You have likely heard stories about people settling their tax debts for far less than they owe. Is the IRS really in the business of wheeling and dealing with taxpayers? The answer is of course no, and as in all tax matters, no one should ever approach a tax problem with a mindset of outsmarting Read more about Make Me an Offer: What Is an Offer In Compromise?[…]
Over two-thirds of the tax revenues collected by the IRS come from deductions from employee paychecks—withheld income tax and FICA taxes. (FICA stands for Federal Insurance Contributions Act, the principal funding source for Social Security and Medicare). These taxes are sometimes referred to collectively as Employment Taxes, or Payroll Taxes. Given their vital importance to Read more about Trust Matters: Employment Taxes, Payroll Taxes Are Serious Business[…]
When the IRS determines that a taxpayer has failed to meet their obligations for paying tax and filing returns, the taxpayer may be required to pay an IRS tax penalty in addition to taxes owed and interest fees. The dollar amounts of such penalties vary, but all IRS penalties are meant to be severe enough Read more about IRS Penalties and Tax Penalty Abatement[…]
Harvey was recently featured in a FiduciaryNews article entitled “Guidelines for Minor Children: How to Avoid a Personal Retirement Crisis.” He comments about what minor children can do to avoid financial problems in retirement. Great advice for intelligent and proactive parents and children, including time-tested tips from Your Financial Wizard’s toolbox. To review the full Read more about In the News: Fiduciary News[…]
Social media post content will go here…
If you purchase a yacht or jet that will be used for the conduct of your business ventures, the acquisition should of course be structured so that the ownership of the vehicle clearly falls to your company, not to you personally. Most often, the appropriate business structure is a Limited Liability Company (LLC), which offers Read more about Sea Shells: Pros and Cons of Starting an LLC for Yacht, Jet, Golf Cart, or Other Vehicle Ownership[…]
Creative artists earn their income by tapping into a variety of revenue streams through licensing and royalty agreements. In the digital age, however, licensing of artistic works is a dispersed and complicated business, characterized primarily by a high volume of low-revenue transactions. Tracking the money owed to individual songwriters and musicians is no mean trick, Read more about Money Trapped: Miscalculations of Royalty and Licensing Income Resulting in Significant Underpayment to Creative Artists[…]
A person would need the stoniest of hearts to gaze upon Michelangelo’s Sistine Chapel or Picasso’s Guérnica and think about money. We all understand that the true value of a masterpiece cannot be expressed in either words or numbers—no one can put a price on art, the saying goes. Yet when tax time rolls around, Read more about Valuing Artwork for Estate Tax, Gift Tax, and Charitable Deduction Purposes[…]
Harvey was recently quoted in a Time / Money Magazine article entitled “3 Tax Loopholes for the Middle Class.” He comments on certain Roth IRA strategies like the “Back Door IRA” and other creative Roth IRA strategies including a Roth Conversion. He is a big fan of Roth’s as most super-wealthy people have them! They must Read more about In the News: Time[…]
Harvey was featured in a Reuters news article entitled “How to avoid red flags when you change tax prep.” He comments about how an amended return was likely needed to be filed for a client due to the client skipping over carryforward losses on investments which can be missed if not accounted for. To review Read more about In the News: Reuters[…]