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At Seiler LLP, we continually strive to provide our clients with current news, insightful opinions and tax planning tools throughout the year.
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers who have interests in “specified foreign financial assets” to provide information to the IRS. This article offers four facts for individuals about FATCA, such as which assets need to be reported and who might be exempt from the law’s requirements. If you hold assets […]
This newsletter covers helpful information on how to understand upcoming changes to accounting standards. The Current Expected Credit Loss Model (CECL): Are You Ready? In this report, we focus on the current expected credit loss model presented in ASU 2016-13 and its impact on accounting for loan losses by financial institutions. READ MORE > ASU […]
California tax officials will not appeal an appellate court ruling that an out-of-state corporation with a small interest in a California investment fund doesn’t owe the state’s $800 minimum franchise tax because it was not “doing business” in California.
Here is a brief overview of the anticipated 2017 figures related to estate and gift tax as well as taxes on foreign gifts and foreign income.
In the wake of the election results, veteran Washington analysts are suggesting that major tax changes for individuals and businesses may be more likely than not in 2017 or 2018.
INSIDE THIS ISSUE • When an Inheritance Is Too Good to Be True: How Income in Respect of a Decedent Works • Know Your Options for Business Interest Transfers • Beware the Transfer-for-Value Rule When Dealing with Life Insurance • The Section 1031 Exchange: Why It’s Such a Great Estate Planning Tool
Last spring, the IRS and U.S. Treasury announced upcoming changes to how equity is valued in family-owned entities, such as closely-held corporations, partnerships or LLCs. On August 4, the IRS formally published those proposed rules.
After several years of development, the FASB has issued ASU 2016-02, which supersedes FASB ASC 840.
The trial court determined when the husband added his wife as a partner in a modification of a partnership agreement; it converted the husband’s separate property interest to community property, and ordered the husband to pay the wife’s attorney fees and costs. The husband appealed asserting that his partnership interest was his separate property, regardless […]
On December 18, 2015, the President signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH). The Act retroactively extends many favorable tax provisions that had expired at the end of last year. Some of the provisions are made permanent by the Act.
INSIDE THIS ISSUE • New Accounting Rule for Revenue Recognition • Should I Improve Energy Efficiency in My Industrial Properties? • Property Tax Assessments • How Can I Benefit from Carbon Credits?
INSIDE THIS ISSUE • Life Insurance – A Powerful Estate Planning Tool for Nontaxable Estates • 4 Ways to Transfer a Family Business • The BDIT – Realize Estate Planning Benefits while Retaining Control • 21st Century Estate Planning Accounts for Digital Assets
Recently the President signed a new law that changes the due dates for partnerships, corporations, estates and trusts, and individuals with foreign accounts. The law is known as P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.
Once the summer hits, it’s tempting to detach from the daily grind and focus on vacations and summer projects. But we want to encourage you to spend 15 minutes with your accountant now, to save time and effort later. Some of these ideas may apply to you, some to family members, and others to your […]
May 2015 Inside this Issue Non-Profits Going Global – Don a Sleuthing Cap before Expanding Internationally Many non-profits today look beyond U.S. borders to boost revenue. They recruit members, sell products, promote conferences and solicit donations. Before you “raise your flag” in a foreign country, though, take stock. Here are five areas to research before […]
What did the court rule? In a divorce trial, the wife asked for sanctions against the husband, because he did not disclose a retiree medical benefit among other community property. The trial court declined to consider this sanction, because it was the husband’s position that the “asset had no value.” The wife appealed this, among […]