Widows and widowers who are considering remarriage should be aware that a new federal tax law could potentially make a huge difference in how much of their assets they are able to leave to their heirs after taxes. In general, anyone who is considering remarriage later in life should talk to an estate planner first in order to avoid possible tax problems. But this new law gives added urgency to this rule, because it potentially could
Health care legislation passed in 2010 included a tax credit for small businesses that provide health care coverage for their employees. Recent surveys have shown that the majority of small companies that might qualify for the credit have failed to take it. The reasons given for ignoring the credit ranged from being unaware of it to finding the credit too complicated to compute. * Take another look. If your business or nonprofit organization might be eligible,
To encourage taxpayers with offshore accounts to get current with their tax obligations, the IRS has reopened its “offshore voluntary disclosure program (OVDP).” Similar programs in 2009 and 2011 resulted in the collection of more than $4.4 billion of taxes owed. The 2012 program will be similar to the 2011 program; however, one difference is that there is currently no deadline by which taxpayers must apply.
If you own foreign investments, you may have an additional federal tax filing requirement this year. Form 8938, Statement of Specified Foreign Financial Assets, is due April 17, 2012, and is filed as part of your individual tax return. You’ll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership exceeds the reporting requirements. What are the reporting requirements? They vary depending on where you live and your filing status. For example,
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay social security tax on their wages at a 4.2% rate for the rest of 2012, rather than at a 6.2% rate. Because Republicans and Democrats were unable to agree on how to pay for the extended tax cut, the law included no spending cuts
* March 1 – Farmers and fishermen who did not make 2011 estimated tax payments must file 2011 tax returns and pay taxes in full. * March 15 – 2011 calendar-year corporation income tax returns are due. * March 15 – Deadline for calendar-year corporations to elect S status for 2012.
A man agreed to buy a house on New York’s Fire Island for $1.2 million. He wrote a deposit check for $120,000, and signed a contract saying it was a cash deal and wasn’t contingent on his being able to arrange financing. However, the man told the seller that he needed some time to deposit the $120,000 in his account, and asked that the check not be cashed right away. The seller verbally agreed. After 12
As more and more states allow medical marijuana use, landlords face the question of whether to allow tenants to smoke pot for medical reasons. On the one hand, even if medical marijuana is legal under state law, it’s still technically illegal under federal law – even if the federal government is doing little or nothing to block the drug’s medical use. On the other hand, landlords are generally required to make reasonable accommodations for disabled tenants,
Back in the old days, the typical homebuyer was a married couple. But today, there’s a huge increase in the number of unmarried couples who are buying a home together. It might not sound very romantic, but it’s a good idea for such couples to think about what their financial obligations will be regarding the home, and what would happen if they were to split up at some point in the future. For instance, you might
If you’re involved in the sale or lease of commercial real estate, very often you’ll be asked to sign a “letter of intent.” A letter of intent isn’t a formal lease or purchase agreement; rather, it’s a signed statement that the parties plan to negotiate a deal later that involves certain elements. Because a letter of intent doesn’t seem like a contract – it seems more like a simple handshake acknowledgement that the parties hope to
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Estate Planning | Probate & Trust | Real Estate | Tax
