News

Dear Clients, I am writing to inform you about changes to the estate and gift tax exemption made by the massive Tax Cuts and Jobs Act effective beginning in 2018 that will result in many fewer estates being subjected to the 40% tax, and larger estates owing less tax. Before the Tax Cuts and Jobs […]

Dear Client: We had hoped before this time to have specific tax reform legislation in place. However, work is being done to reconcile differences in the House and Senate versions of the tax reform legislation. So, as the end of the year approaches, it is a good time to think of planning moves that will […]

Dear clients, The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to […]

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the […]

I have been asked by a number of clients what my prediction is for tax reform in 2017.  I guess if we can already be picking the college football national champion to be crowned in 2018 then I can give you my “picks” for the likelihood of the following proposals being enacted into law. The […]

Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2017, more […]

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. As you will see, the rules for […]

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some instances, student loan debt. When that debt is […]

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not itemize your deductions, […]

Starting in 2017 employers and small businesses face an earlier filing deadline of January 31 for Forms W-2. The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors. Also of note is that the IRS must also hold some refunds until February 15. A […]