The Dirty Dozen for 2013

By Patti S. Spencer Esq.

May 02, 2013

Patti Spencer

On March 26 the IRS released its annual list of the worst 12 tax scams for the year. The IRS cautions taxpayers not to fall for any of these scams - often these scams are at their peak during the filing season as people prepare their tax returns. This week's column presents one-half of the "Dirty Dozen".

1. Identity Theft and Refund Fraud

Tax fraud through the use of identity theft tops this year's Dirty Dozen list. For the 2013 tax season, the IRS has put in place a number of additional steps to prevent identity theft and detect refund fraud before it occurs. The strategy uses a three-pronged effort focusing on fraud prevention, early detection and victim assistance.

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Beer, Pepsi, A Cincinnati Family And The Estate Tax

By Steven D Hamilton

April 18, 2013

Steve Hamilton

I am reviewing a tax case involving estate taxes, generation-skipping taxes, a Cincinnati family, and a beer brand only recently brought back to the market. Let's talk about it.

John F. Koons (Koons) owned shares that his father had bought during the 1930s in Burger Brewing Co., a Cincinnati brewer known for its Burger beer. The Cincinnati Reds broadcaster Waite Hoyt nicknamed a deck at Crosley Field (where the Reds then played) "Burgerville."

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Obama’s $3 Million IRA Cap

By Steven D Hamilton

April 29, 2013

Steve Hamilton

We have received several calls on the proposed $3 million cap on 401(k)s and IRAs. Some of those discussions have been spirited.

What is it? Equally important, what is it not?

The proposal comes from the White House budget. Here is some text:

"The budget will also show how we can provide targeted tax relief to strengthen the economy, help middle class families and small business and pay for it by eliminating tax loopholes and make the tax system more fair. The budget will include a new proposal that prohibits individuals from accumulating over $3 million in IRAs and other tax-preferred retirement accounts. Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving. The budget would limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per person per year in retirement, or about $3 million in 2013."

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Does A Flight Attendant In Hong Kong Have Foreign Income?

By Steven D Hamilton

April 08, 2013

Steve Hamilton

I am going to put you on the spot. I will give you some facts and present a tax issue for you.

Yen-Ling is a U.S. citizen. She is an expat living in Hong Kong. She works international flights for an airline, and her flights include:

• Hong Kong to/from San Francisco
• Hong Kong to/from Chicago
• Hong Kong to/from Ho Chi Minh City
• San Francisco to/from Nagoya

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