Monthly Archives: April 2016

4 Ways to Make Charitable Gifts Go Further by Lee F. Hediger

Posted on April 28, 2016 by Richard Berkowitz

Charitable organizations rely on donations of time, money and assets to fulfill their missions. However, there are times when these donations may cause the entity more hassles than good. As a result, donors should keep the following four tips in mind when planning their giving.   Give What the Charity Needs. Before deciding what to give […]

3 Ways to Establish Creditworthiness Living Overseas by Lewis Kevelson, CPA

Posted on April 26, 2016 by Lewis Kevelson

U.S. executives who are transferred or choose to move overseas are often surprised to learn that their stellar stateside credit scores do not always translate similarly well in foreign countries. As a result, many expatriates find themselves in a foreign land, starting from scratch, unable to demonstrate the creditworthiness required to do such basic things […]

Mistitled Accounts Can Spell Disaster for Estate Plans by Stefan Pastor

Posted on April 20, 2016 by Richard Berkowitz

The way in which individuals hold title to assets, including bank accounts, retirement plans and real property, can have a significant effect on how those assets are distributed to a spouse or future generations upon one’s passing. Because a mistitled account could essentially negate one’s intentions, whether or not their wishes are explicitly detailed in […]

IRS Provides Safe Harbor Expensing Limit for Restaurant and Retail Store Improvements by Angie Adames, CPA

Posted on April 18, 2016 by Angie Adames

In November 2015, the IRS issued a safe harbor under the Tangible Property Regulations for certain taxpayers engaged in the trade or business of operating a retail establishment or a restaurant to determine whether expenditures to remodel or refresh a qualified building are deductible or capitalized. Under Revenue Procedure 2015-56, restaurants and retailers may now […]

Does the Net Investment Income Tax Apply to You? by Jeffrey M/ Mutnik, CPA/PFS

Posted on April 12, 2016 by Jeffrey Mutnik

Since 2013, taxpayers whose modified adjusted gross income exceeds certain thresholds are subject to a 3.8 percent Net Investment Income Tax (NIIT).  More specifically, this tax applies to the lesser of either 1) net investment income, which includes, but is not limited to, interest, dividends, capital gains and rental income, or 2) the amount by […]

IRS Removes Some Restrictions on Income from Cuba by James W. Spencer, CPA

Posted on April 11, 2016 by Jim Spencer

In 2015, the U.S. and Cuba took steps to restore diplomatic relations following decades of isolationism.  In response, the Internal Revenue Service (IRS) issued a ruling in March 2016 that removes certain restrictions on income U.S. taxpayers earn in Cuba. Effective immediately, Cuba has been removed from the sanctioned countries list of section 901(j) of […]