Monthly Archives: June 2014

Why Your Insurance Policies Need Regular Check-Ups by Scott Montgomery

Posted on June 30, 2014 by Richard Berkowitz

Just as annual medical check-ups help individuals maintain proper health, insurance plan reviews can provide invaluable benefits. By evaluating current insurance policies once a year or every two years, individuals can ensure that their policies keep up with their changing circumstances and may even result in re-rated and reduced premiums. Too often, individuals purchase insurance […]

Real Estate Owners Can Achieve More Favorable Tax Treatment when Answering the Question: Am I a Dealer or an Investor? by John G. Ebenger

Posted on June 26, 2014 by John Ebenger

It is a little-known fact that real estate developers can reap more favorable tax treatment of property sales depending on how they classify and distinguish these activities. Typically, developers/dealers treat profits and losses from the sale of real property as ordinary income. Depending on the taxpayer’s income and filing status, ordinary income may be taxed […]

Virtual Estate Planning in the Digital Age by Barry M. Brant

Posted on June 20, 2014 by Barry Brant

It is difficult enough for most individuals to remember all of the usernames and passwords they establish for email, social media, and online shopping, banking and investing. Imagine what happens to those digital assets and online identities when an individual dies or becomes incapacitated. How will family members access those accounts or terminate recurring charges […]

Severance Pay is Subject to FICA Taxes by Joanie Stein

Posted on June 17, 2014 by Joanie Stein

In March 2014, the U.S. Supreme Court ruled that severance payments made to terminated employees are considered taxable wages under the Federal Insurance Contributions Act (FICA). At stake before the Court was approximately $1 million in refunds that Quality Stores sought for FICA taxes it paid on severance payments made to thousands of terminated employees. […]

What You Need to Know about Amended Tax Returns by Adam Slavin

Posted on June 05, 2014 by Adam Slavin

After April 15, individuals who discover they forgot to include important information in the tax files they shared with their accountants, or who made mistakes on their federal tax returns, have an opportunity to make corrections by filing an amended return. Filing an amended return requires attention to the following: • File an amended tax […]

Make the Most of Charitable Contributions by Adam Cohen

Posted on June 02, 2014 by Adam Cohen

Giving to charity helps non-profit agencies carry out their missions and can provide donors with a deduction that reduces their annual taxable income. However, the IRS provides specific rules governing how these charitable contributions can lower individuals’ tax bills depending on the type of donation, its value and the taxpayer’s income. 1. Make donations to […]