Wealth Strategies Journal

Do More, Better, Faster

Month: May 2016 (page 1 of 3)

Before We Go Out, I Need to Know Your Credit Score by Michelle Singletary

Michelle Singletary explores the new normal in relationships where couples or potentials are taking an interest in their partner’s financial position. Rather than focusing on credit score or debt, Singletary suggests finding out if the person you are dating shares similar financial values.

If the person has a lot of

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Renovations That Add Value to a Home: Think Shingles, Not Marble by Paul Sullivan

In his article, Paul Sullivan describes current trends in home renovations and the potential returns or unfortunate losses they may bring. He notes that oftentimes, renovations’ costs are not in line with their returns and may even reduce a home’s value. Sullivan explains,

Ms. Lautz said people who would like to recoup

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AICPA Proposes Reduced User Fee for S Corporation Private Letter Ruling Requests

The American Institute of CPAs issued a letter last week in which they propositioned to the IRS and the Treasury that the IRS establish a unique user fee category for “private letter ruling requests” for S corporations as it would lower fees for such requests.

In its May 19 letter, Troy Lewis,

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10 famous people who died without a will – & the problems it caused – Money

The Telegraph has posted an interesting article listing 10 famous individuals who died “intestate” or without a valid will, and the slew of problems it left for those they left behind. Some of the notable individuals include Jimi Hendrix, Prince, Billie Holiday, Bob Marley, and MLK Jr.

For all the … Continue reading

Panama Papers Fallout: A Push for Transparency and Regulatory Reform by Andres Fernandez and Gabriel Caballero Jr.

The Panama Papers leak represented a crucial turning point in financial transparency as we know it. Andres Fernandez and Gabriel Caballero Jr. at Holland & Knight Law have posted a detailed explanation of the situation at hand. In response to the reveal of more than 11 million names linked to … Continue reading

Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

By: Alexandre M. Denault & Jonathan E. Gopman

On May 10, 2016, Treasury issued proposed regulations (the “Proposed Regulations“) which enable the Internal Revenue Service (the “Service“) to collect certain information about domestic disregarded … Continue reading

IRS Addresses Disclosure of Tax Return Info to Heirs in Email Advice

The IRS, in an email advice, addressed disclosure of tax return information to heirs.  It’s advice was as follows:

The estate stuff would be covered by 6103(e)(1)(E) and the gift tax (now that the donor is dead) would be covered by 6103(e)(3). Under 6103(e)(1)(E) and (3), the only people other … Continue reading

Estate of Austin D. Herrick v. USA

The U.S. District Court for District of Utah refused to alter or amend a prior decision that granted an estate a refund of taxes for a decedent who was entitled to a foreign earned income exclusion, finding that the government raised arguments that should have been raised earlier and didn’t … Continue reading

IRS to Hold Webinar on May 25 to Assist International Taxpayers; June Filing Deadlines Nearing for Most Americans Abroad

WASHINGTON — The Internal Revenue Service on Wednesday will hold a free online, web-based information session to assist U.S. overseas taxpayers in understanding their filing obligations.

The webinar will take place on May 25, 2016, from 1-3 p.m. EDT, (18:00-2100 hours UTC-0). To attend this webinar, taxpayers or tax professionals … Continue reading

Planning for the $5-$10 Million Couple: Portability or Credit Shelter? by Sloane J. Hankins and Samantha Moore

More now than ever before, planning has become a crucial factor in managing one’s estate. Sloane Jumper Hankings and Samantha Moore of Butler Snow LLP have commented on the new reality that is the “$5-$10 Million Couple” and how they can prepare for the future. They say,

While the relevance

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The Problem With Joint Ownership Of Non-Qualified Deferred Annuities by Michael Kitces

Michael Kitces explains the complicated concept that is a non-qualified deferred annuity and some of its benefits and pitfalls. The annuity allows for tax deferred growth which is certainly a plus for those in high tax brackets and also avoids Required Minimum Distributions obligations during the owner’s lifetime. However, upon … Continue reading

Grandparent 529 Plans & Other College Funding Tactics by Michael Kitces

Michael Kitces explores numerous different methods for grandparents to help contribute to their granchild(ren)’s education. He notes that in order to make valuable contributions, grandparents should use a 529 plan or gift assets but need to be wary of funding that may actually hinder their grandchild’s ability to receive financial aid. Kitces explains,… Continue reading

The Social Lives of Rich People, Explained by Christopher Ingraham

In his article, Christopher Ingraham explores recent findings which suggest that the amount of money an individual has may strongly affect relationships, how one socializes and with whom. Emily Bianchi and Kathleen Vohs examined decades of household survey data and came to the conclusion that as people make more money, they tend … Continue reading

Making Big Donations to Change the World by Paul Sullivan

In his article, Paul Sullivan discusses charitable contributions and their impact on society. According to Sullivan, most philanthropists aim for social change but do not actually follow through; rather just keeping to the norm and donating their millions to safe bets like universities and hospitals. Sullivan notes,

Paul Connolly, director of philanthropic

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Meet ‘Ross,’ the Newly Hired Legal Robot by Karen Turner

In her article, Karen Turner discusses a robot named ‘ROSS’ who was recently “hired” at BakerHostetler law firm to assist with bankruptcy cases. The robot is powered by IBM’s Watson technology and is responsible for filtering through thousands of legal documents to strengthen cases, a job that is usually meant for lawyers … Continue reading

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