I found this article from Newsday interesting. They list six ways to save taxes, based mostly on depressed asset values, something that I’ve written about before. Convert your traditional IRA to a Roth IRA. “Undo” or recharacterize a Roth IRA conversion if your initial conversion was in 2008 when values were significantly higher. If you have… Read More
In testimony before Congress this morning, IRS Commissioner Douglas Shulman [No Relation] testified that the Service will be issuing guidance as to how victims of Ponzi schemes can treat their losses for tax purposes. According to the New York Times: The plan, which applies to victims of all Ponzi schemes, is likely to provide major relief… Read More
Although I’m sure that it is of little comfort to his victims who had their lives ruined (and there are quite a few of them here in South Florida), the United States Government has filed a notice of intent to seek the forfeiture of not only Bernard Madoff’s assets, but also the assets of his… Read More
Time magazine published an article today discussing what many tax attorneys and CPAs had already been discussing amongst themselves on internet listservs and at wild and crazy tax attorney/CPA parties for the past few months — the massive amount of tax refunds that are going to be filed for by victims of Bernard Madoff and… Read More
One of the greatest issues facing estate planners today is the vast decline in so many of our clients’ wealth. This is especially true in South Florida where the real estate market has collapsed, and Bernie Madoff’s clients abound. The list of people whose “fault” this is is too long to post here. But certainly… Read More
Taxgirl, the nom de blog of Kelly Phillips Erb, an attorney and tax blogger and among my daily tax must reads, is twittering tax tips between now and April 15. Tip #1, Sign your Return.
According to the Taxgirl (who has a must read blog for people interested in current tax developments), WalMart will be teaming up with the IRS to offer free tax preparation to low income individuals. She has more info at her site, but I wonder if they will also offer a refund anticipation loan (which H&R… Read More