Accounting & Tax News
Recent Tax Developments You Should Know About
Recent Tax Developments You Should Know About Various important tax developments occurred in Q1 2019 that may affect you financially. Please review the following summary of changes. Estimated Tax Penalty Relief For 2018, the IRS is waiving the estimated tax penalty...
A Tax Saving Strategy for Family Businesses
Have you ever considered employing your children? You and your children could benefit from hiring within the family. Paying your children for services performed in your family business can reduce your overall family tax bill, while shifting assets to your children...
2018 Year-End Tax Planning
With 2018 quickly nearing its conclusion, we are considering tax strategies to benefit clients in 2018 and beyond. This year-end has been especially busy due to the Tax Cuts and Jobs Act (TCJA), which was enacted in December of 2017. The tax planning landscape has...
The Tax Cuts and Jobs Act: Implications for Trust Taxation
In a bid to simplify the tax filing process, the 2017 “Tax Cuts and Jobs Act” (TCJA) significantly reduced a number of deductions previously allowed to individuals. Although the TCJA does not appear to have any direct impact on trust taxation mechanics, the...
Qualified Opportunity Zone
The Opportunity Zones Program: Potential for Capital Gains Deferral or Elimination With the 2017 tax reconciliation reform (Tax Cuts and Job Acts) comes a new tax incentive program aimed at promoting investments in certain economically distressed communities across...
Miscellaneous Tax Updates
In the first three months of 2018, there have been a number of changes to tax laws that may affect your financial well-being, your family, your investments, and your livelihood. We have prepared a summary of these recent developments for your benefit. The IRS will...
The Nanny Tax
What is the True Cost of Employing Household Staff? When families hire household help (nannies, caregivers, house cleaners, et al), it is easy to overlook the possibility for the required “Nanny Tax,” the requirement to treat household help as employees and to pay...
2017 Year-End Tax Planning
The end of the year is quickly approaching. To help you plan for 2018, we are offering several tax-planning tips for your consideration. Recent discussions about next year’s tax law changes may necessitate a closer inspection of your income and deductions. We have...
Identity Theft
Tax-related Identity Theft With the recent news regarding data breaches of personal information, the risk of tax-related identity theft continues to increase. Tax-related identity theft occurs when unauthorized persons either impersonate the taxpayer or the IRS to...