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,...
by hoodlawkc | Tax Planning, Tax Law
The House Ways and Means Committee on Monday released legislative text for proposed tax changes as part of the Democrats’ budget reconciliation bill. Members of the U.S. House of Representatives are currently working on a $3.5 Trillion budget reconciliation bill that...
by hoodlawkc | Estate Planning
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. While your child may still look...
