Protecting Gifted Property in Case Your Child Divorces

Clients often ask if there is a way they can financially provide for their children without making that money available for their child’s spouse to take in a divorce. Gifting property to the child outright without any legal protections is just asking for trouble.  The two best alternatives are a premarital agreement, and a discretionary, asset protection trust.

Good News for Taxpayers Who Owe Less Than $100,000!

The IRS recently announced it will test an expansion of its Streamlined Installment Agreement Program for Taxpayers who owe less than $100,000. In all Streamlined Installment Agreements, the dollar threshold is based on the “Unpaid Balance of Assessments,” which often may be less than the amount the Taxpayer actually owes. For example, when a Taxpayer files a tax return, the IRS will usually assess the amount of tax, plus any interest and penalties accrued to the date of assessment.  Generally, …

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The Dangers of Online Estate Planning

Today, the world-wide-library puts information at our fingertips in a moment.  Access to an unlimited amount of information is quite alluring.  When it comes to Estate planning, several web services claim that consumers can complete a will or a trust online in minutes.  Are these claims correct and what happens when problems arise? Online Estate planning seems like an enticing bargain at the outset.  But it may be pennywise and pound foolish.  They offer legal documents at a cheap price, …

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Beware of IRS Impersonators

Beware of IRS Impersonators A lot of honest taxpayers are being robbed by tricky IRS impersonation scams. These people are not real IRS employees, just thieves. If you are contacted by someone claiming to be an IRS employee, here are a few things to keep in mind: If you receive an automated message or a live call, stating that “IRS is filing a lawsuit against you,” and you need to send money right away to prevent it, you can be …

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What is a Hobby Loss?

The IRS frequently disallows deductions for activities it believes are “not engaged in for profit.” “Hobby Losses”, as the IRS calls them, often involve expenses for horse or dog breeding activities, small scale farming, small livestock operations, airplanes, etc. Because these businesses often grow out of hobbies, they tend to be started without adequate business planning and advice. For some, a business plan and other business like activities established at the outset of the business can make the difference between …

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IRS Admits to Using Secret Cellphone Tracking Systems

As reported by the Washington Times, Internal Revenue Service Commissioner John Koskinen admitted this week that the agency uses secret cellphone tracking systems, known as cell-site simulators, or StingRays, to collect information about people they are investigating. This finding has sparked an inquiry by two top U.S. senators into the use of these tracking systems. Advances in information collection technology and the ever-changing landscape of legal tax issues in America makes it more important than ever to take the necessary …

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What is Form BE-10 and Why You Should Care?

If you owned stock or other interest in a foreign corporation or business, or real estate located outside the United States at any time during 2014, keep reading to learn how to avoid fines up to $25,000 and possible criminal sanctions. The tax attorneys at Anderson & Jahde recently came across a little-known reporting requirement: those who fall within the above reporting requirements must complete and file Form BE-10 with the Bureau of Economic Analysis (BEA). The due date for …

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What to do when Confronted with Tax Fraud

Tax Fraud is a very serious matter that can result in civil and criminal prosecutions, severe penalties, jail time and a felony record. There are, however, different degrees and types of tax fraud and not all tax fraud is criminal. When confronted with potential tax fraud problems it is best to consult with a tax law professional, as opposed to an accountant. The tax lawyers at Anderson & Jahde have extensive tax fraud experience and can help with tax fraud …

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Two Common Tax Myths and Mistakes Made by Taxpayers

If you have legal questions about your taxes, or you have received a notice from the IRS and don’t know where to turn, the experienced tax attorneys at Anderson & Jahde, P.C. are here to help. In our new series of articles, our team of tax lawyers have outlined and debunked some of the most common tax myths and misconceptions, starting with settling tax liabilities and the collection of tax debts.

Taxpayer Rights Can Be Hidden in the Fine Print

Taxpayers have critically important legal rights about which the IRS is required to give clear notice to the taxpayer. In some instances, the IRS has started to place the key language required in these notices in less than prominent locations in taxpayer letters, and, in some instances, this important language is in what appears to be mundane routine print such that taxpayers and tax professionals may not see the real significance of the Notice.

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