IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; Basic Rules for Property Transactions Apply

Posted March 30th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

WASHINGTON — The Internal Revenue Service issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

Posted in Uncategorized | No Comments »

Small Business Health Care Tax Credit – Cheat Sheet

Posted March 13th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

If you own or run a small business or tax-exempt group with fewer than 25 full-time employees, then listen up. If you do, you should know that the SMHCTC Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit:

Posted in financial planning, tax preparation, wealth management | No Comments »

The Health Care Law’s Effect on You

Posted February 12th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return.

Posted in deductions, economics george mentz, george mentz, Uncategorized | Comments Off

Tax Treatment of Foreign Real Estate Owned by U.S. Taxpayers Working Abroad

Posted January 27th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Summary: The Internal Revenue Service (IRS) does not require that offshore real estate be reported as a foreign financial asset held by American expatriates or United States federal government employees working overseas. Persons who own and occupy offshore homes are taxed the same as having domestic real estate with the exception of depreciation, which must be deducted over 40 years. They may claim the principal residence exclusion if IRS requirements are met. The foreign housing exclusion applies only to the amounts paid by the employer, whereas the foreign housing deduction applies only to the amounts paid from self-employment earnings. The foreign housing allowances for federal government employees are exempt from taxation and not reported as taxable income. Federal government employees may claim the foreign housing exclusion only if the total housing expenses exceed the reimbursement rate of the federal housing allowance paid during the same tax year.

Posted in Uncategorized | No Comments »

Financial Transaction Taxes ?

Posted January 20th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

A financial products sales tax proposed by Rep. Chris Van Hollen, D-Md has caused concern in US regulatory bodies such as SIFMA.

Posted in deductions, financial planning, income tax, international tax, IRS, tax preparation, wealth management | Comments Off

Year-End Gifts to Charity – Tax Strategies

Posted November 25th, 2014 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Many people donate to charity each year during the holiday season. Remember, if you want to earn a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:

Posted in donations, gifting, income tax, international tax, IRS, tax preparation, wealth management, year end giving | Comments Off

International Wealth Management Considerations for American Expatriates by Mr. Edward D. Nieto

Posted October 6th, 2014 by Prof. William Byrnes

Summary: The financial and tax situations of expatriate taxpayers become more complex when assets are acquired, investments are made, and-or business activities are conducted overseas. Expatriates often require assistance managing their investments, minimizing their tax burdens, complying with offshore tax reporting requirements, and manage wealth through tax and estate planning. Expatriate investors should seek international financial and tax professionals from globally-recognized certification bodies to manage wealth and adhere to the regulatory compliance measures associated with banking and taxation reporting requirements.

Posted in international tax | No Comments »

Qualify For Medi-Cal Without Giving Up The Farm By: Nicole Heffel, Esq.

Posted October 1st, 2014 by Prof. William Byrnes

Medi-Cal is the state of California’s version of Medicaid, a state and federally funded health insurance program that assists in the necessary care of low-income families and seniors. One of the benefits in qualifying for Medi-Cal is the access to long-term care insurance. Recent research has indicated that 70% of people who are 65 years or older will need long-term care insurance at one point in their life. In 2014, the national average for assisted living rates was $3,500, while the median retirement income was only $2, 925 a month. Without access to long-term care insurance, the average retiree would be hard pressed to afford the necessary care.

Posted in income tax | No Comments »

Trade and Money Laundering by Sabina Sumner

Posted September 25th, 2014 by Prof. William Byrnes

Summary: Trade globalization combined with implementation of anti-money laundering regulations for financial institutions, resulted in the growing number of the trade-based money laundering (TBML) activities. While several preventive measures are in place, TBML is still hard to detect or control.

Posted in financial planning, international tax, IRS, money laundering, risk management | No Comments »

Tax Treatment of Offshore Real Estate Holdings and Foreign Housing Expenses

Posted September 19th, 2014 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Summary: The Internal Revenue Service (IRS) does not require that offshore real estate be reported as a foreign financial asset such as a personal residence or a rental property held by an American expatriate or a United States Government employee working overseas. It is only when the real estate is held through a foreign entity that the interest in the entity needs to be specified and reported as foreign financial asset if the total value of all specified foreign financial assets is greater than the applicable reporting threshold. American expatriates and federal government employees working overseas must report any gain realized through the sale of foreign real estate to the IRS. These employees, who own and occupy offshore homes, are taxed the same as having domestic real estate with the exception of depreciation, which must be over 40 years. These taxpayers may claim the principal residence exclusion if they own and occupy their home for at least two years out of the five years prior to its date of sale with certain exceptions allowed. The foreign housing exclusion applies only to amounts paid for with employer-provided amounts, whereas the foreign housing deduction applies only to amounts paid for with self-employment earnings.

Posted in income tax, international tax, IRS, risk management, tax preparation, wealth management | No Comments »