Newburg | CPA Special News Brief August 18, 2022 The Inflation Reduction Act of 2022 signed into law on August 16th includes the largest-ever U.S. investment committed to combat climate change, allocating $369 billion to energy security and clean energy programs over the next 10 years, including provisions incentivizing [...]
Newburg | CPA News Brief August 16, 2022 YEAR-END PLANNING FOR THE SOLAR ENERGY INVESTMENT TAX CREDIT Solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social and governance (ESG) strategy, converting [...]
Newburg | CPA News Brief August 9, 2022 Social Security benefits: Do you have to pay tax on them? Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be [...]
Newburg | CPA News Brief August 2, 2022 What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell [...]
Newburg | CPA News Brief July 26, 2022 Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names given to those directives, depending on one’s jurisdiction. In any event, regardless of what they’re called [...]
Newburg | CPA News Brief July 19, 2022 In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting [...]
Newburg | CPA News Brief July 12, 2022 If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the [...]
Newburg | CPA News Brief July 5, 2022 Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a citizen, the IRS will treat you similarly to a U.S. citizen. [...]
Newburg | CPA News Brief June 28, 2022 Intrafamily loans allow you to provide financial assistance to loved ones — often at favorable terms — while potentially reducing gift and estate taxes. But what about families that lack the liquid assets to make such loans? Are there other options [...]
Newburg | CPA News Brief June 21, 2022 The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor. However, for others, the annual gift tax [...]
