Individual Income Tax

Tax Advantages

Congressional Incentives Encourage Domestic Petroleum Development Oil and Natural gas from domestic reserves helps to make our country more energy [...]

IRS Announces 2018 Estate And Gift Tax Limits: $11.2 Million Per Couple

It’s official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual can leave [...]

Oil and Gas Tax Benefits

Direct participation in oil and gas can generate several tax benefits. These benefits range from large up front deductions for intangible drilling costs (IDC), [...]

Reliance on tax software does not let taxpayer off the hook

A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software to prepare their tax returns. In the case, [...]

Medical Device Inventor Sentenced to Prison for Tax Fraud

California Man Hid Millions in Bank Accounts in India and Dubai Ashvin Desai, of San Jose, California, was sentenced yesterday to serve six [...]

Wisconsin Neurosurgeon Convicted of Filing False Tax Return and Failing to File Report of Foreign Bank Accounts

A jury convicted Arvind Ahuja yesterday on federal tax charges stemming from his failure to disclose offshore bank accounts maintained in India and the [...]

This Year’s IRS Audits Are Bad News for the Rich

The IRS is turning up the heat on taxpayers. Some of them, anyway. The number of audits conducted by the Internal Revenue Service has dropped as it [...]

HSA Contribution Limit For Two Plans Or Mid-Year Changes

We all know that to be able to contribute to an HSA you need to have an HSA-eligible high deductible health plan (HDHP) and no other coverage. The HSA [...]

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was [...]

Are Gifts to Your Spouse Taxable? It Depends

Are gifts made to your spouse subject to the federal gift tax? Like a lot of questions regarding taxation, the answer is, "It depends." A gift to your spouse [...]