Your Social Security Benefits May be Taxable

Tax planning and preparation from the IRS included here by The Tax Consultancy Group to assist you with your 2015 taxes. If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your …read more

IRS to Parents: Don’t Miss Out on These Tax Savers

2016 Tax Planning and Preparation Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents.  In most cases, you can claim your child as a dependent. You can deduct $4,000 for each …read more

Falsely Padding Deductions

The IRS annual “Dirty Dozen” list of tax scams to avoid includes falsely padding deductions. From the IRS:  IR-2016-21, Feb. 10, 2016 WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. …read more

Hiding Money or Income Offshore

Hiding Money or Income Offshore Resides on the “Dirty Dozen” List of Tax Scams for the 2016 Filing Season WASHINGTON — On February 5,2016 The Internal Revenue Service declared that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for …read more

Characteristics of LLCs VS S Corporations

New entrepreneurs put a lot of time and thought into incorporating and choosing a business structure. After all, it’s the first big legal decision to make for the business — and there are plenty of second and third-hand anecdotal horror stories about the founder who picked the “wrong structure” and got screwed over at tax …read more

5 key things to consider before investing in “social good”

Ideas about key steps to take before investing fill the pages of the internet and are valuable aids for potential investors. Fewer deal with investing in projects directed toward "social good". That this option exists highlights a preliminary question for investors: what is the purpose of your investment? This is the first question for any …read more

Protect Your Identity

Seven Steps for Making Identity Protection Part of Your Routine The following information courtesy of the IRS is important to all of us in today’s connected world where your all of your personal and financial data is online. “The theft of your identity, especially personal information such as your name, Social Security number, address and …read more

Unpaid taxes? New law revokes passports and allows third party collection

To our friend and clients. Provisions that revoke passports for taxpayers with unpaid tax debts and require the IRS to use third-party debt collectors were included in the Fixing America’s Surface Transportation Act, H.R. 22, which Congress passed on Thursday December 2, 2015. Revocation or denial of passport for unpaid taxes: The act creates a …read more

Family Limited Partnerships for a High Net Worth Family Office

Family limited partnerships are often ideal for families with closely held businesses. Are your family members actively involved in your trade or business? Does it make sense to divide rights to income, appreciation, and control among the family members? A family limited partnership may provide immediate tax advantages, maximize estate value, and secure a smooth …read more

Intentionally Defective Grantor Trust

Advanced Estate Planning An Intentionally Defective Grantor Trust (IDGT) may be right for you when planning your estate and looking to maximize the assets that pass to your loved ones.An IDGT may be the best way to transfer assets to younger generations with the least possible transfer tax consequences. What is an IDGT? An IDGT …read more