Category: Asset Protection Planning

img

How much did Colin Kaepernick actually receive from his “opting out” of the contract with the San Francisco Giants following the 2016 season and the recent  Collective Bargaining Agreement, (CBA), with the NFL.[1] 

In a recent interview between Kaepernick’s attorney, Mark Geragos and CNN’s Ana Cabrera, Geragos clarified that the disagreement was resolved through the CBA with a Confidentiality Agreement for a undisclosed amount with speculation between $20 Million and $100 Million. [2]  

However, no one is saying anything about what the final amount was agreed upon.  Lets put forth a few scenarios with the possibility that one could be close to the negotiating  amount.  

Here is what is known, the NFL possibly pa

Hello and Welcome to my first News Letter on Matters That Will, Almost Certainly, Affect You in This New Year, 2019. I know that 2018 was a difficult year and now with the traumatic effect of the U.S. Government Partial Shutdown with the stock markets swings to record lows, we are facing a much high
img
More End Of The Year 2018 Tax Planning: The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new Tesla plug-i
img

INTRODUCTION:

For my clients residing in States with high State Income Taxes and/or high personal residential property taxes, the valued and yearly deduction of these taxes on your Itemized Deductions beginning in 2018 has had the unlimited ceiling crashing down to a total of $10,000 per year.

PART I.

What does this mean?

For 2018, all of your usual deductible itemized tax deductions are radically diminished in their treasured reduction of your overall U.S. Income Tax Liability. 

If you look at your form 1040, Schedule A for 2017 and calculate your total taxes paid, including but not limited to:

State Income Paid in 2017, State Income Taxes Withheld from your Wages and Pensions, Your State Estimated Taxes Paid f
img

As income tax filing season approaches, the U.S. Commodity Futures Trading Commission (CFTC) is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts.

BACKGROUND:

IRAs are retirement accounts that provide investors with certain tax incentives for retirement savings. Earnings grow tax-deferred, which means you won’t pay capital gains taxes if you sell, but gains will be taxed at your normal income tax rate when funds are withdrawn in retirement. There are also penalties for early withdrawal. Some common examples include traditional or tax-deferred IRAs, Roth IRAs, Simplified Employee Pensions (SEPs), or Savings Incentive Match Plan for Employees (SIMPLE) IRAs. All IRAs are held for investors

img

The IRS has announced that its Offshore Voluntary Disclosure Program (OVDP) will end on 28 September 2018.  US citizens are subject to US tax on worldwide income even if they are not resident in the US.

A failure to comply may result in civil and criminal penalties being imposed.  The OVDP enables US expatriates to voluntarily resolve past non-compliance with reduced penalties and interest for voluntary disclosure.

A voluntary disclosure will not automatically guarantee immunity from prosecution – however, in practice a voluntary disclosure usually results in the IRS recommending no prosecution.

img
On the matter of filing the FBAR, the U.S. Treasury’s Financial Management Services provides the exchange rates for you to use when converting foreign account balances for reporting on form 114. In too many instances, individuals us the internet for conversion rates or the IRS conversion rates, so