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DW Tax Blog Blog

Articles: 1-10 of 136

IRS General Counsel Opinion on Deductibility of Health Insurance Premiums Paid for Family Members of S Corporation Shareholders

USA - May 20 2019 The IRS recently issued a Chief Counsel Memorandum clarifying when a family member of a 2% shareholder in an S corporation is entitled to a deduction…

Canadian Federal Budget Proposes To Cap Employee Stock Option Benefit

Canada - May 6 2019 New legislation proposed in the 2019 Federal Budget would limit the extent to which employees will be entitled to favourable Canadian income tax…

Strategy for Spouses to Minimize Potential Capital Gains Tax

USA - April 29 2019 With the current estate tax exemption of $11.4 Million per individual, combined with the portability of estate tax exemption between spouses, most…

Are You My Partner?

USA - April 22 2019 Like the poor little bird in the Dr. Seuss book that struggled to identify its mother, it can sometimes prove difficult for partners in a partnership…

Tax Tip: Delinquent Tax Debts & Passport Denials

USA - April 15 2019 The IRS is actively working with the State Department to deny passport applications and revoke existing passports of taxpayers with delinquent tax…

IRS Announces Expanded Penalty Waiver for Individuals with Underpayment of 2018 Estimated Income Taxes

USA - April 8 2019 With the 2018 deadline for filing of individual income tax returns just around the corner, taxpayers should be aware of the recent announcement by…

New Tax Bill Introduced to Improve IRS and Taxpayer Protections

USA - April 1 2019 On March 28, 2019, U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) introduced new tax legislation referred…

Don’t Believe Everything You Hear - You Can Terminate Your 401(k) Safe Harbor Match Formula Mid-Year (Usually)

USA - March 25 2019 I have recently had two separate employers tell me that they wanted to stop making safe harbor matching contributions to participants in their 401(k)…

Tax Tip: Generation-Skipping Transfer Trusts

USA - March 18 2019 Generation-Skipping Transfer (GST) trusts have long been a popular estate tax planning tool used to defer transfer tax to a future generation. While…

IRS issues new form for reporting non-deductible fines and penalties

USA - March 11 2019 Internal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to…