The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things out. Let's start with a basic overview of what's covered in the new law. … [Read more...]
How Might the New Tax Reform Law Affect You?
President Trump and Republican members of Congress say the Tax Cuts and Jobs Act (TCJA) will bring $3.2 trillion in tax cuts. Now that the bill has passed, everyone wants to know how much they'll save. Unfortunately, the tax bill won't be good news for everyone. Here's a comparison of how tax results for a typical family of four might be affected by the tax law changes, which generally are … [Read more...]
Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves
As 2017 winds down, it's time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won't take effect until next year at the earliest. So your 2017 return will follow the … [Read more...]
IRS Increases Annual Gift Tax Exclusion for 2018
The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Section 529 Plans: Make Five Years of Gifts in a Year Normally, a gift made directly to a family member to pay for college education costs would be … [Read more...]
Important Documents Related to Final Distribution of a Trust Estate
Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow money secured against trust assets. It may also involve a … [Read more...]
2018 IRS Estate and Gift Tax Inflation Adjustments
The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift tax “exemption” will be $5,600,000, up from $5,490,000 for 2017. This is the total amount that can pass free from estate tax on death and/or from gift tax during life. The … [Read more...]
Issues Regarding Valuation of Cash and Non-Cash Assets in Estate Planning
Valuation of Cash or Financial Assets Valuation of Cash or Financial Assets is determined by providing an independent statement such as from a Bank, Brokerage, Insurance Company or other financial institution. Valuation of Tangible Personal Property In general, if the value of any item of Tangible Personal Property exceeds $5,000 then, a value must be established by reliable written … [Read more...]
Protect Your Company from Immigration Infractions
More than three decades have elapsed since the Immigration Reform and Control Act (IRCA) began requiring employers to complete I-9 forms when hiring to verify a new employee's identity and authorization to work in the United States. Given the recent focus on illegal immigration, there's a good chance that immigration enforcement efforts at the employer level might be stepped up. As with … [Read more...]
Report Warns Retirees about Potential Downsides of Reverse Mortgages
Reverse mortgages have been around for years. But they're getting a new spin: Some senior homeowners are tapping into their home equity to "bridge the gap" until the time they're ready to apply for Social Security benefits. However, an independent consumer agency — the Consumer Financial Protection Bureau (CFPB) — cautions retirees against using this strategy. A recent CFPB report claims that … [Read more...]
The Practicality of Estate Planning
You work hard to provide for your family, pay for your child's college tuition, and ensure your family lives a good life. Wouldn't you want to make sure that still happens when you're no longer there? A well-thought-out estate plan can help accomplish that goal. Estate planning seems like a huge undertaking, but it's quite manageable if you seek the help of professionals who have experience in … [Read more...]
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