Portability allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption. The main advantage of portability is simplicity. It lets married couples make the most of both of their exemptions without the need for credit shelter trusts or other estate planning [...]
We want to make you aware that the Massachusetts Department of Revenue may be increasing its efforts in auditing service businesses for sales and use tax filings. Within the state of Massachusetts, service activity is primarily not subject to sales tax. However, if your service business has a component [...]
Last month we sent out a notice alerting you to the passage of the "Protecting Americans from Tax Hikes (PATH) Act of 2015" (you can read the full notice http://newburg.com/?p=1314 from our website). We were excited to see that the research and development (R&D) tax credit was permanently extended. This is [...]
TAX EXTENDERS RENEWED AND MORE! On December 18, 2015, Congress approved the tax extenders enacting the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The Act also makes permanent various provisions and approves the IRS Budget. This year's extenders law does much more than just deal with [...]
Be wary when considering a prepaid funeral plan To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans can be fraught with potential traps. Some plans may end up costing more than the [...]
As year-end approaches and we look forward to 2016, we want to share some year-end planning thoughts and considerations. Individuals and businesses need to be ready for some late potential tax legislation, as Congress procrastinates again, making planning more challenging. We anticipate clarity on the extenders before Congress goes [...]
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur deductible medical expenses [...]
Estate planning and asset protection go hand-in-hand. After all, no matter how well your estate plan is designed, it won’t do much good if you have no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, it’s important to understand the [...]
Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a valuable tax-saving opportunity. The 2015 gift tax [...]
Unlike married couples, who can take advantage of the marital deduction, unmarried partners can’t transfer unlimited amounts to each other tax-free. To reduce their estate tax bills, they must take some additional steps. One option is to make lifetime gifts using the $14,000 per year per recipient annual gift [...]
