Search Results

Now that The Tax Cuts and Jobs Act (the Act) has been signed into law, you may be wondering what this means for you and your family. The Act is broad in scope and will change the tax rules for individuals and businesses in 2018 and beyond. When thinking about the impact of the Act on you, your family, and your business, it’s important to reme...

Congress on December 20, 2017 gave final approval to the House and Senate conference committee agreement on tax reform legislation (HR 1 or the Act). The Act will affect mergers, acquisitions and other deals and includes several areas of interest to businesses, including business tax rates, interest expense, cost recovery and immediate expensing, a...

Private foundations assessing the impact of the tax reform legislation (HR1) signed into law on December 22, 2017 should look beyond the private foundation-specific proposals that were not included and assess the impact of provisions affecting all tax-exempt organizations. For some private foundations, the list of key items may include the new exci...

The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. The Act brings about immediate, sweeping changes to the federal income tax laws—especially relating to the commercial and residential real estate industries. Highlights of the Act relating generally to U.S. real estate businesses and their owners also ...

The Tax Cuts and Jobs Act is the largest tax overhaul since the Tax Reform Act of 1986, and there are numerous and significant changes. The changes generally go into effect for tax years beginning after December 31, 2017, and most changes affecting individuals sunset on December 31, 2025. Lawmakers have promised to extend the provisions before the ...

Financial planning is essential to helping secure the future of you and your loved ones, yet it is easy to delay tackling it. Creating a customized financial plan helps define your individual investment goals, identify potential obstacles and allows you to adjust strategies as circumstances change. This article addresses the commonly asked question...

The Tax Cuts and Jobs Act (“TCJA”) is currently proceeding through Congress. The House and Senate recently passed different versions of the legislation, and a conference committee has been working to reconcile them. While additional steps must be completed after a final bill emerges from the conference committee there is a strong likeli...

U.S. House and Senate Republicans have reached a deal on tax reform plans, paving the way for passage of tax reform by Christmas. The tax reform plan is certain to make profound changes to the tax code that will affect all U.S. taxpayers. This article describes some of the key provisions of the House and Senate bills that are likely to be included ...

The IRS announced increases to the annual gift tax exclusion, and the U.S. estate tax, gift tax, and generation-skipping transfer tax exemptions for 2018. The increases provide high net worth families favorable opportunities for tax-efficient transfers of wealth to their children and other descendants. In addition, the annual gifting can be a simpl...

The right of publicity allows an individual to control the commercial use of his or her name, image, and other aspects of his or her identity. While this issue has never received much attention in the estate and gift tax world, it recently became notable because of Michael Jackson and the tax case concerning his estate. The concept of putting prote...

Beginning in 2018, the rules for auditing partnership income tax returns will change dramatically. The most significant change is that tax deficiencies determined in a partnership audit may be collected from the partnership itself, unless the partnership elects to “push out” the deficiency to its partners. Partnerships and multiple-memb...

While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes). The 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and positi...

On November 9, the Senate released its description of The Tax Cuts and Jobs Act. Like the House version that was released earlier, this bill proposes sweeping changes to the Internal Revenue Code that would dramatically impact individuals and corporations. The proponents of this bill indicate that it simplifies the tax code, cuts taxes for the &quo...

When you hear the phrase “estate planning,” the first thought that comes to mind may be taxes. But estate planning is about more than just reducing taxes. It’s about ensuring your family is provided for, your business can continue and your charitable goals are achieved. If you haven’t prepared an estate plan, this comprehens...

The release of tax reform legislation by Finance Committee Chairman Hatch marks the next significant step in the legislative effort to overhaul the US tax system. There are political hurdles to overcome for Congress to enact sustainable reform of US tax law providing a more competitive tax system for business taxpayers and improved economic opportu...