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Almost half of all marriages end in divorce. This article discusses the rules on divorce and social security with the goal of helping you maximize your benefits. Before filing for social security, you should get the facts on your marriage(s) durations and divorce dates.
The "Cadillac Tax" is a 40% penalty (excise tax) on health insurance plans and a provision of Obamacare that takes effect on January 1, 2018. On that date, employers who provide insurance plans will get hit with a 40% excise tax on insurance premiums above $10,200 for an individual or $27,500 for a family plan. It is estimated that in 8-10 years most health insurance plans offered by employers will be subject to the tax.
If you withdraw money from your individual retirement account before age 59 1/2, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. This means a $5,000 withdrawal taken by a mid-career worker in the 25 percent tax bracket would result in $1,750 in taxes and penalties. But there are a variety of ways to avoid the IRA early withdrawal penalty if you meet specific criteria:
Alabama divorce and beneficiary designations. The Alabama Court of Civil Appeals issued a ruling concerning the post-divorce treatment of beneficiary designations naming a former spouse. Kowalski v. Upchurch, [2131059, July 17, 2015] (Ala. Ct. Civ. App. 2015) (divorce did not revoke beneficiary designation naming former spouse).
The idea that there’s no such thing as a free lunch could eventually ring true for employees who get complimentary meals at work, as the Internal Revenue Service and Department of the Treasury have taken a step closer to potentially taxing such meals. Last year, the IRS suggested in its Priority Guidance Plan that it was exploring modifying sections of the Tax Code concerning employer-provided meals that it believed were problematic.
The trust fund recovery penalty allows the IRS to collect the unpaid withholding taxes from the assets of the owners and operators of businesses. It penalizes those who had control over the decision to divert the payroll money from the IRS to other creditors of the business. The trust fund recovery penalty is equal to the income taxes, social security taxes, and Medicare taxes withheld from employee paychecks.
Interesting Estate Tax Facts. The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is imposed only on the portion of an estate’s value that exceeds a specified exemption level — $5.43 million per person (effectively $10.86 million per married couple) in 2015.
General Information on Trademark Law
Obamacare Taxes, Fines and Employer Mandates
Tax on Inherited IRAs
Vote on proposed Alabama Flat Income Tax has been delayed.
The number one cause for divorce is not adultery, but finance-related tensions.
Alabama has passed into law the most impressive set of economic development tax credits in decades.
There is a way to make tax liens disappear from your credit reports completely, and quickly, though. Unfortunately, not all taxpayers who are dealing with this problem know about it.
When couples divorce, property transfers and alimony payments will usually result in a substantial tax impact to the parties.
I have provided 5 often overlooked tax deductions that just might save you real money on your taxes this year.
As we approach another tax season, an area of taxation that can be complicated for taxpayers involves the tax treatment of irrevocable trusts.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe.
An individual who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits.
Grandparent visitation rights in Alabama.
recent blog posts
Coach Saban wins a Tax Court case against the IRS involving a worthless debt on $2 million dollars he had loaned for a real estate construction project.
More than one-half of IRS employees are going back to work at the end of January through the tax filing season.
IRS Operations during Government Shutdown
New 20% Deduction for Business Income
2019 Internal Revenue Service (IRS) Standard Mileage Rates.
Taxation of alimony under Trump’s tax plan and prior tax law with an analysis of divorce and taxation pursuant to Alabama state law.
The recently enacted tax reform bill has made significant changes to the taxation of business. This post summarizes some of the more substantial changes.
Tax treatment upon the sale of property with life estates.
Summary of Trump's Tax Reform
Change in Individual Tax Rates under Trump Tax Reform Law
Subject matter jurisdiction in Alabama divorce cases.
Employer-owned life insurance policies issued after August 17, 2016 are subject to taxation by the IRS unless they qualify for an exception and meet notice and consent requirements.
IRA ownership of Rental Property
Tax issues with inheriting property
Trump's Tax Plan
The Internal Revenue Service has released its annual list of tax scams. A summary of the list, called the "Dirty Dozen" is provided in this article.