For High-Income and International Taxpayers: Defensive Tax Planning

For High-Income and International Taxpayers: Defensive Tax Planning By Attorney Morris N. Robinson, CPA, LLM[1] March 31, 2017 The Importance of Defensive Tax Planning IRS audit criteria target high-income taxpayers, especially those with reported foreign income or foreign financial assets. Targeted high income taxpayers include:
  • Individuals
  • Trusts and Estates
  • Corporations
  • Partnerships and LLCs
What ...

Net Operating Loss Carryforwards on President Trump’s 2005 Income Tax Return

James B. Stewart, writing for The New York Times (March 23, 2017), explored the complexities of President Donald Trump’s 2005 U.S. income tax return, which was revealed publicly last week.  President Trump used $103 million of net operating loss (NOL) carryforwards in 2005 to reduce his regular income tax. ...

Massachusetts May Target Remote Sellers for Sales Tax

In an attempt to balance his $40.5 billion budget, Massachusetts Gov. Charlie Baker (R) may propose that remote sellers be required to collect Massachusetts sales taxes on sales of tangible personal property made over the internet to Massachusetts residents. Attorney Morris N. Robinson sent a Letter to the Editor of State Tax Notes, suggesting that Governor Baker's proposal may be both impractical and unconstitutional.

Personal Liability of Executors for Tax Liabilities of the Estate Under the Federal Priority Statute, 31 U.S.C. 3713

United States v. McNicol 829 F.3d 77, (1st Cir. July 15, 2016) aff’g 2014 WL 4384486, 114 A.F.T.R. 2,d 2014-5919 (D. Mass., 2014) Summary This is an appeal of summary judgment by the personal representative (the “PR”) of an estate. The lower court found the PR to be personally liable under the federal ...

Statute of Limitations and Collections Process Against Executrix and Agent for Estate Tax Deficiency

United States v. Holmes 2016 WL 4363398 (SD Tex. Aug. 16, 2016) Summary Summary judgment was sought by both the taxpayers and the Government for an estate tax liability. The taxpayers contended that the 10-year statute of limitations on collections had expired. The Government disagreed and put forth that the statute of ...

Massachusetts Governor Charlie Baker May Propose Unconstitutional Sales Tax Collection Responsibility on Remote Sellers

BOSTON – January 27, 2017. In an attempt to balance his $40.5 billion budget, Governor Charlie Baker may propose that remote sellers be required to collect Massachusetts sales taxes on sales of tangible personal property made over the internet to Massachusetts residents. A so-called “remote seller” is a seller that ...

Building Wealth through Real Estate: Financial and Tax Policies of the United States Government That Can Lead To Significant Wealth through Real Estate Ownership

Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit to "the long game”, where the full benefits of real estate ownership accrue over decades and ...

Charitable Contribution Planning: Good Measures to Protect Yourself Against a Charitable Deductions Audit

December is a big month in the U.S. for donations to charity. Americans open their hearts and wallets to charitable organizations who feed the hungry, shelter the homeless and educate our youth as well as to many other worthy causes. Philanthropy has been part an important part of the American ...

Fair Warning: Artwork, Private Foundations, and Self-Dealing

The weekend has ended and Art Basel - Miami 2016 has concluded. To many U.S. taxpayers, it’s just another Monday, but to serious collectors who attended this vibrant art fair focused on contemporary paintings and sculptures, this was a major event. Now faced with anticipated shipments and bills, those who ...

Avoiding Massachusetts Taxation After the Bank of America Case: What Works and What Doesn’t Work

Massachusetts families of means often establish trusts with Massachusetts resident fiduciaries for the benefit of unborn and unascertained beneficiaries. Later, some of these families leave Massachusetts and reestablish themselves as domiciliaries and residents of other states or even foreign countries. Their unborn children and unascertained beneficiaries may never become Massachusetts ...