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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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