For many of our clients, the only conversations that are more personal are the ones with their own doctors. We understand that while there are obvious financial aspects to our tax consulting and compliance, the difference we can make is fostering a relationship with our client that is proactive, service driven, and results focused.
We are told our unique approach to the personal side of business is what makes the difference. Many of our clients have been with the firm for 30 years—some over multiple generations.
Our firm offers a variety of planning and compliance services that help our client protect assets, pay their fair share of taxes, and preserve wealth for their progeny.
Revenue Procedure 2018-27 provides relief for those with family coverage under high deductible health plans (HDHP) in regards to the annual deductible contributions limit for 2018 health savings accounts (HSA) under Internal Revenue Service Code section 223. The maximum coverage was initially issued as $6,900 on May 4, 2017. On March 2, 2018 the limit was reduced to $6,850 after tax reform changed the calculation for 2018 and future years.
For 2018, the standard deduction amounts will increase to simplify the deduction scheme. More taxpayers will find it beneficial to claim the standard deduction. Itemized deductions have been modified for the 2018 tax year following tax reform. Many of the itemized deductions have either disappeared or changed. Here is how the itemized deductions found on Schedule A have changed.
The Internal Revenue Service announced on March 13 that it plans to end its Offshore Voluntary Disclosure Program (OVDP) on Sept. 28, 2018. The OVDP allowed taxpayers to avoid prosecution by voluntarily disclosing untaxed money held overseas and paying a set penalty. The OVDP, which has been available since 2009, has experienced a significant decline in taxpayer participation as awareness of offshore tax and reporting requirements has increased.
Among the data exposed in the Equifax breach of 2017 were Social Security numbers, which thieves can use to file a fraudulent tax return using taxpayer information obtained in the breach. Tax-related identity theft is one of the top tax scams on the IRS "Dirty Dozen" list and the breach will exacerbate that problem.
Twenty years! That's how long Roth IRAs have been around. In the year 2000 only about $77 billion was invested in these types of accounts but by 2017 it is estimated that there is almost $3 trillion in Roth IRAs. While these accounts have enjoyed explosive growth over two decades, many things are not fully understood about this tax-free retirement account.