IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other heirs can stretch out distributions over their lifetimes, maximizing the IRA’s tax-deferred growth and preserving [...]
Since 2012, payment settlement entities (PSEs) and third party settlement organizations (TPSOs) such as PayPal, Amazon, and eBay have been required to issue 1099Ks to all owners of accounts that reach the following thresholds: $20,000 USD in gross payment volume from sales of goods or services in a single calendar [...]
-'Taxation and Policing of the Virtual Currency World' – March 18, 2018 David R. Natan While the virtual currency craze and price volatility roller coaster may have caught many by surprise over the last six months, the IRS has been planting seeds since 2014 in an attempt to police [...]
When a taxpayer purchases a vehicle for business use there are a number of important considerations to maximize deductions and tax benefit. First and foremost, the IRS allows two different methods for calculating the deduction for using vehicles within your business: The Actual Expense Method The Standard Mileage Method [...]
SPOTLIGHT ON TAX REFORM This is the first in a new series of articles we will be sending you addressing several major areas of Tax Reform. Newburg & Company LLP's SPOTLIGHT ON TAX REFORM articles take a deeper dive into certain sections of Tax Reform to help unravel [...]
As anticipated, we now have clarity that the bill caps the deduction for real estate taxes and state taxes at $10,000 starting in 2018. Depending on your income level and tax situation, we had been recommending that clients pre-pay their real estate taxes before year end. In addition, we [...]
OVERVIEW Many businesses have expenditures on meals and entertainment (M&E) as a part of normal business operations. Whether it is providing meals to employees, bringing staff and clients to sporting events or impressing prospects for new business, it is often part of the regular work week. Most business owners have the [...]
The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the short term. (The doubled exemption expires December 31, 2025.) But [...]
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while [...]
Most estate plans focus on what happens after you die. But without arrangements for what will happen in the event you become mentally incapacitated, your plan is incomplete. If an accident, illness or other circumstances render you unable to make financial or health care decisions — and you don’t [...]
