You may have seen the proposed tax legislation released on September 13, 2021. We are providing this information to keep you informed about the issues surrounding this legislation and the effects it may have on your estate plan. The proposal addresses, in part, income tax, estate, and gift taxes. We intend to provide information about […]
The SECURE Act was passed in late 2019 and affects IRAs and 401(k)s (included in this description are other qualified retirement plans) as of January 1, 2020. Many of our clients have asked how this could affect their planning. As expected, the law is not simple and there is not one universal approach. This article […]
March 2012 The IRS allows you to make a gift of $13,000 per year without gift tax consequences (subject to certain limitations). However, any gift in excess of that amount must be reported on a Form 709 (Gift Tax Return). Recently, the IRS has started an initiative to enforce the laws regarding unreported gifts, especially […]
There has been some discussion regarding the designation of severance pay for tax purposes. Is it considered compensation? The Supreme Court of the United States is hearing a case to determine if a severance payment made to an employee upon termination of employment should be considered compensation subject to FICA and Medicare taxes. If found […]
“Gratuity included” may be a thing of the past for many restaurants. It is a common practice for a restaurant to add an 18% gratuity for parties over 6 people. Starting in January 2014, these automatic gratuities will be treated as wages paid by the restaurant to the server and subject to payroll taxes. According […]
Section 1101 of the Bipartisan Budget Act of 2015 changed the rules relating to the federal tax audit of partnerships. The new rules are effective for tax years beginning after December 31, 2017. For purposes of the law, it also applies to LLC’s taxed as partnerships for federal income tax purposes. The new rules replace […]