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Pacific Tax Partners
Worldwide business consulting, transfer pricing and US income tax services for firms and individuals.
Worldwide business consulting, transfer pricing and US income tax services for firms and individuals.

Pacific Tax Partners's posts

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With over 1,120 US Federal Tax forms, we guide our clients through complexity to help ensure their financial health. 
The tax savings we achieve for our clients usually far exceeds our competitive fees making our services an investment offering outstanding ROI.

On February 26, the IRS released new Form 8960 for computing the newly introduced 3.8% Tax on Net Investment Income. This came as no surprise to Pacific Tax Partners which is up-to-speed with latest, current tax rules so that we may best serve our clients.

We are pleased assist our clients maximize their charitable giving. To take a US Income Tax deduction for your charitable donation, proper paperwork is required. Assembling the correct documentation can be confusing because requirements vary based on whether the donation is in cash and its value. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from a qualified charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on value. Contact us for more details.

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In his "State of the Union" address, President Barack Obama announced the US Government will offer "MyRA" accounts for employees whose employers do not offer 401(k) accounts.  This action to expand pre-tax retirement savings options should be welcome news to many US taxpayers who seek to adequately fund their retirements.

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US civil forfeiture laws permit property and cash seizures from people suspected, but increasingly not charged, with crimes. Such seizures also occur at airports when cash amounts above $10,000 are not declared. Proper tax returns are key to determining legitimacy of the funds and reclaiming the seized property.

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Should would-be entrepreneurs use retirement plan money to start a business?  If other financing is available and -- assuming low risk -- does it make sense to consider doing this from a US income tax perspective? 
Ask us for objective advice to ensure your financial health.

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Judge Learned Hand's oft-cited maxim in the tax world:
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. [T]here is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike ...” in Gregory v. Helvering

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Think twice before investing in Gold now. 
Know an ex-Goldbug? Hot tip for those currently dumping their precious metal investments is intelligent US income tax planning may lessen the pain of your loss. 


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Although it may not feel like it, most Americans now pay a lower %-age of their income in taxes than 20 years ago.

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In the CPA and Financial Planning professions, we refer to DIY not as "Do It Yourself" but as "Destroy It Yourself". 
After time limits expire on US Income Tax returns, you cannot re-do or re-file them. When times are tough, call us to get it right the first time around!
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