Contact Paul +

Time limit is exhausted. Please reload CAPTCHA.

Tax Planning

Saver’s credit helps low-income taxpayers save for retirement

Saver’s credit helps low-income taxpayers save for retirement

As reported in the news of the Chicago Tribune, “Saver’s credit helps low-income taxpayers save for retirement.” As a piano teacher in Knoxville, Tenn., Jeannine Hines has almost nothing saved for retirement even though she’s 60. So she was relieved when a financial planner told her Uncle Sam would give her money to save. Under […]

Read the full article →

What’s new for 2016 — a roundup of tax changes effective this year — Part IV

What’s new for 2016 — a roundup of tax changes effective this year — Part IV

A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. This article […]

Read the full article →

IRS Tax Tip – Tip Income; How It Affects Your Taxes

IRS Tax Tip – Tip Income; How It Affects Your Taxes

Tip Income; How It Affects Your Taxes If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: Show all tips on your return. You must report tip income. This includes the value […]

Read the full article →

Why we no longer fear the IRS

Why we no longer fear the IRS

Note:  the below newspaper article is the opinion of the author and not my opinion.  The point I believe the author is trying to make is that the IRS needs more staffing to conduct audits-examinations and carry out their overall function; and I wholeheartedly agree to that extent.  However, to the extent the article implies […]

Read the full article →

PATH Act improves realty tax breaks but introduces new complications – Part II

PATH Act improves realty tax breaks but introduces new complications – Part II

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only. (Code Sec. 168(b)(3) and Code Sec. 168(c)) However, for specially defined categories of realty improvements, taxpayers may be entitled to the hat-trick of tax breaks: expensing under Code Sec. […]

Read the full article →

What’s new for 2016—a roundup of tax changes effective this year — Part III

What’s new for 2016—a roundup of tax changes effective this year — Part III

A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. This article […]

Read the full article →

PATH Act improves realty tax breaks but introduces new complications — Part I

PATH Act improves realty tax breaks but introduces new complications — Part I

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only. (Code Sec. 168(b)(3) and Code Sec. 168(c)) However, for specially defined categories of realty improvements, taxpayers may be entitled to the hat-trick of tax breaks: expensing under Code Sec. […]

Read the full article →

What’s new for 2016—a roundup of tax changes effective this year— Part 2

What’s new for 2016—a roundup of tax changes effective this year— Part 2

A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. The recent […]

Read the full article →

What’s new for 2016—a roundup of tax changes effective this year—Part I

What’s new for 2016—a roundup of tax changes effective this year—Part I

A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. The recent […]

Read the full article →

Overview of key tax developments in 2015 – Part 2

Overview of key tax developments in 2015 – Part 2

Tax Withholding: IRS will begin accepting applications for professional employer organization (PEO) certification on July 1, 2016. For 2015 and 2016, an employee who can be claimed as a dependent on someone else’s return can’t claim an exemption from withholding if his income exceeds $1,050 and includes more than $350 of unearned income. For 2015, […]

Read the full article →

Overview of key tax developments in 2015 – Part 1

Overview of key tax developments in 2015 – Part 1

There were many new tax developments, especially toward year-end. The Consolidated Appropriations Act, 2016, and the “Protecting Americans from Tax Hikes (PATH) Act of 2015,” both signed into law on December 18, included a number of major tax changes, including making permanent a number of key taxpayer-favorable “extender” provisions. There were also significant non-legislative tax […]

Read the full article →

Important date approaching in 2016 for older taxpayers with IRAs and qualified plan accounts

Important date approaching in 2016 for older taxpayers with IRAs and qualified plan accounts

A critical date is approaching for many taxpayers who attained age 70 1/2 in 2015.  By Apr. 1, 2016, these taxpayers must commence making required minimum distributions (RMDs) from their traditional IRAs. (Lifetime distributions need not be taken from Roth IRAs at any age.) (Code Sec. 408A(c)(5)) A participant in a qualified retirement plan (e.g., 401(k) […]

Read the full article →

Renewal of bonus depreciation & enhanced expensing offers tax-saving opportunities

Renewal of bonus depreciation & enhanced expensing offers tax-saving opportunities

The recently enacted “Protecting Americans from Tax Hikes (PATH) Act of 2015” (P.L. 114-113, 12/18/2015) made a number of significant taxpayer-friendly changes in the tax law, but few have a wider impact on ordinary businesses than the retroactive permanent extension of the enhanced Code Sec. 179 expensing rules and the 5-year extension of 50% bonus […]

Read the full article →

Obama’s final budget contains far-reaching tax proposals and key changes to health law

Obama’s final budget contains far-reaching tax proposals and key changes to health law

President Obama’s “Budget of the U.S. Government, Fiscal Year 2017.” Treasury Department’s “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals.” On February 9, the President released his federal budget proposals for the 2017 fiscal year. The Treasury Department’s “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals” (the so-called “Green Book”) was […]

Read the full article →

IRS provides inflation adjustments in light of recent Path Act changes

IRS provides inflation adjustments in light of recent Path Act changes

Rev Proc 2016-14, 2016-9 IRB In a Revenue Procedure, IRS has provided the 2016 figures for certain items that were made subject to annual inflation adjustments by the Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L. 114-113, 12/18/2015). IRS also modified the monthly excludible amounts for employer-provided transportation in a commuter highway vehicle […]

Read the full article →

Revised form instructions reflect “windfall” business credits for 2015

Revised form instructions reflect “windfall” business credits for 2015

The Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L. 114-113, 12/18/2015) contains a fair number of “windfall” business tax breaks for 2015—i.e., tax breaks available on the 2015 return even though they were off the books when the events triggering the breaks occurred. Three of these breaks are highlighted in recently updated 2015 […]

Read the full article →

‘Sharing economy’ can complicate U.S. tax filings

‘Sharing economy’ can complicate U.S. tax filings

NEW YORK (Reuters) – Uncle Sam is waiting for his cut from American taxpayers, including those who participate in the so-called sharing economy – doing side gigs like renting out their apartments, driving for Uber or running random errands for strangers on TaskRabbit.com. According to a recent data, Intuit Inc, the owner of the TurboTax […]

Read the full article →

White House announces retirement savings incentives that will be in 2017 budget

White House announces retirement savings incentives that will be in 2017 budget

FACT SHEET: Building a 21st Century Retirement System, issued by the White House (Jan. 26, 2016). On January 26, the White House released a Fact Sheet in which it announced proposals that would expand access to workplace retirement savings opportunities and increase the portability of retirement savings. The proposals will be detailed further in President […]

Read the full article →

IRS Administrative & Tax Court Provisions in the “Protecting Americans from Tax Hikes” Act

IRS Administrative & Tax Court Provisions in the “Protecting Americans from Tax Hikes” Act

The “Protecting Americans from Tax Hikes (PATH) Act of 2015” Joint Committee on Taxation’s JCX-144-15, Technical Explanation of the “Protecting Americans from Tax Hikes (PATH) Act of 2015” Summary of the PATH Act. On December 17, the House passed a bipartisan, bicameral agreement on tax extenders—i.e., the 50 or so temporary tax provisions that are […]

Read the full article →

Business Tax Breaks in the “Protecting Americans From Tax Hikes” Act

Business Tax Breaks in the “Protecting Americans From Tax Hikes” Act

On December 18, Congress passed and the President signed into law a bipartisan, bicameral agreement on tax extenders—i.e., the 50 or so temporary tax provisions that are routinely extended by Congress on a one- or two-year basis—and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) Act of 2015” (the Act). The […]

Read the full article →
Page 1 of 5123...Last »
Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

Read More

Connect With Paul on Social Media

Practice Areas & Information

Certifications &
Associations
Member CA Bar Member Orange County Bar US Tax Court Attorney