Posted on July 10, 2015 by CEB
The following is a guest blog post by Jacob Stein, a partner with Klueger & Stein, LLP in Los Angeles. Mr. Stein practices international taxation and structures cross-border business transactions.
An increasing number of Americans are opting for an expatriate life. In fact, as MSN reports, more Americans than ever have renounced their U.S. citizenship in the first quarter of 2015. Moving abroad and getting a new citizenship may cut off the U.S. government’s ability to recover taxes from the expat because the U.S. will no longer have personal jurisdiction over that person. That’s where the “exit tax” comes into play—the expatriation rules of the Internal Revenue Code seek to extract a tax while the U.S. still has jurisdiction. Continue reading
Filed under: Legal Topics, Tax Law | Tagged: exit tax, expatriates, expats, Heroes Earnings Assistance and Relief Tax Act of 2008. HEART Act, international tax law, tax law | 1 Comment »
Posted on January 23, 2015 by Robert Denham, Esq
Many are familiar with section 529 college savings accounts, from which tax-free distributions must be used for qualified higher education expenses. The “Achieving a Better Life Experience Act of 2014” or the “ABLE Act of 2014” adds a similar account under IRC §529A that individuals who become severely disabled before age 26 may establish to use for “qualified disability expenses,” which can include education, housing, and transportation. Continue reading
Filed under: Estate Planning, Legal Topics, Tax Law | Tagged: 529A Accounts, ABLE accounts, ABLE Act, Achieving a Better Life Experience Act of 2014, disabled, qualified disability expenses, tax legislation | Leave a comment »
Posted on August 1, 2014 by Julie Brook, Esq.
You’ve decided to open your own law office and are ready for your clients’ cases, but are you also ready to handle the tax issues that go hand-in-hand with running your own business? Continue reading
Filed under: Employment Law, Practice of Law, Starting a Law Practice, Tax Law | Tagged: going solo, law corporation, law office, law partnership, law practice, opening a law practice, payroll taxes, sole practitioner, starting a business, tax issues, tax matters, tax withholding | 5 Comments »
Posted on July 30, 2014 by Robert Denham, Esq
The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us. Continue reading
Filed under: Elder Law, Estate Planning, Legal Topics, Tax Law | Tagged: celebrity wills, death tax, Estate Planning, estate tax, generation skipping tax, living trust, Philip Seymour Hoffman, trust fund | 1 Comment »
Posted on March 10, 2014 by Julie Brook, Esq.
Many litigators are grateful to believe they’ve left tax law behind in law school. But that belief can cost your client. Continue reading
Filed under: Civil Litigation, Legal Topics, Tax Law | Tagged: judgments, litigation, settlement agreement, tax benefits, tax consequences, tax deductible, tax issues | Leave a comment »
Posted on January 15, 2014 by Robert Denham, Esq
Good news, bad news. The Tax Court has approved a gift tax avoidance scheme, but there’s a catch. Continue reading
Filed under: Estate Planning, Legal Topics, Tax Law | Tagged: Estate Planning, gift tax, gift tax exemption, tax consequences, tax planning | 1 Comment »
Posted on December 9, 2013 by Robert Denham, Esq
Under IRC §408(d)(8), IRA owners over age 70 ½ can distribute up to $100,000 per year directly to charity and never recognize any income on the distribution. But to get this benefit, you must act fast because the law expires at the end of this year. Continue reading
Filed under: Estate Planning, Legal Topics, Tax Law | Tagged: charitable contribution deduction, charitable gift, gift tax, IRA account, IRA distribution, IRS, tax dedudction | Leave a comment »