2 February 2012
The IRS recently released the final version of Form 8938, Statement of Specified Foreign Financial Assets. Beginning in the 2011 tax year, taxpayers must file Form 8938 with their annual income tax form to report specified foreign financial assets exceeding $50,000 (this threshold increases for married individuals filing jointly and U.S. taxpayers living abroad). Individuals [...]
2 February 2012
In 2011, the New York State Department of Taxation was required to issue a report to the Governor, the Director of the Budget, and the Speakers and Minority Leaders of the Assembly and Senate regarding the percentage of individual taxpayers who filed their New York State personal income tax returns electronically. If this figure was [...]
1 February 2012
The most popular way for saving for college is through a 529 Plan. 529 plans are education savings plans operated by a state or educational institution designed to help families set aside funds for future college costs. There are two types of section 529 plans: prepaid tuition plans and college savings plans. Savings Plans work [...]
5 January 2012
On December 7, 2011, the New York State Senate enacted a bill amending various sections of the tax law in an effort to close a $3.5 billion budget gap. One of those items relates to Personal Income tax Rates for 2012 – 2014. Under the measure, higher personal-income rates are preserved for families with taxable [...]
5 January 2012
The IRS has released a revised Form 2848 Power of Attorney and Declaration of Representative with several important changes. Under the IRS Restructuring and Reform Act of 1998, the IRS is obligated to protect taxpayer information by ensuring that IRS agents only deal with individuals who are authorized to represent a taxpayer. The main change [...]
5 January 2012
Same-sex couples in New York now enjoy state- sanctioned marriage but what happens when they divorce? By 2006, according to The Boston Globe, between 35 and 45 of the more than 7,300 gay and lesbian couples who married in Massachusetts had since filed for divorce. The biggest tax issues often come up on the [...]
