Can anyone qualify to own an S-Corporation?

Business Incorporation in Illinois is one of our Accountants in Chicago specialty. That’s why it is very important to know which are the tax savings from operating your ordinary income business under an S-Corp.  However, not everyone is a qualifying shareholder of an S-Corporation.  If you are from a foreign country living here in the U.S. with a ‘Visa’ or ‘Green Card’ it’s critical to know what the rules are.

Here are the two rules that would make you qualify to be a shareholder of an S-Corp.

  1. You need to be a “Resident Alien”, there are a few tests to determine that. 
    1. one is the “Green Card” test; this where the alien actually has to be a lawful permanent resident with a green card (Immigration Form I-551); if you have one of these documents it doesn’t matter how long you’ve been present in the country, you can qualify as an S-Corporation shareholder.  However, if your Visa is a non-immigrant visa, then that would not constitute lawful permanent residence, so you wouldn’t qualify under this test.
    2. b.      or you need to pass the  “Substantial Presence Test”, this test is essentially mathematical, it is satisfied if the alien individual is physically present in the United States for the requisite amount of time, either for the calendar year in question or for the three-year period that ends with the year in question. For purposes of the test, presence during any portion of a day is considered presence for a full day.
    3. The “Substantial Presence Test” is met in either of the following circumstances:
  • The alien is physically present in the United States for 183 days or more during the target calendar year, or
  • He is present in the United States for at least 31 days for the year in question and has been present for 183 days which are the sum of (a) days during the target year counted as full days, plus (b) days in the first preceding year counted as one-third days, plus (c) days in the second preceding year counted as one-sixth days.

In sum, if you have a ‘Green Card”, if you have been living in the U.S. for 183 days or more during the calendar year, then you would meet this test and be eligible to be a shareholder of an S-Corp.  Remember you need to continue to meet this test every year until you actually get the “Green Card”. Sounds easy right?

For more questions regarding Business Incorporation in Illinois you can call us at 773-728-1500.

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Short Sale or Foreclosure – the Income Tax Consequences

We are CPAs in Chicago and provide the following summary for the benefit of Taxpayers in Chicago and surrounding suburbs.

These days a lot of home owners or real estate investors are encountering numerous questions about the tax consequences of these situations. That’s why it’s more important than ever for real estate owners to understand the basics of how the IRS views tax forgiveness.

How does the IRS view a short sale or foreclosure?

short sale is the discount a mortgage holder may allow in order to sell the property, even though doing so will short or discount the note. This generally results in a benefit to the debtor because the mortgage is reduced.

The process, of course, is different in a foreclosure, but the result is essentially the same.  The mortgage holder forecloses on the property, takes possession or sells the property on the courthouse steps, and will probably end up losing on the original mortgage. In effect, the borrower usually doesn’t have to pay the full mortgage, and whatever the lender can get for the property reduces the mortgage amount and the lender will often take a loss on the rest.

IRS frankly doesn’t care if a property is going through a short sale or foreclosure. The IRS is going to determine if Forgiveness of Debt took place and if it should be taxed to the taxpayer. Keep in mind though that the lender does not always forgive debt in a foreclosure or short sale. If the lender gets a deficiency judgment or comes after the homeowner for the unpaid amount, there is no debt forgiveness and thus no taxable income.

However, for situations where the lender does forgive the debt, determining what should be taxed can be a complicated question with lots of variations based on the facts and circumstances.

Keep in mind that, in almost every situation, the IRS boils the transaction down to the analysis of four questions:

.Question 1: Was the property sold for less than the mortgage or mortgages on the property?

Easy to calculate, simply add up all of the debt on the property (first and second mortgages included), and subtract it from the final sales price. If the result is a negative number, then there is a presumption the seller or prior owner is facing Forgiveness of Debt Income.

In case of foreclosure, it’s a little more difficult to determine the amounts in the equation above, because sometimes the bank/mortgage holder hasn’t sold the property yet; they simply took possession of the property in the foreclosure. Essentially, the calculation can’t be completed until the lender sells the property and their loss is determined.

Question 2: Was the mortgage or mortgages considered recourse or non-recourse debt?

If there is a presumption of debt forgiveness as determined in Question 1, the taxpayer next has to find out if the debt is recourse debt. This simply means the debtor signed personally guaranteeing the debt, or in other words, is personally obligated to pay the mortgage. This is actually an easy fact to determine.

A quick document review by an attorney can help the homeowner determine if the debt is recourse or not. The good news is if they aren’t personally liable, then they don’t have to pay the debt and they don’t have Forgiveness of Debt Income.

            Question 3: Is there Forgiveness of Debt Income after the basis on the property and any loss is calculated?

Often taxpayers overlook this aspect of the analysis.  Assuming there is recourse debt, and hence Forgiveness of Debt Income, taxpayers shouldn’t forget to calculate their loss on the property as a whole. This loss can offset any Forgiveness of Debt Income.

In this more complicated equation, the taxpayer would start with the sales price of the property and then subtract the adjusted basis on the property (i.e., the net cost for the property after adjusting for various items like depreciation or home improvements). This process will tell the homeowner if there is a gain or loss on the property. In sum, a loss would be deductible against the Forgiveness of Debt Income. Note, however, that a primary residence is going to be treated differently during this stage of the analysis (see below).

If there is Forgiveness of Debt Income from recourse debt and the loss on the sale doesn’t wipe out the gain, or it isn’t a primary residence, then the taxpayer’s only option to avoid being taxed on the forgiveness is to qualify under the insolvency or bankruptcy rules provided by the IRS. Essentially, these rules require the taxpayer’s total liabilities to exceed total assets, whether married or single (the details of which are discussed in IRS Publication 4681).

One final option that doesn’t allow the taxpayer to discharge the income but permits deferring the tax over time is to reduce the basis on other real estate owned by the taxpayer by using Form 982.

Question 4: Was the property in question the primary residence of the taxpayer?

The rules have been changed when it comes to principal or primary residences. Congress passed and President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007 to provide relief to families who were going through a short sale or foreclosure on their primary residence through the end of 2012. This law essentially wipes out any acquisition indebtedness (not second mortgages unrelated to the purchase) and is a specific election made on a tax return. (Note there is a limit of $2 million of interest and debt for married couples and a lower limit for single individuals). Taxpayers should consult with their tax advisor regarding the specifics of this exception and they qualify.

Finally, I would be remiss to not mention loan modifications and the impact they may have on a tax bill. Rest assured, most loan modifications don’t create taxable income as they simply modify the terms of a loan to help a debtor better make his or her payments. However, if a lender actually reduces the principal amount of the loan, sometimes called a cram down, then the debtor better expect a 1099 for Cancellation of Debt Income and speak with a tax advisor.

Make sure your Tax Advisor knows how to apply correctly the tax deductions that are allowed.

In summary, if you going through a loan modification, short-sale, foreclosure, or deed in lieu, please know that, we at TaxCutters can help you through the tax paperwork process.  Please give us a call at: 773-728-1500.

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The taxes alphabet

Taxes can be fun, accountant is a seerious word, but the tax preparation can be a lot of fun.

A is for Alimony

Alimony payments are deductible by the payer and taxable as income to the recipient. The deduction is “above the line” which means that you do not have to itemize to claim the deduction

B is for Barter.

The treatment of bartered goods and services is like accepting cash: the exchange of services is still reportable and taxable. You must include in gross income on your federal income tax return the fair market value of goods and services received in exchange for goods or services you provide.

C is for Capital Losses

When you sell or otherwise dispose of a capital asset, the difference between the amount you sell it for and your basis is a capital gain (if the value at disposition is more than your basis) or a capital loss (if the value of the disposition is less than your basis). You can only deduct capital losses on investment property, not on personal use property.

D is for Deductible Taxes.

If you itemize, you may be able to deduct state and local taxes; real estate taxes; foreign income taxes and property taxes on your federal income tax return. You may not deduct federal income taxes, Social Security taxes, Medicare taxes, FUTA (federal unemployment taxes), and RRTA (railroad retirement taxes).

E is for Educator Expenses.

If you are an eligible educator, you can deduct up to $250 of any unreimbursed expenses paid or incurred for books, supplies, computer equipment, other equipment, and supplementary materials used in the classroom; these expenses must be paid or incurred during the tax year

F is for FSA.

FSAs are flexible spending accounts. The most common FSA is a health flexible spending arrangement which allows you to pay qualified medical expenses from a fund set up with pre-tax dollars: withdrawals from the fund are income tax free.

G is for Gift Expenses.

Generally, if you provide an item to a customer (or a customer’s family) without an expectation of payment or compensation, that’s a gift. The IRS limits the amount that you can deduct for gifts: you can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year.

H is for Home Improvements.

In most cases, repairs to your home increase your basis for purposes of calculating a gain or a loss at sale, but your run of the mill home repair expenses – even if significant – are not deductible on your federal income tax return

I is for Injured Spouse.

You are an injured spouse if your share of your tax refund as shown on your joint return was, or is expected to be, applied against your spouse’s past-due federal debts, state taxes, or child or spousal support payments. If you are an injured spouse, you may be entitled to get your share of the refund released to you.

J is for Job Search Expenses.

If you itemize, you can deduct out of pocket expenses related to your job hunt even if you don’t get a new job.

K is for Kiddie Tax.

When income is unearned (generally, income from dividends and interest) for children under the age of 18, or under the age of 23 while a full time student, the first $950 is considered tax-free and the next $950 is taxed at the child’s rate. Unearned income over $1,900 is taxed at the child’s parents’ tax rate

L is for Levy.

One of the ways that the IRS works to make sure they get paid is the use of a levy. A levy is a legal seizure of your property.

M is for Making Work Pay Credit.

There is no Making Work Pay Credit for 2011. That also means no Schedule M.

N is for Non-Citizen Spouse.

Generally, a husband and wife cannot file a joint return if either spouse is a nonresident alien at any time during the year. However, if you were a nonresident alien or a dual-status alien and were married to a U.S. citizen or resident alien at the end of 2011, you may elect to be treated as a resident alien and file a joint return.

O Is For Offer in Compromise.

If you can’t pay your tax debt in full, you might consider an Offer in Compromise (OIC) which allows you to resolve your tax obligations for less than the full amount you owe.

P is for Penalty on Estimated Tax.

If you receive income without having any federal income taxes withheld, you should consider making estimated payments throughout the year to avoid any penalties.

Q is for Qualified Dividends.

For 2011, taxpayers who would normally have paid a 10% or 15% ordinary income tax rate will pay 0% on qualified dividends. All other taxpayers pay a mere 15%.

R is for Refund.

If you e-file and use direct deposit, you can receive your refund in as few as ten days.

S is for Standard Deduction.

For the tax year 2011, the standard deduction for single taxpayers or for those married filing separately is $5,800; for married taxpayers or qualifying widow(er)s, the standard deduction is $11,600; and for head of household, the standard deduction is $8,500.

T is for Tuition and Fees Deduction.

You may be able to deduct qualified tuition and related expenses of up to $4,000 that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction.

U is for Unreasonable Compensation.

S corporations must be sure that compensation paid to shareholders who are also employees is not unreasonable.

V is for Vacation Home.

Assuming that your vision of a vacation home and the IRS’ vision are similar enough, you can get a tax break or two on purchasing and owning a vacation home.

W is for Wash Sale.

A wash sale is, at its most basic, when you sell or trade stock or securities at a loss while simultaneously (or nearly simultaneously) buying something nearly identical.
For tax purposes, you generally cannot deduct losses from sales or trades of stock or securities in a wash sale.

X is for X-Mark (Signature).

No matter how thorough and accurate your tax return is, it’s not considered a valid return unless you sign it. If you are filing a joint tax return, your spouse must also sign.

Y is for Year End.

Y is for Year End. Tax returns are filed based on your tax year end. Individual filers have a calendar year which means that federal income tax returns are due on April 15 of each year – unless that day falls on a Saturday, Sunday or holiday as it does in 2012. This year, we have both (!) so returns are due April 17, 2012

Z is for Zero.

The general rule is that the more exemptions that you claim, the less in federal taxes is withheld. If you claim zero exemptions, the maximum amount of withholding will be taken from your check.

Please give us a call 773-728-1500 if you have any questions regarding your tax return, we the accountants in Chicago are here to help you!!

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Chicago Businesses – Watch out for scams

Many of us are looking for cash. We’re all looking for ways to create wealth and save taxes. But when a prospective tax scheme or business strategy sounds too good to be true, it usually is.

Many times I have seen how a client became caught up in an elaborate business ruse, and as aCPA in Chicago area, who have helped countless businesses in filing their corporation tax returns, I have to sort through the resulting disaster for them. They never had to needlessly lose money in this way.

Considering these days economic times, when the wolves come out in sheep’s clothing, there are more crooks out there, and they’re looking for an edge. It’s a recipe for disaster.

Some of the most common scams you should watch out for:

The non licensed business coach, or tax adviser

“Coach” is a title someone often uses when they weren’t smart enough to finish school and get a graduate degree. Now there are great reasons for “coaching” in certain areas of business, but when they start giving tax and legal advice, watch out.

There are a plethora of call center operations that rope would-be entrepreneurs into paying money to talk to someone wearing sandals and a headset who has no business offering tax and legal advice, or doesn’t know anything about running a business.

The “I have a deal for you guys.”

It’s called “affinity fraud.” A friend or relative tells you that someone in their neighborhood or church has found a “great new business” to invest in, and you should chip in big money, too.

On its own, investing in a start-up can be a great idea if you can stomach the risk, but watch out if someone says you don’t need a lawyer or makes big promises. Be realistic, and make sure you use a lawyer to properly document the investment. Suing to recoup losses can often prove too costly to make a lawsuit worth it.

The corporate credit “shelf corporation.”

I have had numerous clients come through my office wondering what they might do with a “shelf corporation” they paid $5,000 to $15,000 for.

Many of  were sold on flashy terms like Dunn and Bradstreet numbers, Paydex scores and unsecured credit, and how they would somehow win larger loans by using the shelf corporation name. The truth is there is no short-cut process. Building corporate credit takes time.

The bogus state filing fee bill.

You register a corporation or LLC in your state, or make the other required filings. Then, all of a sudden you get a piece of mail with a state insignia on the envelope, telling you that you owe another fee.

Plain and simple, these can often be a scam. There are so many times I’ve had clients call me and say, “We got this piece of mail about a state fee. What’s this all about?” And I say, “It’s a scam. Don’t pay it.” And they say, “Really?” Don’t ignore any notice you receive that looks official, but make sure you get a second opinion.

Conclusion

Unfortunately the list could go on and on. So what’s the best way to avoid a scam?

Ask for credentials, make sure you understand who is actually going to be doing the work for you or giving advice, perform due, and get a second opinion from a trusted licensed adviser when tax and legal matters are at stake.

Finally, don’t forget, if it’s too good to be true, it probably is.

Don’t forget to call us at 773-728-1500 if you have any questions related to tax planning issues.  We also provide bookkeeping services for businesses in the Chicagoland area.

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MARRIED COUPLES VS. SAME SEX COUPLES? WHO PAYS MORE: BY CHICAGO CPA

The federal 1996 Defense of Marriage Act doesn’t offer tax breaks for gay spouses even more because the federal government doesn’t recognize gay marriage it results in paying as much as $6,000 extra a year for the same sex couples.

While filing jointly, as a married couple provides tax benefits, the same sex couples can not enjoy the same perks because they are not allowed to file their federal returns jointly.

However, there are some states (more than 12 now) that grant full or partial marriage rights to same sex couples, but the federal government is governed by the 1996 Defense of Marriage Act, which has the support of conservatives who consider that repealing the act would erode religious liberty for people who believe in the traditional definition of marriage.

We, the Chicago CPA have done the following analysis to compare who would pay more in individual income tax – A Married couple or a same sex couple??

Just to make it clearer we will give you an example of the act’s tax implications for a family with one spouse earning $100,000 and the other spouse staying home with the family’s two kids.

Case I: same sex couple

The working spouse files as head of a household and the spouse that stays home with the kids is considered to be a qualifying relative. As a result the federal tax owed by the household’s is $13,199.

Case II: married couple

The tax liability that the married couple who files a jointly tax return would be $8,656.

The result is a $4543 higher payment for the same sex couple. WHY? Because when you file as head of a household such a designation comes with disadvantages. When you file as head of a household instead of married filing jointly exposes more income to a higher bracket, plus the standard deductions are lower for a head of household than they are for married couples filing jointly.

To find out which status is right for you, please call us at 773-728-1500.

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Show Me the Money!

The week before last, while most of America was still digesting news of the Supreme Court’s decision on healthcare reform, more news hit the wires. That’s right, Hollywood A-listers Tom Cruise and Katie Holmes, better known as “TomKat,” are calling it quits after nearly six years of marriage. Of course, Tom has been down this road twice before. But this split has already spawned far and away the biggest headlines, and tinseltown gossips are working overtime. How long has Katie planned her escape? What role does Cruise’s association with the controversial Church of Scientology really play? Are Tom’s lawyers really letting Katie “play the media” while they ready his reply?

News of the split comes at nearly the same time as Forbes naming Cruise the world’s top-earning actor. His latest blockbuster, #4 in the Mission Impossible franchise, pulled in a whopping $700 million, powering Cruise to a $75 million year. So naturally, we want to know what the divorce means for the IRS!

Divorce is usually pretty straightforward, at least from the taxman’s perspective. Property settlements between divorcing spouses are generally tax-free. Alimony or spousal support is usually deductible by the payor and taxable to the payee — which lets the divorcing couple shift the tax burden on that income from the higher-taxed “ex” to the lower-taxed ex. Child support is both nondeductible and nontaxable — it’s strictly an after-tax obligation. And legal fees are a nondeductible personal expense, except for amounts allocated to figuring alimony payments.

But celebrity divorces can be risky business. Sometimes it’s hard for outsiders to understand the stakes, which can be as different from ordinary splits as night and day. Katie has hired a top gun New York attorney to represent her, one who knows all the right moves where celebrity divorce is concerned. You can be sure the tabloids are rooting for a war of the worlds — we just hope daughter Suri, age 6, doesn’t end up as collateral damage.

The Cruises have a prenup, of course. It reportedly gives Katie $3 million for each year of marriage, plus a 5,878 square foot house in Montecito, CA, where Oprah Winfrey, Kevin Costner, and Rob Lowe also have homes. And last year, Cruise deeded Holmes an apartment in Manhattan. We’re sure the firm that drafted TomKat’s prenup did a fine job. Of course, golfer Tiger Woods also had a prenup limiting wife Elin Nordegrin to $20 million — but she wound up walking away with five times that amount.

What sort of romantic prospects will the couple enjoy after the divorce? Well, Cruise should be fine. He’s already a legend — he can sit back with a cocktail and audition new starlets for the role of Wife #4. And as for Holmes, she’s still young, so we’re sure she can still attract at least a few good men who want to show her the color of their money.

So Hollywood is playing “Taps” for Tom and Katie’s storytale romance. It wasn’t endless love after all. Who do you think will “win” the PR battle? Or will they settle quietly and let the story fade into oblivion?

If you look carefully at this email, you’ll find references to seventeen Tom Cruise movies. Can’t find ‘em all? Send us an email at info@taxcutters.com . We’re experts at finding hidden opportunities, especially where it comes to taxes, so if you have questions call us: 773-728-1500!!

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Apple’s strategy!!

For 20 years now, Apple has blazed a reputation for stylish design and innovative products, creating a near-cult following among fans. Apple’s computers appeal to the artists and designers who set so many of today’s trends. Their iPod has helped change how the world listens to music. Their iPad has made online content available nearly anywhere. And their iPhone is helping change the way we communicate with friends, family, and colleagues. (Just a few years ago, your mother-in-law didn’t have a cell phone. Now she sends text messages and “checks in” on Facebook.)

Apple may be the most successful company on earth. At one point last year, they had more cash on hand ($76.2 billion) than the United States government ($73.8 billion). And Apple is currently the most valuable company on the planet, with a “market cap” (total value of tradeable shares) that topped $590 billion dollars on April 10. (That’s right . . . those iTunes you casually download for a buck each have created a company worth over half a trillion dollars.) In fact, Apple’s current market cap is more than the gross domestic products of Iraq, North Korea, Vietnam, Puerto Rico, and New Zealand — combined.

But Apple’s most recent annual report reveals the company’s genius for creating successful marketing strategies also extends to successful tax strategies. How else would you describe a strategy that lets Apple earn billions and pays less than 10% of their taxable income in tax?

How do they do it? Largely by keeping the money they earn outside the United States, outside the United States. Apple owns subsidiaries in tax havens like Ireland, the Netherlands, Luxembourg, and the British Virgin islands. They helped pioneer the “Double Irish with a Dutch Sandwich” strategy that hundreds of other multinational companies have imitated. Apple even maintains a subsidiary in tax-free Nevada — the blandly-named “Braeburn Capital” — to manage that enormous cash haul without paying tax in its home state of California. For 2011, the company paid a worldwide tax of $3.3 billion on $34.2 billion of profit. But one study concludes that Apple would have paid $2.4 billion more without these rules.

Now Apple has become part of the political debate. At the risk of grossly oversimplifying a pretty complicated discussion, Democrats in Washington scoff that taking an extra $2.4 billion in tax last year would have squelched Apple’s creativity. Republicans reply that using the cash to grow the business or distribute more dividends to shareholders will grow the economy faster than if it goes to the IRS. Both President Obama and presumed Republican nominee Mitt Romney have called for eliminating corporate tax loopholes in order to pay for lower rates (28% in President Obama’s plan, 25% in Governor Romney’s). Either way, Apple is likely to become one of the stories — like Warren Buffett paying a higher tax rate than his secretary — that come to define this year’s campaign.

Taxes always play a part in Presidential races. But this time, with the economy still struggling and the Bush tax cuts scheduled to expire in a few short months, taxes will be even more important than usual. Our job, as November approaches, includes helping you understand just what the candidates’ proposals mean for your bottom line.

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“Gimme Shelter”—Musicians have a history of seeking tax shelters

Sunday night’s Grammy Awards ceremony illuminated two sides of today’s music industry. On stage, British soul singer Adele cleaned up big time, winning Album of the Year, Record of the Year, and Song of the Year. On the darker side, the night was filled with tributes to fallen angel Whitney Houston, who died Saturday after years of backstage struggles with drugs and alcohol.

When you think of your favorite musician, you probably don’t think about a third side — taxes and tax shelters. But you might be surprised to learn just how much influence tax laws have over the music we listen to every day.

Rock-and-roll fans know “Gimme Shelter” as one of the Rolling Stones’ all-time classics — the opening cut on their 1969 album Let it Bleed, and a dark, brooding meditation on the war and violence that seemed to characterize that era. Surprisingly, it turns out that “Gimme Shelter” describes the band’s philosophy on taxes, too.

The Stones’ troubles with the tax man go back nearly as far as their troubles with the police. Back in 1968, with bandmates Mick Jagger, Keith Richards, and Brian Jones facing drug charges, reports surfaced that they had also failed to observe tax laws. As Jagger reported at the time, “So after working for eight years I discovered at the end that nobody had ever paid my taxes and I owed a fortune. So then you have to leave the country. So I said &@#& it, and left the country.” The “World’s Greatest Rock and Roll Band” literally skipped town, with guitarist Richards renting the Villa Nellcote in Villefranche-sur-Mer on the French Cote D’Azur, where they wound up recording their critically-acclaimed double album, Exile on Main Street.

That lesson scarred them, and the Stones vowed not to repeat that mistake. Jagger put his London School of Economics studies to work, and hooked up with some top-notch financial advisors. They eventually set up a series of Dutch corporations and trusts which helped the band pay just 1.6% in tax over the last 20 years. More recently, they established a pair of private Dutch foundations to avoid estate taxes at their deaths.

“The whole business thing is predicated a lot on the tax laws,” guitarist Keith Richards toldFortune Magazine (with a Marlboro in one hand and a vodka and juice in the other). “It’s why we rehearse in Canada and not in the U.S. A lot of our astute moves have been basically keeping up with tax laws, where to go, where not to put it. Whether to sit on it or not. We left England because we’d be paying 98 cents on the dollar. We left, and they lost out. No taxes at all.” It’s worth mentioning at this point that Richards makes his primary residence in unglamorous but relatively low-taxed Weston, Connecticut.

The Rolling Stones were just the first of many artists to flee the United Kingdom to avoid taxes. Folk singer Cat Stevens left around the same time, moving first to Brazil, where his albumForeigner refers to his move. In 1978, rockers Pink Floyd spent three years outside the country to avoid tax. Glam-rocker David Bowie moved to Switzerland in 1976 (before becoming the first musician to securitize future royalties in the form of a bond offering). British singers Rod Stewart and Tom Jones both moved to Los Angeles to avoid British Prime Minister Harold Wilson’s 83% top tax rate. Even fictional musicians have taken extraordinary steps to avoid tax — in The Restaurant at the End of the Universe, British author Douglas Adams created the galactically-famous rocker Hotblack Desiato, who was “spending a year dead for tax purposes.”

Our job, of course, is to help you pay the minimum legal tax. And we think proactive planningbeats fleeing the country. So call us when you’re ready to pay less. We’re here for you, and your bandmates too!

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