Reid Kopald
Articles
Gift Taxes Explained - Are They Really Tax Free?
Definition The gift tax is a tax on the transfer of property by one individual to another while receiving nothing or less than full value in return. For Example, Father gave gifts to his daughter $600,000, for which she pays father $100,000. Then $500,000 (600,000 - 100,000) is co...
The IRS Is Sending Letters to Cryptocurrency Owners
The IRS is always on the lookout for new revenue sources. As the popularity of cryptocurrency has increased in recent years they have provided guidance on how cryptocurrency is taxed. Most taxpayers, however, have not considered the possibility of needing to pay income tax on their cryptocurrency transactions. <...
Tax Reform & Retirees
Larger standard deduction likely beneficial Altho...
Contributions to Retirement Plans Are Not All Made Equal
Retirement, and how one will fund their retirement, should be at the forefront of most people. We’ll aim to explain the differences between different types of retirement plans below. This will best be shown with a working example. Peter, Katie, and Mary all live and work outside the U.S. for one full year. All three receive ...
Late IRA Rollover Contributions
Among the many different requirements for valid IRA rollover contributions is the requirement that individuals must complete the rollover within 60 days following receipt of the distribution from the original retirement plan. If this 60 day window is exceeded, the money may be considered a distribution from the plan - which makes it taxable, and ...
Not All Tax Paid in France Is Eligible for U.S. Income Tax Purposes
If you ever took the SATs, you should be fairly familiar with analogies. If we were to ask - which of these does NOT apply. Q: France: Romance A. France: Fluffy croissants B. France: World Class Museums C. France: Beautiful Beaches & Mountains D. France: High Taxati...