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The Importance of Password Management in Estate Planning
When we talk about helping an elderly parent manage their affairs during their golden years, or wrapping them up after they pass, we often talk about certain practical considerations that fall outside of the strict legalities of wills, trusts, and powers of attorney. Clients are often advised to give their children or next of kin a complete picture of their various accounts so that they’ll know where the money is, and where it needs to go, rather than scrambling after the fact to ensure that no assets are left behind and no bills go unpaid.
New Annual Reporting Requirements for LLC Owners
Under the Corporate Transparency Act and the finalized regulations, many Limited Liability Companies, Corporations, and other registered companies such as Limited Liability Partnerships will be required to file an initial report with the federal government disclosing their “beneficial owners” and other information, as well as ongoing reports when any such information changes.
Power of Attorney Forms
A power of attorney is a valuable tool for managing your affairs if you become unable to do so yourself. By choosing the right agent, reviewing your POA regularly, and updating it as needed, you can ensure that your assets are protected and your wishes are carried out.
Clean Energy Tax Credits and Rebates in the Inflation Reduction Act
President Joe Biden signed the Inflation Reduction Act into law. In addition to provisions such as increased IRS funding, tax increases on large corporations, and healthcare provisions such as extending Affordable Care Act subsidies, capping insulin costs, and allowing Medicare to negotiate certain drug prices, the Act purports to take much needed action against the increasing damage being caused by climate change.
Dealing with the IRS May Become Less Frustrating under the Inflation Reduction Act
While the provisions of this Act aimed at promoting green energy and reducing health care costs will likely garner the majority of reporting on the Act, and may broadly impact the national and global economy and environment for years to come, the significance of the additional funding provided to the Internal Revenue Service should not be lost in the mix. While a robust and modern Service may be cause for worry for some taxpayers, other taxpayers may have better experiences with the Service moving forward.
Proposed Changes to Section 1031
No provision is more sacred to the real estate investor than the tax-deferred provisions of the like-kind exchange provisions of Section 1031 of the Internal Revenue Code. Any attempt to modify this provision is likely to receive strong opposition from the real estate industry. That has not deterred the proposals put forth by the Biden Treasury Department.
Proposed Revisions to Grantor Trust Area
The use of Intentional Defective Grantor Trusts and Grantor Retained Annuity Trusts have been very effective estate and income tax planning tools for decades. The Biden administration proposes to significantly curtail the use of these two techniques if successful in enacting this proposed legislation.
Common Red Flags the IRS Looks for Before Auditing a Return
It is that time of the year when people determine whether they will receive a tax refund or owe a tax liability, and Taxpayers should be aware that the IRS is likely to step up their audit game this year due to the pandemic-inspired federal grant, loan, and tax-credit programs.
Estate Planning: Now Not Later
What is one item on your to-do list that tends to get the “I’ll do it later” treatment? For many it is getting their affairs in order by getting an estate plan in place.
Tax Filing Season is Here and There is Plenty of Frustration to Go Around. What do Taxpayers Need to Know?
The first step for every taxpayer is to gather all relevant tax documents. Second, take a mental inventory of your life in 2021. Did you have any major changes that would potentially impact your taxes, such as a divorce, a sale of your primary residence, start a new business, changes in your dependents, capital gains or losses, or other any other event with tax implications?
How We’d Pay for the $3.5 Trillion Infrastructure Bill
In order to pay for the $3.5 Trillion infrastructure bill progressive Democrats hope to pass, the House Ways and Means Committee has proposed a number of changes to income taxes, retirement savings, and estate planning. Read here to see how you might be affected.
Does your college-bound child have a Medical Durable Power of Attorney executed?
When your teenage child goes off to college, they’re taking a major step towards personal and financial independence. Nevertheless, most parents of college graduates can attest that their children didn’t learn “how to adult” overnight.
Important Changes to Existing PPP Loans
Small businesses who received Paycheck Protection Program Loans got some good news this week, and may want to hold off on applying for forgiveness for a few weeks due to the stimulus bill signed into law over the weekend creating two important changes to existing PPP Loans.
COVID-Related Payments to Employees
The holiday season is a time when many employers opt to show their appreciation for their employees. From holiday parties to Christmas bonuses, employers often make discretionary payments to reward a year of hard work or high profits. While most bonuses are likely not reporting record profits this year, they may still wish to spread some holiday cheer to their employees. Employees, in turn, may be in greater need of assistance than ever before.
Paycheck Protection Program Regulation Continue to Roll Out Important Rules for Owner-Employees and Self-Renters
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law on March 27, 2020. Among other programs, the CARES Act created the Paycheck Protection Program (“PPP”), which provided loans to enable small and mid-sized business to continue to keep workers employed during the economic downturn caused by the COVID-19 Pandemic.
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