Laura Hoexter

Newman’s Own Scores a Win

Taxation

Newman’s Own Foundation, which has donated over $500 million to charities over 35 years, has been fighting to change the law that requires private foundations to divest themselves of certain investments. Private foundations are prohibited from owning “excess business holdings” (IRC Section 4943). An “excess business holding” is an ownership interest of more than 20% […]


Tyler Jones

Passport Revocation for Seriously Delinquent Tax Debt

Taxation

In 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, which requires the State Department to deny an individual’s passport application and revoke or limit an individual’s passport if the IRS has certified to the State Department that the individual has a “seriously delinquent tax debt.” After several years of non-enforcement, the IRS appears […]


Laura Hoexter

Preventing Tax Scams

Taxation

Despite its additional diligence, this year the IRS is predicting that we will see the highest rate of tax scams, from aggressive calls “from the IRS” asking for payment to third parties stealing your identity and filing tax returns in your name. Knowing what to look for and taking a few precautions will help you avoid these scams.


We Avoided the Cliff. Now What?

Taxation

The American Taxpayer Relief Act enacted January 2, 2013 prevented many of the tax increases that were schedule to otherwise take effect on January 1, 2013. The Act will raise income tax rates for some high-income individuals, increase the tax rate on most dividends and long-term capital gains and also slightly increase estate and gift tax rates.