Category: Family Business/Succession

2018 Year-End Tax Planning Letter

Dear Clients and Friends, Last December, Congress passed the Tax Cuts and Jobs Act which will greatly impact taxes for 2018. While the law was signed nearly a year ago, the Internal Revenue Service continues to issue regulations in response to tax professional questions in interpreting these new laws. Among the major changes: Lower individual … Continued

Protecting Our Loved Ones as They Age

As our loved one’s age, they become more vulnerable to financial abuse and potential fraud.  One of the best ways to ensure their protection is to document their wishes in advance and have a plan in place that is known by both their family and their trusted advisors. We hope you find the checklist helpful … Continued

Protecting Our Loved Ones Checklist

We hope you find the checklist helpful as you plan and care for your loved ones. Protecting Our Loved Ones Checklist Documentation: Date of Birth Current address Medical Insurance information (provider, policy number, plan type) Medical (“Advance”) Directive Current will or trust documents Power of Attorney Location of all financial information Contact List (Names and … Continued

Tax Planning for 2017

In the early part of December each year we focus on year-end tax planning of our clients. The reality is, however, that December is too late to implement some really effective strategies—that planning should begin in January. One of the more effective tax planning strategies for taxpayers of all income levels is to manage their … Continued

Annuity Option for Pension Plan Payouts

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Simplified Per-diem Increase for Business Travel

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

60-day Rollover Deadline

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Residence Interest Limits Separate for Unmarried Co-Owners

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Research Credit for Internal Use Software

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness Let’s explore the use and effectiveness of the Interest-Charge Domestic International Sales Corporation (IC-DISC) in the new tax environment. For those new to an IC-DISC, the IC-DISC converts what would normally be ordinary business income into qualified dividends, thus generating a tax savings due to … Continued