Black friday gift, paper box with red silk big round ribbon bow isolated on white backgroundA good friend called me recently with a question for one of his clients.  The client, an elderly client with health problems, wanted to know if the payments she has been making to her caregivers could be treated as non-taxable gifts, or if she has to report the payments to the IRS as wages?
Continue Reading Love Don’t Cost a Thing? Drawing the Line Between Wages and Gifts

The Supreme Court is hearing oral arguments Wednesday, March 4 on certain aspects of the Affordable Care Act.  This has the potential to unravel President Barack Obama’s beloved health care plan.

Another aspect of Obamacare that will affect many people is the excise tax on “Cadillac” health care plans.  A Cadillac plan is one that

All too often, people don’t keep adequate records to demonstrate they are entitled to deduct travel expenses.

The general rule from the Supreme Court is that deductions are a matter of legislative grace, and taxpayers must maintain sufficient records to substantiate the amounts of their income and entitlement to any deductions or credits claimed.

So

Divorce is messy, divorce is costly – and it should be avoided wherever possible.  Spouses should always attempt to mitigate their losses and one way to do this is to consider designing the divorce settlement to include alimony.

To many people, the idea of alimony can cause your blood to boil.  This negative attitude generally

Most people have some strong feelings about how they want their assets to be distributed upon their death.  Some want to give their money to their kids, others are charitably inclined.  However, I would guess that very few would like to see their money go to the IRS to pay the debts of their children.

The IRS just published Notice 2014-21 which explains the IRS’ vision on how general tax principals apply to “virtual currency” transactions like Bitcoin.

If you’re not familiar with Bitcoin, it’s a currency that isn’t issued by a central government. And just to be clear, there isn’t an actual “coin” associated with it either. The currency

The Crowdfunding movement has moved from an internet e-commerce buzz word to an actual viable way for everyone from the smallest of artists to high profile actors to get funding for a project that otherwise wouldn’t happen.  (For example $5.7 million to make a Veronica Mars movie http://www.kickstarter.com/projects/559914737/the-veronica-mars-movie-project).   The concept is simple: creators pitch a