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Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at minimal or zero tax cost. Of course, a will is a good starting point, but it may be supplemented by various other estate planning techniques, including trusts. Trusts are essentially used to accommodate asset transfers beyond dispositions in a will. There...
Read moreTo help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024
Read moreThe Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According to the IRS, it began receiving a deluge of “questionable” ERTC claims as some unscrupulous...
Read moreThe IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1. What are this year’s deadlines? The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers....
Read moreYou’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist — and how to find and access them — your well-laid plans can be derailed. Following are some tips on how, and where, to store critical estate planning documents. Handle an original will with care There’s a common misconception that...
Read moreDo your assets include unregistered securities, such as restricted stocks or interests in hedge funds or private equity funds? If so, it’s important to consider the securities laws that may be involved in various estate planning strategies. Potential estate planning issues Transfers of unregistered securities, either as outright gifts or to trusts or other estate planning vehicles, can raise securities law issues. For example, if you give restricted securities to...
Read moreIf you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the gain. Plus, unlike certain other strategies, CRTs become more attractive if interest rates are high. Thus, in...
Read moreThe optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023). The increased tax deduction partly reflects the price of gasoline, which is about the...
Read moreSince July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program presents a valuable, but temporary, opportunity for eligible employers. Flood of invalid ERTC claims The ERTC is a refundable tax credit intended for businesses that 1) continued paying employees while they...
Read moreAsset protection is a vital part of estate planning. Indeed, you want to pass on as much of your wealth to family and friends as possible. This can be achieved only if you shield your assets from frivolous creditors’ claims and lawsuits. One option available is to establish a domestic asset protection trust (DAPT) in the many states that currently offer them. (You don’t necessarily have to live in one...
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