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The Tax Professionals Blog

The Offshore Voluntary Disclosure Program (OVDP) is Coming to an End

Posted by Lee Reams Sr. on

The IRS has, for several years, offered “disclosure programs,” aimed at getting taxpayers with hidden offshore accounts to voluntarily come forward and comply with FBAR and foreign income reporting. 

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Allocating Home Equity Debt

Posted by Lee Reams Sr. on

The fact that equity debt will no longer be deductible in 2018 through 2025 has triggered numerous questions and discussions about allocating home equity debt interest. This has been an area of frequent abuse in the past.  The following are a set of rules that must be applied when dealing with home equity debt.   

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What is the Definition of a Secured Debt?

Posted by Lee Reams Sr., BSME, EA on

With the home mortgage interest changes brought about by TCJA, it seems the definition of “secured” for purposes of deducting home mortgage interest has been a topic of considerable discussion. 

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Tax Filing Extension Precautions

Posted by Lee Reams Sr. on

Many practitioners take filing extensions far too lightly and are unaware of, or ignore, the nuances of properly completing an extension and the potential penalties.

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Once-a-Year IRA Rollover Limit

Posted by Lee Reams Sr. on

Back in 2014 the IRS, in Announcement 2014-15, notified taxpayers that they were adopting the Tax Court position in Bobrow v. Commissioner (TC Memo 2014-21) that the once-per-year IRA rollover limitation applies on an aggregate basis, meaning that an individual could not make an IRA-to-IRA rollover if he or she had made such a rollover involving any of the individual’s IRAs in the preceding 1-year period.

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