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Client Letter: Offshore Voluntary Disclosure Program Reopens in 2012

11 Feb

Dear client: The IRS has reopened the offshore voluntary disclosure program (OVDP) to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs. The newest program is similar to the 2011 program in many ways, but with a [...]

Client Letter: Final Regulations on Employee Stock Option

05 Jan

Dear Client: The IRS has finalized, with modifications, proposed regulations providing guidance on stock options granted under an employee stock purchase plan. The IRS has also issued final regulations relating to corporate employers’ return and notification requirements for employee stock options. Under final regulations, a plan must meet certain requirements to qualify as an employee [...]

Client Letter: Compensating Key Employees

05 Jan

Dear Client: Clearly, one of the most important factors in attracting and holding key employees is your company’s program for compensating executives. Naturally, the basic salary is of great importance, but equally important may be special plans of incentive compensation; plans for allowing executives to participate in the ownership of the company through stock options, [...]

CLIENT LETTER: 2010 Planning – Rental Real Estate Activity Compliance

22 Sep

Dear Client: Rental real estate offers tremendous tax advantages and opportunity for tax planning. Taxpayers, such as you, can depreciate property far exceeding your actual investment, deduct interest on borrowed capital, exchange rather than sell properties to defer tax on gains, use installment sales to defer tax on sales, and profit from preferential rates on [...]

Client Letter: Gulf Oil Spill Claimants Must Pay Taxes on Compensation For Lost Wages

10 Sep

Dear Friends: The explosion of the Deepwater Horizon oil rig and resulting oil spill in the Gulf of Mexico has caused substantial damage and raised many questions regarding the tax treatment of payments made to individuals and businesses from British Petroleum (BP) and its recently established claims fund. The IRS has made clear that individuals, [...]

Client Letter: $250 “Donut Hole” Rebate For Seniors

10 Sep

Dear Friends: Although many provisions of the recently enacted health care reform package will not be felt for a few years, there are some benefits that begin in 2010, including the $250 tax-free “donut hole” rebate for seniors. This $250 rebate is intended to help seniors bridge the Medicare coverage gap. While many federal rebate-check [...]