Weekly update on creative tax issues.
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Hard to believe that the IRS is out to screw the fifty states. This special IRS designed Nevada asset protection trust's income avoids state income taxes.
Having a trust in Nevada to avoid state income taxes is not new.
However, in the past you could not control the trust if you wanted the tax savings. Also, you could not be a trust beneficiary. This means once the assets were placed in the trust you cannot get them back.
But there is a tiny tiny crack in the law. And now the IRS is letting all of us know how to use that crack to avoid gift taxes, avoid state income taxes and to protect assets.
The general rule is the trust is a grantor trust if I create the trust and I am a beneficiary or if I am the trustee.
For example, if the trust was in Nevada and earned an hundred thousand dollars of interest income, I pay tax on the hundred thousand dollars if the trust is classified as a grantor trust.
But not now! The IRS found a tiny crack that allowed the taxpayer in this ruling to be both a beneficiary and the owner of the trust company and avoid the grantor trust rules. That $100,000 is not state income tax free.
By the way, also the IRS also ruled that no gift tax was due on the millions of dollars he placed into the trust.
Here is the link to the IRS ruling and my annotations.
Yes, Big Brother is at the IRS.
Yet, saving taxes and reducing your audit risk is now easier than ever by gaming the IRS Supercomputer. Learn how in this episode of Tax Talk. Self-driected IRAs and self-directed solo 401k has been the newest stealth method. We have a special report on this blog.
My robot (Robert the Robot crawled through IRS.gov and found out how to become stealth to this super computerized Robot and its collection of big data.
There are ways to make your tax return invisible to the new IRS super computer and the IRS Robot- auditor.
The IRS Robot is farming E-Bay, LinkedIn, and FaceBook, Yelp and all social media, your internet searches and in some cases your emails.
It has access to every social media posting going back to 2008. Deleting your posts does not make them go away.
The Federal Big Data Services Hub opened October 1, 2013. It holds and shares between agencies a variety of personal taxpayer information including health records, tax and financial information and criminal background status.
This supercomputer can read all 200 million e-Filed returns in just ten hours. The IRS has bragged that their computer can make DNA blueprint of each of our behavior. In this episode, you will learn how and what to do.
The power and capacity of this super computer brings Big Brother to all of us. It has more than 6 billion pages of personal data on of us (an average of 3,000 pages per tax return).
Updated July 2018, be sure to paper file your return and keep your accounting private.
If you have any questions, call or text me, Brian Dooley, CPA, MBT, at 949-939-3414.
Good news- President Obama tax and budget deficit plan is full of new Presidential approved loopholes. This broadcasts will explore the biggest tax savings for small business and investors.
I hunted and pecked my way through all 250 pages to select the best for the biggest to the silliest... such as the golf cart energy tax credit.
Tax planning is looking down the road, around the curve, for the next big set of loopholes. Every tax bill that I have seen has had new tax loopholes.
The "Press" will tell you that that this bill has closed abusive loopholes and its is tax reform. However, one parties abuse is the other parties economic incentive.
So, your tax planner goes with the current (as you may know, I am a river rafter in my free time) and does not paddle upstream.
This episode of Tax Talk will cover my favorite loopholes. You will learn how to get the same tax loopholes used by the "Wealthy"
Here are the show notes with my favorite 40 tax saving loopholes.
If you have a question, the call me, Brian Dooley, CPA or text me at 949-939-3414.
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