Sustaining Charitable Gifts
There are virtually countless charitable organizations to which you might donate. You may choose to give cash or to contribute noncash items such as stock, personal property, or real estate. Whatever you donate, once you do the good deed, you owe it to yourself to claim a tax deduction (provided you itemize rather than taking […]
Do You Need to File Gift Tax Returns?
For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]
Client Memo – Fraud Prevention
A strong system of internal accounting controls is important in preventing fraud. The internal control system consists of the mechanisms that are in place to protect company assets. The assets most vulnerable to loss include: Cash Accounts Receivable Inventory and Fixed Asset Confidential Information We have listed below some of the procedures and policies that […]
Nondeductible IRA Distributions
Do you make nondeductible contributions to a traditional IRA? If so, you need to understand the tax treatment of distributions to ensure you’re not taxed twice on the same income. Justify your strategy There are several reasons why you might contribute nondeductible amounts to an IRA: You or your spouse has a retirement plan at […]
Buy-Sell Agreement
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners ’interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and […]
Employee Stock Ownership Plan
Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help. Business owners often need to tap at least some of the value of their business to fund their retirement. At the same […]
IRS New Partnership Audit Rules
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
Charitable IRA Rollover Eases Tax Pain of RMDs
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on […]
