Tax Planning & Compliance Blog Posts from the Tax Firm, Moskowitz LLP

Artificial Intelligence Used to Combat Tax Evasion

Posted on August 5, 2019October 13, 2020 by Moskowitz LLP Posted in Tax Planning & Compliance

The IRS’ efforts to identify abusive tax schemes is now being bolstered by the use of AI. Most people don’t realize the extent to which artificial intelligence (AI) is utilized in our daily lives. Even those of us without Alexa devices and “Smart Homes” are using AI – in our...

The Pros and Cons of Health Savings Accounts

Posted on July 11, 2019June 24, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

A Health Savings Account (HSA) provide tax savings and flexibility for individuals with high-deductible health plans, but they are not without their challenges. Health Savings Accounts (HSAs) were introduced to replace medical savings accounts as part of the Prescription Drug, Improvement, and Medicare Modernization Act of 2003. At the end...

Keeping a Piece of You: Taxation of U.S. Citizens Living Abroad

Posted on June 20, 2019June 11, 2019 by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance

U.S. tax laws are relatively unique in that they require all U.S. citizens and resident aliens to file U.S. tax returns and pay U.S. taxes even if they are living abroad. In addition, even if they produce no interest, foreign accounts totaling $10,000 at any time during the year must...

Compromising with the IRS – Easier, But Still Not an Easy Out

Posted on June 18, 2019June 11, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance, Tax: Audits, Litigation & Collection

If you can’t pay your full tax liability, an Offer in Compromise (OIC) may be an option to settle your tax debt for less than the full amount owed. Note, however, most OICs are not approved by the IRS, and even when accepted they may still pose a challenge to...

Failure to Report Foreign Account Results in Fine of 50% of Account Balance

Posted on May 7, 2019October 13, 2020 by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance

Taxpayer liable for maximum willful FBAR penalty of 50% of account balance for failing to report foreign assets. The willful FBAR penalty battle rages on. The recent holding in Kimble vs. United States is a tremendous setback to taxpayers who have been delinquent with their foreign account reporting. Here is...

Consult Now With Your Tax Attorney If You Have Businesses or Rental Properties

Posted on February 27, 2019April 25, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

The aggregation rules are one of the best features of the new tax law (TCJA 2017). These rules allow taxpayers to combine their trades or businesses, if they meet certain requirements, and treat them as a single trade or business for purposes of the section 199A calculation. This can result...

Why You Should Amend Your Partnership and LLC Agreements Now

Posted on February 27, 2019April 25, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

Congress recently enacted significant changes to partnership audit and adjustment rules, dramatically increasing the audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, and careful planning today will help mitigate...

Fell a little short on your estimated tax payments? No worries!

Posted on February 6, 2019April 25, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance, Tax Services

On January 16, 2019, the IRS announced that it will be waiving the tax underpayment penalty for those who fell short on their 2018 estimated tax payments. The federal tax underpayment tax penalty is usually waived for taxpayers who paid at least 90% of their tax liability during the year...

March and April Tax Deadlines To Look Out For

Posted on January 30, 2019April 25, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

Got your 2018 tax documents in the mail? Now is the time to have your individual and business tax returns prepared by Moskowitz LLP. With our new streamlined process, you’ll find that having your tax returned prepared by a tax professional is easier and faster than ever. Get started now...

Leaving California and the Franchise Tax Board Behind: A Little Q&A on California Exit Planning

Posted on January 29, 2019April 25, 2019 by Moskowitz LLP Posted in State & Local Taxation, Tax Planning & Compliance

Individuals and businesses alike are leaving California to take advantage of lower taxes, lower labor costs, more affordable living, and less stringent regulations elsewhere. If you are part of this exodus, it is important to plan your move carefully so that the State of California has no reason to continue...

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Category: Tax Planning & Compliance