Jeffrey M. Rosenblum, P.C.
A Fresh Start

December 2016 Archives

Foreign accounts and required reporting: FBAR update for 2017

Those who hold foreign financial accounts may not understand the tax implications. In some cases, the presence of the account must be disclosed by filing certain forms. Depending on the amount, anyone holding a foreign account may need to file a Report of Foreign Bank and Financial Accounts (FBAR). This document is required by the Treasure Department's Financial Crimes Enforcement Network (FinCEN).

Tax code changes for 2017 have been announced

Most people haven't even begun thinking about filing their 2016 tax returns yet. However, the Internal Revenue Service has already announced changes to the U.S. tax code for 2017. These won't impact the tax returns you file this April. However, it's a good idea to be aware of them as you go into the new year. This can help you make financial decisions that will minimize your tax burden and also help you prevent running afoul of the tax laws.

How to avoid a New Year's credit card hangover

This time of year, most of our credit cards are getting an extra workout, whether through online or in-store holiday shopping. Using credit cards to make your purchases isn't always a bad thing -- especially if you have a card that gives you membership rewards or cash back. However, it you don't use and pay them off wisely, you could find yourself still paying for your 2016 presents when next Christmas rolls around.