Newburg | CPA Tax Brief (01/16/2022) The bipartisan Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, includes two provisions affecting the reporting of transactions involving digital assets, including cryptocurrency, for U.S. taxpayers. The first provision expands information reporting requirements (Form 1099-B filings) [...]
Newburg | CPA Tax Brief (01/07/2022) Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate [...]
Newburg | CPA Tax Brief (12/29/2021) Although your will or revocable trust governs the distribution of many or most of your assets, certain assets — such as retirement plans, insurance policies, and bank or brokerage accounts — require you to name a beneficiary (or beneficiaries). This can be an [...]
Newburg | CPA Tax Brief (11/22/2021) The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they [...]
Newburg | CPA Tax Brief (11/20/2021) Retirement planning and estate planning often go hand in hand: The more you save in retirement, the more you’ll have to pass on to the next generation. If you currently have a substantial balance in a traditional IRA, you may be considering whether [...]
Newburg | CPA Tax Brief (11/20/2021) The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 [...]
Newburg | CPA Tax Brief (11/19/2021) As the year-end approaches and we look forward to 2022, individuals should be reviewing their situations to identify any opportunities for reducing, deferring, or accelerating tax obligations. Specifically, taxpayers should be considering the tax reform provisions that remain and that are expiring from [...]
Newburg | CPA Tax Brief (11/13/2021) As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction [...]
Newburg | CPA Tax Brief (11/12/2021) The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. A reason for this may be a common misconception [...]
Newburg | CPA Tax Brief (11/09/2021) The Massachusetts legislature has created an option for business owners to sidestep the $10,000 itemized deduction limitation on State and Local Tax (SALT) and property taxes originally issued in the 2017 Tax Cuts & Jobs Act. Effective for the tax year beginning January [...]
