GPKLEG Blog
News & Helpful Tips
If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking
Estate planning can be overwhelming. One reason is that it has a language all its own. While you may be
If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis
Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here
Traditional estate planning strategies generally are based on the assumption that all family members involved are U.S. citizens. However, if
Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors
To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills.
Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small
Time to get empowered. The IRS is reminding businesses that a number of special tax benefits are still available in
When a married couple lives in a community property state, the money earned and property acquired by either spouse during
Audit season is just around the corner for calendar-year companies. With external audits, preparation can help facilitate field work, lower
IRA distributions were taxable. A man took nearly $45,000 in withdrawals from his wife’s IRA during their divorce “out of
Court finds properties weren’t worthless or abandoned. The sole shareholder of an S corporation claimed net operating loss (NOL) carrybacks
Bill would allow vets to contribute to Health Savings Accounts (HSAs). The U.S. House is considering the “Veterans TRICARE Choice
Payroll tax penalty imposed. A person responsible for collecting and paying payroll tax can be held personally liable for willfully
In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your
When planning their estates, many people agonize over the negative impact their wealth might have on their children. To address
Taxpayers may challenge IRS expert’s valuation in gift tax case. The U.S. Court of Appeals for the First Circuit has
Tax deferral denied despite lack of prearranged plan for related-party transaction. Sec. 1031 allows capital gains to be deferred when