered entities and business associates

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U.S. Estate Tax Returns for Candadians

Catherine Eberl, of Hodgson Russ LLP has written about US estate tax return filing requirements for Canadians.  Her article begins as follows:

US estate tax return filing requirements surprise many Canadian executors. Often, the executor is in the throes of administering the estate when the lawyer or accountant sees a brokerage account statement

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