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R Steven Chambers Blog

One Twin a U.S. Citizen, the Other Not

Twin boys were born abroad. One was ruled a U.S. citizen; the other wasn’t. That was the ruling under a U.S. Department of State policy that, according to a federal judge, was wrongly applied. Andrew Dvash-Banks was a student in Israel when he met his future husband, Elad, who was an Israeli citizen. Because they […]

What’s the Difference Between Joint Tenancy and Tenancy in Common?

In an earlier post, I talked about the differences between joint tenancy and transfer on death deeds. Today I want to discuss the two most common forms of joint ownership, tenancy in common and joint tenancy. While transfer on death deeds apply only to real property (land), joint tenancy and tenancy in common apply to […]

Are Joint Tenancy and Transfer on Death the Same?

The answer depends on what is meant by “the same.” Both will transfer title to property at death without the need for the property to go through probate, but beyond that they are different. Joint Tenancy is a form of ownership where two or more people own “undivided interests” in property. In joint tenancy the […]

Hell Hath No Fury

like a football fan scorned. At least that seems to be the attitude of New Orleans’ Saints fan and lawyer Frank D’Amco, Jr.,  who filed a lawsuit on Tuesday on behalf of New Orleans Saints’ season ticket holders over the blatant no call with 1:45 left to play in the Saints – Los Angeles Rams’ […]

When Estate Planning and Bankruptcy Collide

No one really plans to file bankruptcy. It’s one of those things that just happens to some people. On the other hand, lots of people, though still too few, do plan their estates and for retirement. Sometimes bankruptcy and estate planning collide. Usually the collision isn’t harmful to the retirement account. But it can be. […]

Lifetime Tax Exemptions Are Safe for Life

The unified federal estate and gift tax exemption is currently at a stratospheric $11,180,000, and will increase to $11,800,000 in 2019. That means that an individual can give away or transfer on death up to $11,180,000 in wealth without incurring the federal estate or gift tax. This is a lifetime exemption, meaning a person has […]

Know Your Customer — Especially if it’s an LLC

If you’re a small business owner and do business on credit, it’s crucial that you know your customer. It’s even more important if the customer is a limited liability company (LLC) or corporation. LLCs and corporations are separate legal entities under the laws of all states. That means they can buy and sell goods and […]

IRS Publishes Proposed Regulations Concerning Tax Credits

Last week we mentioned a few things to consider regarding 2018 taxes. Among those is the new $10,000 limit on state and local tax (SALT) deductions. Prior to the new law, SALT deductions were unlimited; now they’re capped. In response to that, some state legislatures have proposed or even enacted provisions giving taxpayers a break […]

Six Tax Tips for 2018 to Use Now

We’ve just begun the fourth quarter of 2018, the end of the first year under the new tax code. Here are six tax tips to give you a head start for filing 2018’s tax returns. Review Your Itemizations. The changes to the tax code were sweeping, and a lot of people will find that they […]

Online Shopping Will Soon Cost More

On June 21, 2018, the Supreme Court overturned a 1992 decision that held that online purchases could not be taxed by states. The new decision, South Dakota v. Wayfair, held that a company with no employees, property or other presence besides selling online to customers in a given state could nevertheless be taxed by that state or […]

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