While many families enjoy owning vacation homes and using these properties for getaways and gatherings, a vacation home is a unique type of asset that requires careful planning regarding its ownership structure. The type of ownership format chosen will affect a wide range of legal, financial, and procedural factors including asset and creditor protection, property Read more about The Vacation Home LLC and Why It Is Used[…]
People are waiting longer this year to file their taxes for a variety of reasons. The overly complex tax law changes have caused many tax professionals to take a second and third look at things before pressing the e-file button. Also, regular W-2 employees are finding smaller refunds due to Form W-4 calculation errors. And, Read more about In the News: NBC News[…]
Wealthy families use a variety of trusts for asset ownership, asset protection, and tax planning purposes. The Disney/Fox deal is an intricate corporate asset acquisition and merger. Harvey is a mergers & acquisitions and trust expert, and was asked by a prominent Bloomberg reporter to quote on this topic. The Murdoch’s look very happy In Read more about In the News: Bloomberg[…]
It’s the oldest and simplest formula for accumulating wealth: Live the “buy low, sell high” dream by acquiring, holding, and then selling property at a tidy profit. Unfortunately, resulting capital gains taxes could amount to persistent leaks from an investor’s wealth-building pool. Every sale of investment or business property can create tax liability, reducing the Read more about The IRS Code Section 1031 Like-Kind Exchange: A Tax Planning Technique Used By Savvy Real Estate Owners[…]
The extreme limitations that the new tax law has imposed on deducting state and local taxes (state withholding taxes from wages; real estate taxes on homes) is probably the most upsetting of its provisions. High tax states with high income and county taxes like New York, New Jersey, Connecticut, California, DC, Maryland, and Illinois are Read more about In the News: WDEF News 12 Now[…]
Not fair at all! Entertainers and athletes do not benefit, while many other businesses do. The surprise winners (and losers) in this year’s tax season – a CBS News article featuring Harvey’s commentary. The new tax law 20% QBI Pass-Through Deduction provides a huge tax savings for most businesses. However, some businesses are excluded from Read more about In the News: CBS News[…]
Harvey was quoted by MarketWatch on the steps to take to protect yourself financially and mitigate potential conflicts and complications during settlement negotiations when divorce is on the horizon. Surprisingly, many divorce attorneys do not emphasize the importance of avoiding a tax dispute with your ex-spouse. That’s why a savvy forensic tax expert (i.e., Harvey) Read more about In the News: MarketWatch[…]
An investigative reporter at the Tampa Bay Times quoted Harvey on the internal controls (or lack thereof) the IRS has in place to prevent issuing fraudulently claimed tax return refunds. The article is entitled: “From the ‘Tax Fraud Queen’ to the $980,000 refund, Tampa Bay is a hotbed of tax scammers.” You are sure to Read more about In the News: Tampa Bay Times[…]
Harvey quoted in US News & World Report regarding what is felt by most tax professionals to be THE most confusing change to the new tax law…even the IRS does not yet know exactly how to interpret this provision! Known as the “Internal Revenue Code Section 199A Qualified Business Income Pass-Through Deduction,” the IRS recently Read more about In the News: US News & World Report[…]