Tax Tip 2010-28 lists four facts will help parents determine whether their child's investment income will be taxed at the parents' rate or the child's rate: 1. Investment Income Children with investment income may have part or all of this income...
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The IRS has released the following message: Notice 2010-22 provides for the allocation of the national limitation for qualified zone academy bonds among the States, the District of Columbia, and the possessions of the United States. Notice 2010-22 will be...
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Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. Tax Tip 2010-35 lists ten facts about gains and losses and how they could...
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Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Tax Tip...
On February 12, 2010, the Internal Revenue Service released the following message for tax professionals: The U.S. Department of the Treasury and the Internal Revenue Service recently announced the allocation of a second round of authority to Indian tribal governments...
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Bobbi J. Bierhals and Terri C. Kandalepas of McDermott Will & Emory, have written an article entitled: "Roth IRA Conversion Rule Changes." In their article, Bierhals and Kandalepas explain changes in the law that will allow all individuals to convert...
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Bloomberg, in an article captioned "Retiree Annuities May Be Promoted by Obama Aides," reports that the Obama administration is looking into ways to encourage workers to turn their savings into guaranteed streams of income. The article notes the administration's action...
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Wegelin & Co., a Swiss private bank, is advising its clients to exit all direct US investments. Wegelin's report is located here. It argues that changes in US tax policy make US investments dangerous for non-US persons and that the...
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The following is a quarterly update of economic conditions and investment strategy provided by Chevy Chase Trust.Economic Conditions: First quarter, 2009 U.S. GDP decreased at an annual rate of 5.5%, the third consecutive quarter of economic contraction and only slightly...
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Business Week reports, in "Piqqem: Tapping the Investing Wisdom of Crowds," that a new web site, Piqqem collects individual investor sentiment about earnings predictions and stock price movements and sifts it for trading insights.Posted by Lewis J. Saret, General Editor,...
Business Week, in an article captioned "Reassessing Investors' Risk Tolerance" reports that investment firms are reworking risk questionnaires to keep investors from losing money and switching advisers.Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
The NYT, in an article titled "In Search of Competent (and Honest) Advisors" summarizes a survey of 238 private banks and wealth management firms published by Pricewaterhouse Coopers. The article concludes that the "economic crisis has presented client relationship managers...
In comments sent to the IRS and published by Tax Notes, William Paul, Mary Plotkin, and Kerry Burke of Covington & Burling LLP, have requested guidance from the IRS and the Treasury regarding the Foreign Bank and Financial Accounts Report...
Continue reading "Tax Correspondence: Attorneys Seek Clarification on FBAR Reporting Obligations"
Starting this fall, Warren Buffet will begin teaching kids about finance and investing via a new online animated series called the Secret Millionaire's Club. Mr. Buffet appeared on CNBC to promote the series and the full transcript can be viewed...
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In a letter to the Treasury that has been published by Tax Notes, Mary Louise Serrato and Jacqueline Bugnion of American Citizens Abroad, Geneva have urged that requirements and penalties related to the foreign bank account report filings be revised...
Continue reading "Tax Correspondence: EXPAT Group Urges Treasury to Rethink FBAR Requirements"
The New York State Bar Association Tax Section published the comments of Erika Nijenhuis and its other members, urging that the Treasury and the IRS issue guidance on several issues regarding requirements imposed on some U.S. persons to file a foreign...
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Tax Notes has published an article by Kristen A. Parillo, writer for Tax Analysts. The article reports that, according to Swiss media services, on July 30, Swiss Foreign Minister Micheline Calmy-Rey will meet Secretary of State Hillary Clinton to discuss...
In PLR 200928043, the IRS ruled that a surviving spouse will qualify to be able to roll over the distribution of IRA proceeds into an IRA set up and maintained in her own name and that it will not be necessary...
Tax Notes has published the comments of John Weesner of Winter Park, FL. He identified situations where the revised Foreign Bank and Financial Accounts Report form and instructions are ambiguous, incomplete, and unclear. See John Weesner, Tax Notes Correspondence: "Individual Points to...
On July 6, the Justice Department filed a memorandum opposing Swiss banking giant UBS AG's motion seeking information in reference to number of undeclared account holders the IRS discovered in the government's action to enforce a John Doe summons issued...