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Individuals often have life insurance policies provided by their employer, whose ownership is transferable to the employee in the case which the employee is retiring, or for other qualifying reasons. Whatever the reason may be, it is important for these individuals to be aware of the fact that this could have tax implications. Since many...
On the 25th of February, 2014 the U.S. House of Representatives began its discussions to vote for the passage of two bills: H.R. 2530 and H.R. 2531. These were amongst the various bills introduced in mid-2013 by Peter Roskam, Congressman, Representative of Illinois, and collectively called the “Taxpayers Bill of Rights.” They aim to protect...
Gift tax may be one of the IRS’s most-hated practices, but there are several ways to eliminate it. As discussed in our previous article (Gifts and Gift Tax Return), not only is gifting beyond a certain limit (to anyone other than one’s spouse) taxable by the Internal Revenue Service (IRS), but also any delay in...
The Internal Revenue Service (IRS) has recently introduced a 3.8% surtax on certain ‘unearned income’ of individuals, trusts and estates, which will be levied on income from January 1, 2013 onward. Taxpayers who meet the requirement will need to pay this tax. As it is a newly introduced tax, AG Tax professionals have prepared a...
Tax filing and payment can be tedious tasks filled with complications. At AG Tax we work with your specific tax situation to avoid these potential headaches. Here are a few worthwhile tax tips, involving filing and payment options (especially relevant for those anticipating a tax bill). U.S. Tax Filing Tips • File your tax returns...
Changes in U.S. tax laws also impact various cross-border U.S. taxpayers, and although it is easy to keep track of federal tax laws, state tax laws are often not given similar importance. However, state tax laws are equally important for U.S. resident taxpayers and cross-border taxpayers, especially if they are carrying out business activities in...
Changes in U.S. tax laws also impact various cross-border U.S. taxpayers, and although it is easy to keep track of federal tax laws, state tax laws are often not given similar importance. However, state tax laws are equally important for U.S. resident taxpayers and cross-border taxpayers, especially if they are carrying out business activities in...
The Texas Comptroller of Public Accounts has recently provided guidance regarding a change to the ability to change the elected method of computing taxable margin on an amended return. This change could provide taxpayers an opportunity to file for refunds claims on returns for years in which the statute of limitations is still open. Change...
The penalties applied by the IRS for filing infractions can be severe and punitive nor is the IRS reticent to apply them. Penalties are not limited to income tax forms but are also applied to information forms. We have listed a few of the most common forms that you may have to complete below and...
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