Duly Noted
January 6, 2012Employer-provided cell phones nontaxable, IRS says. Employees who make personal use of employer-provided cell phones do not owe income tax on the cost of the phones or the service, as long as the phones are provided primarily for “noncompensatory” reasons, the IRS announced. Noncompensatory reasons include an employer’s need to reach employees after hours for emergencies, making employees available to customers at all times, and making it easier for employees …
New Hires and Promotions
December 15, 2011
Shomari Hearn becomes VP, leads list of promotions and new hires at Palisades Hudson.
No Interest In Foreign Accounts
November 3, 2011The IRS has been aggressive recently in pursuing tax cheats who have hidden assets in offshore accounts. Penalties for not reporting the existence of foreign accounts are steep, which concerns even honest businesses and individuals that are unsure about their filing obligations. Generally, U.S. taxpayers with a financial interest in foreign financial accounts are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (often referred …
Understanding Investor Biases
October 10, 2011Emotions and money each cloud judgment. Together, they create a perfect storm that threatens to wreak havoc on investors’ portfolios. One of the biggest risks to investors’ wealth is their own behavior. Most people, including investment professionals, are prone to emotional and cognitive biases that lead to less-than-ideal financial decisions. By identifying subconscious biases and understanding how they can hurt a portfolio’s return, investors can develop long-term financial plans to …
Capital Gains Planning Strategies
October 10, 2011Capital gains tax rates are at historic lows, but they are in the political crosshairs. It’s a good idea to take advantage of planning strategies now. Capital gains contribute to a taxpayer’s adjusted gross income. An investor realizes capital gains when he sells investments for more than he paid for them; capital losses are the opposite. All of an investor’s capital gains and capital losses are first combined to create …
Avoiding The Partnership Technical Termination Trap
October 10, 2011Some families have been pleased about using partnership interests for wealth transfer during the recent market lows. Unfortunately, a few have been met with unwelcome surprises — five-figure bills penalizing the partnerships for filing late tax returns. When a partnership is terminated, its final income tax return is due three and a half months from the date of termination. Unless the partnership happened to cease doing business on Dec. 31, …
New Staff Members Bring Array Of Skills To Firm
October 10, 2011It takes more than just financial talent to operate a high-end wealth management practice these days. Recent additions to our team include a sociology-anthropology major, a graphic designer, an editor and — because financial talent still matters a lot — a business major, too. Michael DiCosimo is a client service associate in our Fort Lauderdale office. He joined our staff after earning his bachelor of science in business administration last …
Duly Noted
October 10, 2011Dwelling Used By Parents Is Taxpayer’s ‘Abode.’ In an apparent change of longstanding practice, a New Jersey businessman became subject to tax as a New York resident because he maintained a Staten Island apartment for his elderly parents. New York’s Tax Appeals Tribunal reversed its own earlier decision in favor of John Gaied after granting the state a rare re-argument. The tribunal found, after it reconsidered, that the dwelling Gaied …
IPOs for Small Investors
September 8, 2011
IPO officially stands for “Initial Public Offering;” but on Wall Street it really means “Immense Profit Opportunity for Important People Only.”
Same-Sex Couples Must Plan Carefully
June 17, 2011Uncle Sam gives the best wedding presents. A Simon Pearce vase is divine, but it pales in comparison with the married filing jointly tax rates and unlimited marital estate tax deduction. Regrettably, even though they embody the same levels of love and commitment, same-sex couples do not receive these gifts from Uncle Sam. Financial planning for same-sex couples is rife with difficulties. Few states provide rights to same-sex couples, and …
