Hunt & Associates P.C.

Jun 12, 2017

Retirement Plans and Estate Planning

RetirementRetirement plans (i.e., pension plans, 401(k) plans, employer established IRA plans, etc.)  account for the majority of assets held by most Americans.  Plans which meet certain legal requirements set forth under the federal ERISA law enjoy favorable tax treatment in order to promote growth and provide a comfortable retirement for the account holder.  For example, the account holder is permitted to defer taking any distributions from his/her retirement account until the calendar year in which … Read more

Apr 3, 2017

Are Cab Drivers Employees or Independent Contractors? It All Depends…

Taxi cabA recent decision from our federal appeals court ruled that drivers of the Yellow Cab Company in Phoenix, Arizona are not employees of the cab company but, instead, are independent contractors who are not entitled to the minimum wages required by either Arizona law or the federal Fair Labor Standards Act (FLSA)[1].  The decision was issued by the U.S. Court of Appeals for the Ninth Circuit affirming a trial court decision issued by … Read more

Feb 27, 2017

Executor of Estate Found Personally Liable to IRS for Decedent’s Unpaid Taxes

Gold dollar signsBenjamin Franklin once observed “in this world, nothing can be said to be certain, except death and taxes.”  For those who doubt Franklin’s sagacity in that regard, consider the recent case of Marci McNicol.  A federal court found her personally liable to the Internal Revenue Services to the tune of $125,000.00 with respect to taxes owed by her late husband.  Here’s what happened.

On his death, in addition to their four minor children, McNicol’s husband … Read more

Feb 7, 2017

Will the Federal Estate Tax Be Repealed this Year? If So, Will Anyone Notice?

House of RepresentativesCompanion bills have been introduced in the U.S. House of Representatives and in the Senate to repeal the federal estate tax.  On January 24, 2017, Representative Noem introduced H.R. 631 which was referred to the House’s Ways and Means Committee for consideration.   The same day, Senator Thune introduced comparable legislation in the Senate.  If enacted by Congress and signed by President Trump, no federal estate tax would be assessed against estates of decedents dying thereafter.… Read more

It’s How That Old Joke Goes

EthicsA tax professor, an IRS ethics advisor, and a meth dealer all walk into a bar. Except it’s just one guy.

An adjunct professor at Georgetown Law who also worked in the Office of Professional Responsibility for the Internal Revenue Service was recently charged with selling large quantities of methamphetamines.

If one is considering a similar career path, better to work for Pfizer where the governmental red tape is significantly lessened.

Charges are not … Read more

Dec 12, 2016

Portland Claims the Cure for Income Inequality and Homelessness is More Tax Money for City Government; Surprise!

Homeless manThe City of Portland has just enacted an ordinance imposing a 10% surcharge to the annual city business license tax paid by publicly traded corporations whose CEOs earn compensation when compared with the median worker pay is a ratio of 100:1 or more.  The surcharge increases to an additional 25% of the city business tax if the ratio of CEO compensation to median worker compensation is 250:1 or greater.

The ordinance rationalizes the surcharge as … Read more

Dec 9, 2016

Poetic Justice? Federal Tax Revenues and Spending

taxes-646511_1280Even if it may not be poetic justice it is certainly ironic that to the extent the federal government redistributes federal tax revenues it receives from each state in federal spending among the federal states, the biggest losers are the states which consistently vote for candidates who support higher federal taxes.

While it’s generally accepted that American conservatives and “Red States” generally favor lowering levels of taxes while American liberals and “Blue States” generally support … Read more

Oregon Launches its ABLE Savings Plan

Piggy bankBeginning December 6, 2016, Oregonians can take advantage of the federal “ABLE Act” which allows persons with disabilities to establish accounts which can be used to pay their disability related expenses.[1]  Those eligible can now open an ABLE account by enrolling via the Oregon ABLE website.  The enrollment process is estimated to require no more than 15 minutes to complete.

Up to $14,000.00 can be contributed to an ABLE account each year without … Read more

Oct 31, 2016

The Amount of Your Bills May Surprise You if Measure 97 Passes

Shopping cartsA lot has been written and said about Initiative Measure 97 on the Oregon ballot this November: some of it accurate and true, some of it patently false and misleading.

If enacted, Measure 97 would impose a 2.5% tax on all “C” corporations in Oregon with gross sales of more than $25 million in any tax year.  “C” corporations are the large corporations that sell us our groceries, electricity, gasoline, cars, clothes and other daily … Read more

Sep 26, 2016

Don’t Ask How Much Money the Police Have Taken

NYPDOddly, the New York City Police Department claims that it can’t determine how much money it has seized from citizens over the past four years.  Apparently, New York City has taken so much money through civil forfeiture in the past four years that it can’t count it all.  The NYPD claims that just trying to figure out how much it has taken through civil forfeiture over that 4-year period would crash its computer system.  For … Read more