FinCEN Form 114 – Report of Foreign Bank and Financial Accounts (FBAR) Form 114 (FBAR) is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. A United States person including a citizen, resident, corporation, partnership, LLC, trust and estate are required [...]
For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should be included in a will and what are best to leave [...]
Newburg Staff Writers-March 9, 2021 (12:00 PM) The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the Qualified Business Income deduction (QBI) under Code Section 199A, whereby pass-through entity owners (partnerships, LLCs, LLPs. S-Corps, and sole proprietors) could be eligible to deduct up to 20% of the profits [...]
Newburg Staff Writers-March 8, 2021 (12:00 PM) Which foreign assets do I report to the IRS? For individuals, the U.S. operates under a worldwide taxation system. As a result, there are numerous foreign assets, some subject to taxation, that a person may have to report on their U.S. tax return. These [...]
For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better way to do that than to help provide for their educational needs? A 529 plan can be a highly effective tool for funding tuition and [...]
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, [...]
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: [...]
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should [...]
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to [...]
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly account for [...]
