Ease Itemized Deduction Limitations Using a Nongrantor Trust
The record-high exemption amount currently in effect means that fewer families are affected by gift and estate taxes. As a result, the estate planning focus for many people has shifted from transfer taxes to income taxes.
Donating Your Vehicle to Charity May Not Be a Taxwise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all.
AUP Engagements: A Middle Ground Between Audits and Consulting Services
Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP).
Compete Carefully in a Fierce Job Market with Signing Bonuses
Is your organization looking to hire new employees? Join the club. The U.S. unemployment rate hit a historic low this past April, according to a Bureau of Labor Statistics household survey. It fell to 3.6%, the lowest rate since December 1969 — that’s almost 50 years!
You Have Options When Addressing Life Insurance in Your Estate Plan
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families.
Thinking About Moving to Another State in Retirement? Don't Forget About Taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be.
Are Health Club Memberships or On-Site Fitness Centers and ERISA Benefit?
More and more employers are contributing dollars toward the cost of health club memberships for employees. Some are even building their own on-site fitness centers.
Employers: Be Aware (or Beware) of a Harsh Payroll Tax Penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”
Measuring "Fair Value" for Financial Reporting Purposes
The standard for valuing certain assets and liabilities under U.S.
Use the Proper Tools to Fix a Broken Trust
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix a “broken” trust.