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Tag Archives: Tax Issues

How To Reduce FIRPTA Withholding

Foreign buyers purchased a record $153 billion of U.S. real estate during the 12 months ending in March 2017, according to the National Association of Realtors®. As these buyers secured their pieces of the American dream, they may not have realized that Uncle Sam will want his share when it comes time to sell.
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The Emerging GOP Tax Plan

While no tax reform is ever final until the president signs it into law, it seems increasingly likely that congressional Republicans will enact some significant tax changes soon. For taxpayers, all this uncertainty can be unnerving. After all, good tax planning happens with an eye to the future, and when a major shift in taxation is imminent, it can feel as if planning grinds to a halt. But taxpayers can consider the most likely of these changes now without succumbing to either panic or pressure.
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GRAT Planning Strategies

A grantor retained annuity trust, commonly called a GRAT, allows a grantor to pass assets to a beneficiary while minimizing his or her federal gift and estate tax burden. While GRATs do offer some undeniable advantages, like any estate planning technique, they are not right for everyone.
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When Should You Borrow From Your 401(k)?

Sometimes the money in your retirement account can do more good in the present than in the future. While you should never raid your 401(k) for a new flat-screen TV or a vacation, under certain circumstances borrowing from your retirement plan can serve as a responsible financial planning solution.
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How Does Getting Married Affect Student Loan Payments?

Many people imagine the discussions that lead up to a marriage as romantic tete-a-tetes with the occasional choice of invitation pattern thrown in. But those conversations also can, and should, include more mundane and even potentially painful topics. One common example: the state of your student loans.
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Reporting Requirements For Foreign Assets

The term “offshore accounts” is often used as shorthand to suggest that such account holders are trying to dodge tax responsibilities. Especially after the Panama Papers, many observers are quick to assume the worst when someone holds assets outside of the United States. In reality, many, if not most, taxpayers who hold foreign assets do so in good faith for a variety of legitimate reasons. However, depending on the type of property in question and the taxpayer’s overall situation, keeping the Internal Revenue Service adequately informed can prove challenging.
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Tax Planning For Part-Time Farmers

The farmer looms large in the American imagination, but many Americans who have not experienced modern farming firsthand have a skewed perception of what the activity actually entails. The Internal Revenue Service is not so small-minded.
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Post-Election Tax Planning

Good tax planning is something that happens year-round, with an eye on the future. But when there has been a political shift as major as the one represented by our recent national elections, taxpayers may find the idea of looking forward unusually daunting.
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