Tax Law Changes Make Estate Planning Tougher

wins-image

If the IRS has its way, one of our prime estate planning techniques will soon be obsolete.

Earlier this month, the Treasury Department released proposed regulations under Section 2704 of the Internal Revenue Code that will severely undermine valuation discounts, which are commonly used by us and other estate planners to reduce the value of assets that are gifted or sold pursuant to a client’s estate planning.

Read more

Planning 2016: Sophisticated Charitable Giving

mary_croppedSignificant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Charitable giving can be divided into two general categories. First, there are donations that are made on a regular basis and involve relatively small amounts. Second, there is the large extraordinary donation often associated with estate planning. Different planning concepts govern each type of donation.

Read more

Multi-State Record Keeping

Doug Image CroppedAs our society becomes increasingly mobile and the economy causes taxpayers to work in multiple locations, it is important to understand the impact of state income taxation when you live and work in different states.  Many retirees establish their state residency in Florida or one of the other states without state income taxes.  Successfully managed, it keeps their non-earned income from being taxed at the state level.

Read more

Changes in Overtime Pay Regulations

IAN M. FISHERSmall business owners may be in for a shock later this year when new Department of Labor Regulations governing overtime go into effect. On December 1, 2016, a Final Rule by the Wage and Hour Division will go into effect, causing approximately 4.2 million currently exempt workers to have a right to time and a half pay from their employers.

Read more

A Lesson Learned from the Bobbi Kristina Tragedy

We have all seen the headlines about Bobbi Kristina Brown, the daughter of the illustrious Whitney Houston, and her tragic death.  After being found unconscious in the bathtub of her Roswell, Georgia townhome, she was admitted to the hospital and placed in a medically induced coma for months before being transferred to hospice and subsequently passing away.  Her death is tragic for many reasons: her young age, the eerie similarities between her death and her mother’s, the allegations of domestic abuse, and the immediate fight among family members to gain control over her care and her assets.  With proper estate planning, at least the last tragedy would have been avoided.

Read more

IRS Warns of 2016 Tax Scams

douglas mcalpineWe posted last year about bogus phone calls claiming to be from the IRS.  The article below highlights the more recent techniques being used as the scammers adapt their methods and provides information on what you should do if contacted. Please do not hesitate to contact us with any questions or concerns at 404-255-7400.

Consumer Alert: Scammers Change Tactics, Once Again

WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone.

The latest variation being seen in the last few weeks tries to play off the current tax season. Scam artists call saying they have your tax return, and they just need to verify a few details to process your return. The scam tries to get you to give up personal information such as a Social Security number or personal financial information, such as bank numbers or credit cards.

“These schemes continue to adapt and evolve in an attempt to catch people off guard just as they are preparing their tax returns,” said IRS Commissioner John Koskinen. “Don’t be fooled. The IRS won’t be calling you out of the blue asking you to verify your personal tax information or aggressively threatening you to make an immediate payment.”

The IRS reminds taxpayers to guard against all sorts of con games that continually change. The IRS, the states and the tax industry came together in 2015 and launched a public awareness campaign called Taxes. Security. Together. to help educate taxpayers about the need to maintain security online and to recognize and avoid “phishing” and other schemes.

The IRS continues to hear reports of phone scams as well as e-mail phishing schemes across the country.

“These schemes touch people in every part of the country and in every walk of life. It’s a growing list of people who’ve encountered these. I’ve even gotten these calls myself,” Koskinen said.

This January, the Treasury Inspector General for Tax Administration (TIGTA) announced they have received reports of roughly 896,000 phone scam contacts since October 2013 and have become aware of over 5,000 victims who have collectively paid over $26.5 million as a result of the scam. Just this year, the IRS has seen a 400 percent increase in phishing schemes.

Protect Yourself

Scammers make unsolicited calls claiming to be IRS officials. They demand that the victim pay a bogus tax bill. They con the victim into sending cash, usually through a prepaid debit card or wire transfer. They may also leave “urgent” callback requests through phone “robo-calls,” or via a phishing email. They’ve even begun politely asking taxpayers to verify their identity over the phone.

Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke the license of their victim if they don’t get the money.

Scammers often alter caller ID numbers to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use the victim’s name, address and other personal information to make the call sound official.

Here are some things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam.

The IRS will never:

  • Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you several bills.
  • Call or email you to verify your identity by asking for personal and financial information.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Require you to use a specific payment method for your taxes, such as a prepaid debit card.
  • Ask for credit or debit card numbers over the phone or email.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.

If you get a phone call from someone claiming to be from the IRS and asking for money or to verify your identity, here’s what you should do:

If you don’t owe taxes, or have no reason to think that you do:

  • Do not give out any information. Hang up immediately.
  • Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page. You can also call 800-366-4484.
  • Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.

If you know you owe, or think you may owe tax:

  • Call the IRS at 800-829-1040. IRS workers can help you.

Stay alert to scams that use the IRS as a lure. Tax scams can happen any time of year, not just at tax time. For more, visit “Tax Scams and Consumer Alerts” on IRS.gov.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

 

 

footprints for the future 5k

Hoffman & Associates Sponsors the Second Annual Footprints for the Future 5K Race in Sandy Springs

SANDY SPRINGS, Ga.Nov. 17, 2015PRLog — On Saturday November 14, several Hoffman & Associates staff members along with their families and friends, took to the streets for the second annual 5K race in support of the Sandy Springs Education Force (SSEF).  The mission of the SSEF is to inspire and support all Sandy Springs public school students to graduate and pursue productive lives beyond high school by providing education and enrichment programs.  This year, the Footprints for the Future 5K race and fun run nearly doubled in size with 200 registered runners and over 30 sponsors. “Overall the race was a great success and we’re very pleased with the outcome and support.” commented Joe Nagel, attorney for Hoffman & Associates and co-chair of the event.

About Hoffman & Associates:
Hoffman & Associates specializes in estate planning for wealthy families, business and tax law for closely-held businesses, and tax compliance. Expertise in these areas comes from a dedicated staff of both attorneys and CPAs delivering personalized service and sound legal guidance.  Established in 1991, Hoffman & Associates prides itself in having a standalone tax practice and attorneys licensed in Georgia, Florida, North Carolina and Tennessee.

Contact
Carolina Gomez

Doug McAlpine Elected as President of the Georgia Chapter of the AAA-CPA

douglas mcalpineSANDY SPRINGS, Ga.Nov. 12, 2015PRLog — Doug McAlpine, Of Counsel for Hoffman & Associates, was recently elected as President of the Georgia Chapter of the AAA-CPA.  He will serve as president of the organization for a two-year term.  Founded in 1964, the AAA-CPA’s purpose is to protect the rights of those dually qualified to practice as both attorneys and certified public accountants as they see fit, be it law, accounting or both. Today this organization not only continues to protect these rights but offers an array of products and services to help members succeed in their practice such as networking and referral opportunities; national, chapter and regional meetings; and continuing education credit.

Doug joined Hoffman & Associates in 2013 bringing over thirty years of experience in the areas of income tax planning and compliance, probate, small business formation and estate planning with a special interest in estate planning for blended families.  Doug is licensed as both an attorney and certified public accountant in the state of Georgia.  Currently Doug is a member of the Georgia Bar Association, the Atlanta Bar Association and the Georgia Society of CPAs.  He is admitted to practice before all courts in Georgia, the United States District Court for the Northern District of Georgia, the United States Courts of Appeals for the Sixth, Ninth and Eleventh circuits.  Before joining H&A, Doug was a founding partner of Sanders & McAlpine for over twenty years.  He received his Bachelor of Business Administration for the University of Michigan in 1973 and his Juris Doctor from Emory University in 1976. Doug worked four years in public accounting with Touche Ross & Co. before starting his own law practice in 1981.

About Hoffman & Associates:

Hoffman & Associates specializes in estate planning for wealthy families, business and tax law for closely-held businesses, and tax compliance.  Expertise in these areas comes from a dedicated staff of both attorneys and CPAs delivering personalized service and sound legal guidance.  Established in 1991, Hoffman & Associates prides itself in having a standalone tax practice and attorneys licensed in Georgia, Florida, North Carolina and Tennessee.

Contact
Carolina Gomez

Hoffman & Associates Announces its Newest Associate

CassandraAtlanta, GA, Oct 15, 2015 – Hoffman & Associates is proud to announce its newest associate, Cassandra Ceron.  Cassandra joined the firm in May 2015 and specializes in the areas of wills, trusts, estate administration and probate, and guardianship/conservatorship of incapacitated adults. Cassandra’s past experience in family and domestic  law enables her to assist blended families in navigating their estate plan. Cassandra graduated cum laude, and with pro bono distinction, from Georgia State University College of Law and has an undergraduate business degree, cum laude, from Kennesaw State University.

Cassandra is a member of both the Estate Planning & Probate and Family Law Sections of the Atlanta Bar Association and the Young Lawyers Division and the Family Law Section of the  Georgia Bar Association. Cassandra lives in Marietta with her husband and two young children.

About Hoffman & Associates

Hoffman & Associates specializes in estate planning for wealthy families, business and tax law for closely-held businesses, and tax compliance.  Expertise in these areas comes from a dedicated staff of both attorneys and CPAs delivering personalized service and sound legal guidance.  Established in 1991, Hoffman & Associates prides itself in having a standalone tax practice and attorneys licensed in Georgia, Florida, North Carolina and Tennessee.

Planning for Farming and Agriculture

Farming & Agriculture

 

 

 

WealthCounsel Quarterly Q2 2015_ Planning for Farming and Agriculture

1 2 3 5