3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

February 8, 2012 Tax News 2 Comments Print this page Share

1) You have a "Specified Foreign Financial Asset" which exceeds the filing requirements

Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:

* Stock or security issued by a foreign person

* Financial instrument where the issuer is not a U.S. Person 

* And any interest in a foreign … Continue reading »

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5 Reasons Donors Should Give Appreciated Property

November 10, 2011 Tax News 2 Comments Print this page Share

Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis.  Cost basis is generally what was paid for an item.

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Why a Growing Business Should Elect Subchapter S Filing Status

August 4, 2011 Tax News 2 Comments Print this page Share

The primary reason to make the Subchapter S filing status election is to have a single federal income tax when the business is eventually sold. 

If the corporation is not an S corporation and the company assets are sold, there will be a double tax on sale.  The first tax will be at the corporation level.  A regular or C corporation will pay a tax on the gain on the sale of its assets.  … Continue reading »

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