For young, affluent people, designing an estate plan is a challenge because it’s difficult to predict what the estate and income tax laws will look like — and what their own net worth will be — decades from now. If you believe that your estate’s value will remain lower [...]
With the gift and estate tax exemption currently at $5.43 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, here are three reasons to determine the value of your assets: 1. You may be surprised [...]
Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here are a couple of tax consequences to consider: 1. Cash-out refinancing. If you borrow more than you need to cover your outstanding mortgage balance, the [...]
Your exec comp could be subject to the 0.9% additional Medicare tax or the 3.8% NIIT The additional Medicare tax and net investment income tax (NIIT) apply when certain income exceeds the applicable threshold: $250,000 for married filing jointly, $125,000 for married filing separately, and $200,000 for other taxpayers. [...]
If you own an insurance policy on your life and want to keep the policy’s proceeds out of your taxable estate, one option is selling the policy to an irrevocable grantor trust. This is preferable to gifting the policy because, if you transfer a policy to a family member [...]
Purpose of the streamlined procedures In June of 2014 the IRS made significant changes to its offshore voluntary compliance programs. The changes provide a new avenue for taxpayer to comply with their US foreign account activity disclosure obligations. The streamlined filing compliance procedures described below are available to taxpayers [...]
Restaurant Experience: Newburg & Company, LLP has extensive experience working with restaurants throughout the New England area. Since 1984, we have been a resource for restaurants, pubs, cafes, and various businesses within the hospitality industry. We pride ourselves on providing restaurant clients with a proactive approach, helping minimize their [...]
What is Code Sec. 83(b)? Code section 83 discusses the tax consequences of property transfers in connection with services performed where the transferee’s rights to the property are subject to a substantial risk of forfeiture. The 83(b) election is an election that allows you to opt to include [...]
As we get closer to the April 15th tax filing deadline, more and more of our clients are reaching out to ask about calls they have received from someone claiming to be from the IRS. As previously mentioned in this piece we sent out in January, the IRS will not [...]
The IRS has issued long awaited final regulations on the treatment of costs to acquire, produce or improve tangible property. Taxpayers will need to apply these regulations going forward to determine whether they can deduct costs as repairs and maintenance under Code Sec. 162 or must capitalize the costs [...]
