Blog - "Altman Speaks"

Donors To Donor Advised Funds Beware

A recent case in the US District Court for the Northern District of Texas upheld the IRS’s denial of a charitable deduction stemming from the donation of interest 1 in a Limited Partnership. The partnership donated to a Donor Advised Fund violated the contemporaneous written acknowledgment (“CWA”) requirement for donations to Donor Advised Funds. 2 […]

“Taxachusetts” Strikes Again!

Massachusetts voters recently passed the so-called “Fair Share Amendment” or “Millionaires Tax” to amend the state constitution. This new rule imposes a 4% additional tax on incomes over $1 million (as indexed for inflation). This brings the total state tax to 9%. It is important to note that windfall gains and irregular income, such as […]

International Tax Series Part 4: Reporting Obligations of Superannuation Accounts

Having an Australian superannuation account can create additional U.S. tax and reporting obligations for an Australian who is a “United States Person” (generally, a U.S. citizen, tax resident, or green card holder). In this Part 4, we consider some IRS forms that may need to be included with the U.S. Tax Return of a “United […]

Update: IRS Releases Inflation Adjustments for 2023

Inflation is hitting Americans hard. Recently, the consumer price report showed an increase of up to 8.2 % compared to a year ago. Every year the IRS adjusts for next year’s taxes. The increases are part of the government’s annual inflation changes affecting income tax brackets, standard deductions, estate tax, and many other provisions. Inflation […]

Is Your Estate Plan Complete? Have you Considered These Points?

Roughly two-thirds of Americans do not have an estate plan, according to a recent survey from Caring.com. 1 If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think that your estate plan is settled. But think again. An estate plan is a […]

International Tax Series Part 3: The Taxation of Superannuation (Australian Retirement) Accounts

U.S. Income tax, Estate tax, and Inheritance tax In Part 1 and Part 2 of this series, we discussed that having an Australian superannuation account can create additional U.S. tax and reporting obligations, and these obligations were not adequately addressed in treaties between the U.S. and Australia. We now delve into the Internal Revenue Code […]

The Inflation Reduction Act

Little pieces at a time! The Inflation Reduction Act is a skinny version of President’s Biden Build Back Better Bill, which did not pass this Spring. It is a significant piece of legislation passed in August in relation to combating climate change and lowering prescription drug costs. It also allowed for the continuation of the […]

The Powerful Tax-Planning Strategy You’ve Probably Never Heard Of

Often overlooked, the Section 1202 Qualified Small Business Stock gain exclusion is a powerful tool that business owners should consider when starting a new business. In essence, Section 1202 allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of a Qualified Small Business Stock (QSBS) that […]

Back to School: 529 College Savings Plan

I thought it might benefit our readers to review the significant change to the 529 College Savings Plans as kids go off to college this month. As a grandfather and an uncle, I contribute to several plans to help with college education for the next generation. A 529 Plan allows families or parents to save […]

International Tax Series Part 2: Australian Superannuation (Retirement) Accounts and The US-Australia Tax Treaty

Continuing on from our previous post on superannuation accounts, retirement accounts can form a significant part of an individual's estate. Where there are inconsistencies in the tax treatment of such accounts, both the income from and the balances of such accounts can be considerably affected. In this blog, we examine this issue in the US-Australia cross-border […]

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