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Proper IRS Tax Compliance is Essential to Success

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Todd "Bubba" Horwitz on Liberty Talk FM - Image Rotator Photo

BY: Todd Horwitz, Host & Senior Contributing Analyst
PUBLISHED: July 2, 2015

On the Thursday, July 2 edition of “The Bubba Show,” Todd introduces Steve Dolins who is a partner in the Dolins Group, which specializes in tax compliance for over 3,700 clients in the United States. Steve describes the various services that they provide for clients, such as the evaluation of assets, divorce proceedings,  and anything else that relates to wealth management. He describes how his firm helps clients prepare for and mitigate interactions with the Internal Revenue Service, stating individuals must be cognisant of the ever-changin IRS tax code if they are to implement a successful strategy to amass wealth.

Steve then goes on to answer in detail a common question he receives pertaining to donations in excess of $10,000 to family members. Steve discusses how an individual may donate up to $14,000 per individual and that if there are more than two people on your account you can double the deduction. Steve then speaks to the lifetime exemptions when gifting money to relatives, to wit he maintains that knowing the way the IRS views this type of transaction is absolutely vital. Steve concludes his answer the question by educating listeners as to how to appropriately comply with the IRS tax code regarding other types of gifts.

Steve comments how a taxpayer can deal with the repayment of a loan. He talks about how investors can take a loss on a loan, what the steps are to make sure that the IRS can’t rule against you on any repayment,  this is important if you don’t take the right steps you may end up paying taxes on a loan that should be a write off.  

Bubba comments on rising volatility and how that affects the price of options. Steve talks about the ability to carry losses backward and forward as a professional trader.   He maintains that it is important that you have an accountant that understands the difference between short and long term gains, re: trading. If your accountant is not sophisticated enough to know how to deal with trading losses and gains you may end up paying tax on  money that you should have written off.       


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Todd Horwitz began his career in the financial industry as an option market maker at the Chicago Board of Options Exchange in 1982 and was one of the founding traders in the SPX pit. He is an active member of the am currently a member of the Chicago Board of Trade.