by hoodlawkc | Tax Planning, Tax Law
Wealthy taxpayers with particularly creative or aggressive tax reduction strategies may be concerned by the roughly $80 billion being added to the Internal Revenue Service’s budget over the next ten years, particularly with the roughly $45.6 billion allocated to...
by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
1031 Like-kind Exchanges: How the Treasury Revenue Proposals could affect the deferred gain[1] What is the Current Law? When owners of appreciated property that is used in a trade or business or is held for investment decide to exchange such real property for other...
by hoodlawkc | Tax Planning, Estate Planning, Tax Law
Grantor Trusts: What are the consequences of the Treasury’s Fiscal Year 2023 Revenue Proposals? [1] What is the Current law? If a grantor creates a revocable trust, or in some cases an irrevocable trust, and retains certain powers regarding the trust or the trust’s...
by hoodlawkc | Tax Planning, Tax Law
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...
by hoodlawkc | Business Planning, Estate Planning
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. It’s easy to put off estate planning for another year or to think about it later because the...
by hoodlawkc | Tax Planning, Tax Law
For 2021 Tax Return: The first step for every taxpayer is to gather all relevant tax documents. Begin by reviewing last year’s return and any associated documents. Then gather this year’s documents which may include W-2s, 1099s, personal property tax receipts,...
