Tax Warrior Chronicles

IMPORTANT REMINDER – Undisclosed Offshore Assets Leniency Program Ends Soon

Posted on Tue, May 15, 2018

irs-logo-resized-600Earlier this year, Daniel Marques shared the IRS’s announcement of the closure of the Offshore Voluntary Disclosure Program (OVDP); the Program ends on September 28, 2018.  With this deadline only four months away and the IRS pressed for resources, those with undisclosed foreign financial assets have little time to take advantage of this leniency program.  Drastic ramifications could result from a failure to cure retroactive failures. Here, again, we will explain how the program works and what you need to do to ... Read More

Learn from The Tax Warriors® – Upcoming Events

Posted on Tue, May 01, 2018

DSMarketing017-resized-600Educating clients is among the most important parts of being a Tax Warrior.  We take pride in helping clients sustain and grow their wealth through Tax As A Business Strategy®.  To that end, here are a few upcoming events featuring Tax Warriors as speakers/educators.  Where available, links are provided for more information or to register.  We hope to see you at one of our programs.

 

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International Tax Attorney Joins D&S

Posted on Mon, Apr 30, 2018

PATRICK MCCORMICK - OFFICIAL - 2018PHILADELPHIA – Drucker & Scaccetti, the region’s premier tax planning and consulting firm, is pleased to announce that Patrick J. McCormick, JD, LLM, has joined its team as a Principal focusing on international taxation and related issues for domestic businesses and individuals.

 

“I’m happy to be a part of the D&S team and look forward to helping grow its international practice,” says McCormick. “The opportunity to work with ... Read More

We’re Hiring--Help Us Find the Next Tax Warriors!

Posted on Mon, Apr 23, 2018

SMALL - D&S Marketing_063As loyal subscribers to our Tax Warrior Chronicles blog, you are obviously interested in the latest news on tax planning and wealth-building strategies. We are also betting you know good tax accountants who may be looking to supercharge their careers.  Here’s how you can help us!

 

Drucker & Scaccetti (D&S) has immediate career opportunities for Read More

Part IV (of 4) MANDATORY TRANSITION TAX ON CERTAIN DEFERRED FOREIGN INCOME

Posted on Wed, Apr 11, 2018

DS_Marketing_056By: Yi Yang, CPA, MBA and Steven Braun, CPA

 

Here we are at the final part of this four-part series on the Mandatory Transition Tax.  The first three parts, explained which taxpayers are subject to the Transition Tax, the due dates of the Transition Tax for different taxpayers, the complexity in determining taxable income for the Transition Tax, ... Read More

The Other "Super" Team in Philadelphia...

Posted on Mon, Apr 09, 2018

TaxWarriorFootballHelping our clients sustain and grow their wealth is our passion, and our equivalent of scoring a game-winning touchdown. In our tradition of bringing lightheartedness to the daunting tax season, our team of all-star professionals use football as a metaphor for taking our clients' wealth-building strategies across the goal line. So, we hope you enjoy and share this 2018 tax season video. We sure had fun making ... Read More

Changes to Estate Plans with Increased $10M Exclusion

Posted on Thu, Apr 05, 2018

ColettaBy: Nastassja Markham Coletta, JD, LLM

 

The new tax law provides opportunities for individuals to pass considerably more wealth on to their loved ones. Beginning in 2018, the federal exemption for gift, estate and generation-skipping transfer taxes is doubled from $5 million to $10 million (adjusted for inflation). For 2018, the inflation-adjusted exemption amount is expected to be $11.18 million. This means, on the ... Read More

529 Plans Expand in New Tax Law

Posted on Tue, Apr 03, 2018

ERIC ELMORE - OFFICIAL - 2016By: Eric R. Elmore

 

Rising college tuition and related costs show no sign of slowing down. A tool designed to help you manage these costs is the tax-free 529 plan. However, with the signing of the new tax law last year, families can now use 529 plans to cover more than just college tuition.

 

Included in the Tax Cuts and Jobs Act of 2017 is a provision extending 529 plans to cover ... Read More

Trump Repeals Technical Termination for Partnerships

Posted on Thu, Mar 29, 2018

D&S Marketing_005By: Dylan Haughey

 

The theme of our blogs this tax season has been “change.” The Tax Cuts and Jobs Act of 2017 (TCJA) will affect many taxpayers, and partnerships are among the entities most impacted. With a wave of his pen, President Trump signed the TJCA into law and repealed the technical termination provision for partnerships with tax years beginning after December 31, 2017, leaving one less option for ending a partnership.

... Read More

Part III (of 4) MANDATORY TRANSITION TAX ON CERTAIN DEFERRED FOREIGN INCOME

Posted on Tue, Mar 27, 2018

D&S Marketing_069By: Yi Yang, CPA, MBA and Steven Braun, CPA

 

So, if the title of our blog didn’t bore you, the topic is likely relevant, and you read Parts I and II where we explained which taxpayers are subject to the Transition Tax, the due dates of Transition Tax for different taxpayers, and the ... Read More