Business Tax Reform

On February 22, 2012, the Obama Administration released a 25-page “framework for business tax reform” that involves a 28 % top corporate income tax rate. The framework proposed a tax rate of not over 25 % for some domestic manufacturers and a permanent research credit. According to ABC News, President Obama said in a speech […]

Foreign Financial Assets

In preparing 2011 tax returns, a U.S. taxpayer may be obligated to file a Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1, FBAR) with the U.S. Department of Treasury.  U.S. citizens, certain U.S. non-resident aliens and non-resident aliens who elected to be taxed as a resident of the United States will need […]

Complications in Preparing 2011 Tax Returns

Preparing 2011 individual tax returns may not be as easy as people think.  To maximize tax savings, it is best to speak with a tax adviser right away before tax returns are due.  For example, an increase of the gift tax exemption from $1 million to $5.12 million inclusive of inflation creates opportunities for individuals […]

President Obama’s Tax Reform

In February 2012, the White House and the Department of the Treasury issued “The President’s Framework for Business Tax Reform.” The Framework is a proposal for reform of the business tax system. These are uncertain times for tax legislation. Any type of tax reform will end with winners and losers as with the Tax Reform […]

Same-Sex Couples Tax Planning

Same-sex marriage is allowed in New York. The same-sex individuals who marry in New York are able to enjoy state level rights based on their marital status. Rights granted under New York state law to married couples who divorce are available to same-sex couples who marry. Rights granted under New York state law to married […]