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Federal Tax Update – October 2019

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INDIVIDUALS In Bellwood v. Commissioner, TC Memo 2019-135, the Tax Court denied an income earned abroad exclusion based on bona fide residence to a helicopter pilot who worked in Saudi Arabia but alternated between 28 days in Saudi Arabia and 28 days back in the United States where his family resided; the Court determined that […]

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Federal Tax Update – September 2019

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INDIVIDUALS In Saunders v. Commissioner, TC Summary Opinion 2019-________, the Tax Court denied a pre-2018 exemption and child tax credit for three children taken in by an unrelated couple who paid all of their expenses as they failed to prove that their mother released the dependency allowance. In New York v. Mnuchin, 124 AFTR2d 2019-________, […]

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Federal Tax Update – August 2019

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INDIVIDUALS In Gutierrez v. Commissioner, TC Summary Opinion 2019-23, the Tax Court allowed an unmarried individual to treat the grandchildren of his life partner as foster children and receive the dependency exemptions and other benefits for the partner’s grandchildren who were being raised in the home in which the taxpayer contributed the only income.  In […]

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Federal Tax Update – July 2019

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By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC INDIVIDUALS In DeMar v. Commissioner, TC Memo 2019-91, the Tax Court denied the noncustodial parent the dependency allowance because Form 3115 was not included with the return, notating, because it was received during litigation, the taxpayer would need to file an amended […]

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Accounting and Law: Concurrent Practice is in the Public Interest

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By Philip O. Brent, A Reprint From The Journal of Accountancy, March 1967 The theme of this article is that one who becomes a CPA-attorney can render the public a better professional service in areas of common interest to both professions. After illustrating the services rendered by a CPA­ attorney, consideration is given to the desirability of dual practice […]

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Who Should Be the Trust Protector of Your Asset Protection Trust?

Blogging

It Really Does Matter! By Howard Rosen and Patricia Donlevy-Rosen of Donlevy-Rosen & Rosen, P.A. Reprinted with Permission from THE ASSET PROTECTION NEWS, January 2019 INTRODUCTION. First, what is a “trust protector”? Although our common law of trusts dates back almost 1,000 years, the concept of the trust protector is a 20th century development, primarily […]

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Offshore Trusts & Offshore Accounts: What’s the Difference?

Blogging

By Howard Rosen and Patricia Donlevy-Rosen of Donlevy-Rosen & Rosen, P.A. Reprinted with Permission from THE ASSET PROTECTION NEWS, January 2019 INTRODUCTION. Potential clients often call us asking if we can set up an “offshore account” for them. Is this what they really mean, or are they (or should they be) asking about an offshore […]

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Federal Tax Update – June 2019

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By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC INDIVIDUALS Final Regulations under Code Section 170 reiterate Proposed Regulations stating that the charitable deduction applies only to the difference between what a taxpayer contributes to a state-sponsored charitable fund and the tax savings arising from the relationship; however, this rule may […]

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Federal Tax Update – May 2019

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By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC INDIVIDUALS In Jim v. United States, the US Supreme Court denied certiorari, declining to review a ruling of the Eleventh Circuit Court of Appeals at 121 AFTR2d 2018-1939 which held that shared gaming revenue among Native American tribe members was not exempt […]

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Member Spotlight: Chelsea M. Rebeck

Member Spotlight

Attorney Chelsea Rebeck is a part of a small group of female attorneys with her skills and credentials. She worked in accounting for 13 years before attending law school, then as a certified public accountant for many years. She is also an adjunct professor at a local college, advising students with her extensive CPA knowledge. […]

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