How to Get 100% Tax Free Gains on the Sale of Your Start-Up/Emerging Growth Technology Stock Qualified Small Business Stock – Windfall For Investors and Stock Option Holders As we all know, the Internal Revenue Code (“IRC”) is rife with complexity. Rules and regulations are so difficult to understand, the IRS themselves often misinterpret the…
Pilot Program Offers Relief for Late 5500 Filers The IRS recently established a one-year pilot program to provide penalty relief under Internal Revenue Code (“IRC”) §§ 6652(e) and 6692 for certain small businesses that are delinquent in filing Form 5500. The program gives sponsors andadministrators of retirement plans that are not covered by Title I…
Creating a Short, Short Pitch Minister: Here we go. The short, short version. Do you? Lone Starr: Yes Minister: Do you?” Princess Vespa: Yes Minister: Good! You’re married. Kiss her! Dialogue from Spaceballs The Movie Doing what I do, I get the chance to talk to angel investors and VC’s when their guard is down….
New York State Tax Benefits for Seniors Seniors and retired persons have found the current economic condition difficult to endure. There are many ways for these individuals to take advantage of various tax breaks on their New York State income tax return. This article will describe some ways that they can do so. Senior citizens…
Whistleblower Program As part of a massive overhaul of the regulations governing our country’s financial system, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in July 2010. Included in this regulation was an enhancement to the U.S. Securities & Exchange Commission (“SEC”) Whistleblower Program with the hopes that through providing financial…
U.S. Taxpayer Sentenced to Prison for Concealing Bank Accounts in India and Dubai Joseph Ruppe, CPA Senior Manager WithumSmith+Brown New York, NY On July 8, 2014, The U.S. Department of Justice and the Internal Revenue Service (IRS) announced that a U.S. individual was sentenced to serve six months in prison and an additional…
In a recent Advisory Opinion, the DOL finally stood up and opined on whether accounts holding revenue sharing payments are plan assets. Particularly, in recent years, plans have gained some access to the revenue sharing payments their representatives receive. This raises the question of whether the accounts where the money is held are plan assets….
Success Through Failure Wayne Campbell: No way ! Garth Algar: Way ! From the movie Wayne’s World As difficult as it may be to understand, many believe that the way to success is to experience failure.So, by design, if you have a fear of failure, it is probably not a good idea to become an…
Foreign Earned Income Exclusions and Deductions Thomas Girone, CPA Senior Manager WithumSmith+Brown Red Bank, NJ Generally, United States citizens and resident aliens are taxed in the U.S. on their world-wide income. However, there are exceptions to this rule. A portion of your foreign earned income can be excluded from taxation in the U.S.,…