Two new court decisions reached opposite conclusions about whether individuals in states that do not operate their own health insurance exchanges are eligible for the premium assistance tax credit under the Affordable Care Act (ACA). Here is what you need…
Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the IRS recently announced. In order to give all interested parties time to adjust to the new policy, the IRS…
Once upon a time, Crumbs Bake Shop was the sweetheart of New York City. It started in 2003 as a mom-and-pop bakery on New York’s Upper West Side and eventually grew into the nation’s largest cupcake retailer, peaking at 70…
Recently, commercial banks have become increasingly competitive in seeking business loans. They have begun to offer very attractive loan facilities. A recent New York Times article, Small Businesses Are Finding Bank Loans Easier to Come By, illustrates this national trend…
Last year, the IRS spelled out how it would treat employer contributions to employees to help them buy coverage on their own. More recently, it reiterated its position in Q&A format. The question the IRS posed to itself: What are…
The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent Tax Court decision on the classification…
The IRS is using both a “carrot” and a “stick” to encourage more taxpayers living overseas and those with undisclosed foreign financial accounts to comply with U.S. tax obligations. The tax agency recently announced immediate changes in its Offshore Voluntary…
The U.S. Supreme Court has held — in a unanimous decision — that inherited IRAs do not qualify for an exemption from the bankruptcy estate. Therefore, they are not protected from creditors in bankruptcy. The case, Clark v. Rameker, has…
Don’t Delay: FBAR Deadline June 30th for Foreign Financial Filers Daszkal Bolton would like to remind clients that the FBAR form (Report of Foreign Bank and Financial Accounts) is due June 30, 2013. If you are a United States person…
The United States Senate has just passed the Marketplace Fairness Act, legislation aimed at giving states the power to better enforce their sales tax laws and to level the playing field for Main Street merchants. As the bill now moves…
