Blog posts from: 2015
Deadline Looms for Foreign Bank Account Holders
The Internal Revenue Service is reminding all taxpayers with a filing requirement for a foreign bank account report to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as the Foreign Account...
Tax-savvy use of a Health Savings Account
This article appeared in Forbes. More workers than ever are being offered (or pushed into) high deductible health plans at work. While having to pay hundreds or even thousands of dollars in deductibles may sound off-putting at first, there’s a...
Tax-related investment strategies
Below is a roundup of tax-related investment strategies and news. How mutual funds could get a lot less taxing: Investors may want to consider alternatives to mutual funds because they can generate tax liabilities even if they don’t provides earnings, and...
Tax aspects of historic preservation
If you have questions about federal rehabilitation credits for historic structures, the IRS publication entitled Tax Aspects of Historic Preservation can help. For further information on this topic, contact your ShindelRock tax advisor.
Portability of unused deceased spousal exclusion
Portability, an estate and gift tax provision, allows the personal representative (or executor) of a deceased spouse to make an election on the decedent’s estate tax return to transfer or “port” such deceased spouse’s unused exclusion amount (called the “DSUE...
Guest Author Eric Nemeth: U.S. Supreme Court says $6 million fraud judgment against Blue Cross Blue Shield will stand
BCBSM changes self-funded customers hidden fees starting in 1994 Before 1994, BCBSM charged its self-funded customers various surcharges and subsidies to prop up its insured lines of business, but those surcharges and subsidies were disclosed on the bill. Over time,...
IRS proposes new slot machine tax rules
IRS Notice 2015-21 contains a proposed revenue procedure that would permit gamblers engaging in electronically tracked slot machine play an optional safe harbor method to determine a wagering gain or loss from their slot machine play based on day-long play sessions....
Tax laws regarding interest charged on loans and installment sales
There are tax laws, specifically two code sections, requiring that minimum interest rates must be charged for transactions involving loans, or sales of property, between taxpayers. These are Internal Revenue Code Section §483 and Code Section §1274. Code section 483 covers any...
Possible discharge of student loans due to disability
Some physical or mental impairments can qualify you for a total and permanent disability discharge on your federal student loans and/or TEACH Grant service obligation Before your federal student loans or TEACH Grant service obligation can be discharged, you must provide...
A possible trap on repossession of a principal residence
A person selling his or her primary residence can, if certain conditions are met, avoid paying tax on some or all of the gain realized. This is allowed per code section 121 of the Internal Revenue Code. A maximum gain...