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A Qualified Terminable Interest Property (QTIP) Trust is a trust that enables the grantor to look after his or her current spouse and ensure that the assets from the trust are then passed on to beneficiaries of the grantor’s choice, such as children from a grantor’s previous marriage. In addition to providing the living spouse… (Keep reading)
End of Year Donations and Write Offs
Here at year end many people are preparing to make charitable donations. As long as the checks are in the mail by December 31st, 2016, you will be able to write off the donation on your 2016 tax return. If you are making your donation using a bank-issued credit card, you can claim the write-off… (Keep reading)
In June of 2015, the State of Nevada passed a law establishing a Commerce Tax. The tax is a gross receipts tax. Every person or entity doing business in the State of Nevada must file a return, even if no tax is due. The taxable year runs from July 1st to June 30th of the… (Keep reading)
Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is… (Keep reading)
You’re sitting at home relaxing. The phone rings. The person on the other end claims to represent the IRS and demands immediate payment on back taxes you allegedly owe. They threaten you with being arrested, deportation, court action or many other unsavory consequences. These calls are scams! Do not be intimidated by these callers pretending… (Keep reading)
When it comes to employee tax withholdings, business owners can be sentenced to jail if they aren’t careful. In July, Richard Whatley of Salt Lake City was sentenced to a maximum 51 months on federal prison for willful failure to account for payroll taxes. On top of that, he must pay $540,000.00 in restitution. This… (Keep reading)
A recent Notice of Deficiency from the IRS has received national attention, both for its timing and its recipient. The Notice was directed to Sumner Redstone, the 89-year-old majority shareholder of CBS and Viacom, for failure to file a gift tax return pertaining to a gift made in 1972. The amount of the taxes and… (Keep reading)
True or false: The IRS wants to throw you in jail for tax evasion. FALSE! It is very rare for the IRS to show up at your home, cuff you and haul you off to jail. Most criminal investigations conducted by the IRS are linked to fraud, drug or money laundering activities. The IRS is the… (Keep reading)