Call Now for a Consultation
1.425.633.2004
Our Blog
Who Should Be Your Successor Trustee?
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The...
Wondering Whether You Need to Update Your Estate Plan?
Yes, You Do and Here’s Why Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example....
International Tax Planning: Transferring Funds Between Countries
If you are a lawful permanent resident or citizen of the United States with loved ones in another country, you may need, at some point, to transfer money to or receive money from them. If the transfer is for a significant amount, whether all at once or in smaller...
Can I Modify My Irrevocable Trust?
There are a number of reasons people create irrevocable trusts, including the desire to remove wealth or property from their estate for tax planning purposes or to protect assets. As the name suggests, irrevocable trusts cannot be revoked. But can they be modified? As...
Business Entity Planning for Asset Protection and Tax Considerations
When starting a new business, there are literally hundreds of decisions to be made. One of the first, and most important, is the type of entity under which the business will operate. Whether your business employs only you, or a hundred other people, there are...
Trust Funds and Tax Liability
Employers, as a matter of course, withhold employment taxes (including Social Security taxes) and income taxes from employees' pay. These withheld funds are held in trust until the person responsible for paying them makes a federal tax deposit of the funds. In order...
Non-Willful Failure to File FBAR: Moore v. United States
U.S. taxpayers seeking to resolve a foreign bank account reporting (FBAR) issue using the IRS' streamlined procedures must certify, under penalty of perjury, that any failure to report income or accounts or pay taxes as required was “non-willful." There has been...
Changes to FBAR and OVDP Law: the Good, the Bad, and the Costly
If you have signature authority over a foreign financial account, or any financial interest in such an account, you may be required by the Bank Secrecy Act to file a report (FBAR) with the U.S. Department of Treasury if those accounts exceed certain thresholds....
Streamlined Filings and Statutes of Limitation
Regular readers of this blog may remember an earlier post discussing foreign bank and financial account reporting requirements (FBAR). That article discussed two voluntary disclosure programs, the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined...
Understanding the Taxation of Stock Options
If you receive stock options as part of your employee compensation package, your company may have provided you with some general tax advice. However, most people require more extensive guidance in order to avoid the tax pitfalls, and seize the tax advantages, that...
Copyright 2022 Ortiz & Gosalia, PLLC | A Website Design by Ahrens Technologies