Work-around Beats Futzing Around
May 1, 1997When America Online went off-line a few months ago, I felt only a drop of sympathy for all the small business owners who howled. I just cannot feel too sorry for a guy who complains “I lost $25,000 in sales because I couldn’t check my e-mail!” If it’s worth $25,000 to you, why not have a backup? How about an account with CompuServe (unless AOL completes the rumored buyout), Microsoft …
Promise And Problems In The Third World
May 1, 1997SÃO PAULO, Brazil — A vast rolling prairie, bright green except for hints of morning mist in the hollows, unfolds as my Varig flight heads southward over Brazil’s Minas Gerais state. It is a familiar and comfortable landscape, one that could pass for the Flint Hills of Kansas in springtime. But it is not springtime in Brazil. I arrive in late February, near the end of the Brazilian summer. At …
Position Yourself For Tax Changes
May 1, 1997Affluent taxpayers are likely to see some of the best tax-planning opportunities in years under the balanced budget accord that was reached by White House and Congressional negotiators this month. In some cases the deal will take us back to the future by reviving estate and income tax strategies that have been in the deep freeze since the late 1980s. While details of the tax law changes are still uncertain, …
Does Your IRA Owe Tax?
May 1, 1997Do you look at your IRA or other retirement accounts as a good place to try out your aggressive investment strategies without worrying about current tax consequences? If you do, watch out — a wrong move could make you pay tax on income that stays in your retirement plan. Few people realize that these tax-sheltered plans are subject to current tax on “unrelated business taxable income” (UBTI). The UBTI rules …
IRS Trap For Nonresident Aliens
May 1, 1997With rising interest rates pummeling the U.S. stock and bond markets alike, short-term investments such as Treasury bills are looking much more attractive these days. But nonresident aliens should be careful: The IRS has set a trap that could snare your family in a very costly dispute. This is going to come as a surprise to many non-Americans. Back in 1984 Congress invited foreigners to buy our deficit-swollen national debt …
Ten Tax Rules Guaranteed to Drive You Crazy
May 1, 1997Tax professionals are just about the only Americans who do not complain about the complexity of our tax laws. After all, if mere commoners could find their fiscal fortunes in the Internal Revenue Code, how would oracles like us ever command $400 an hour? No, it is not complexity that rankles. Writing tax law is an art that requires Congress to balance the needs of the Treasury, the condition of …
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