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, [...]
Newburg Staff Writers-March 2, 2021 (4:00 PM) The tax filing deadline for Individuals, C Corporations, and most Trusts is quickly approaching. Please note that Newburg | CPA is working expediently on the returns for those clients who have already provided the materials to complete the preparation of their tax [...]
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: [...]
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What [...]
Newburg Staff Writers-February 15, 2021 (9:00 AM) A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return (along [...]
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 [...]
Be sure to view the recorded webinar (link provided below), which took place Friday, February 5th at 1:00PM (EST). The webinar featured David Natan of Newburg | CPA, Tim Quin of HUB International and Jeff Plakans of Commonwealth Payroll & HR, for a panel discussion moderated by HUB’s Marc [...]
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 [...]
