At the dawn of February 2022, the U.S. national debt climbed above $30 trillion, a figure representing 25 times the value of all U.S. currency in circulation. Simultaneously, inflation reached levels not seen in almost 40 years. While some inflation was inevitable as the economy recovers from its pandemic doldrums, the current rate has set Read more about Making Sense of Deficits, National Debt, Inflation, and the Federal Reserve[…]

In March 2021, the IRS announced the launch of Operation Hidden Treasure, a new enforcement initiative for tax violations related to cryptocurrency. Over the next few years, those taxpayers who have not properly reported cryptocurrency transactions can expect to hear from the IRS, most likely in the form of audit notices. The world of digital Read more about IRS Operation Hidden Treasure[…]

In 2019, I posted an article on How to Save Taxes by Moving From New York to Florida. When undertaking such a move from New York or another high-tax state, owners of LLCs and other corporate entities must pay careful attention to the steps required to conduct business in that new state. Doing things the Read more about Moving a Corporation or LLC to Florida[…]

Wealthy on-screen icons throughout movie history have used secret Swiss and other foreign bank accounts to shield their untold millions from prying eyes. The idea of such accounts being beyond the reach of the U.S. Treasury held a grain of 20th-century truth. However, thanks to a host of new international disclosure agreements, today’s financial world Read more about Disclosing Your Foreign Assets to the IRS[…]

Every sophisticated enterprise, from a mid-sized company to an international corporation, from a major record label to the “loan out” company of a rock star or professional athlete, needs a Chief Financial Officer (CFO). This top-level executive supervises and coordinates the efforts of the accounting team, attorneys, and everyone else involved in the organization’s finances. Read more about The Personal CFO and Why You May Need One[…]

As the COVID-19 pandemic rages on, America continues to struggle with the dual questions of how to safeguard public health, and how to revive an economy that has been put on emergency hold. As a way to both ease suffering and stimulate economic growth, President Trump and others have suggested declaring a payroll tax holiday Read more about Can a 2020 Payroll Tax Cut Save the Economy? Here Are the Pros and Cons[…]

In this age of slow-motion replays, we often see a championship determined by whether a single toe or seam of a ball grazes a few millimeters of chalk. Yet for many athletes, such a game-changing moment is just the beginning of a lifetime spent tiptoeing the fine line separating financial well-being from monetary distress. To Read more about How Do Some Star Athletes Build Wealth While Others Lose It All?[…]

President Donald Trump often claims most people would never understand his taxes, and uses this as a defense of his refusal to share his tax returns with Congress or the public. Because it involves such a clear break from tradition, the President’s stubborn insistence on keeping his tax records private just feels wrong. However, it Read more about IRS Tax Wizard Speculates On What’s In President Trump’s Tax Returns[…]

There is nothing new about people moving from a northern state to the mild climate of Florida in their later years. Yet when octogenarian billionaire Carl Icahn recently announced plans to relocate not only his residence but also his entire business from New York to Miami, he was thinking about more than just warm, sunny Read more about How to Save Taxes by Moving From New York to Florida[…]