Category: Estate Planning

Estate Planning

Florida Adopts More Flexible Uniform Fiduciary Income and Principal Act for Trusts By Sarah Gaymon, CPA

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Posted on June 10, 2025 by Sarah Gaymon

Florida laws relating to the fiduciary administration of trusts, estates and life estates with succeeding beneficiaries became more attractive on Jan. 1, 2025, with the enactment of the Florida Uniform Fiduciary Income and Principal Act (FIPA). The law provides fiduciaries with more flexibility in trust administration and aims to make Florida an even more appealing […]

IRS Reverses Course on Regulations Concerning Partnerships’ Related-Party Basis-Shifting Transactions by Alex Keneiby, CPA

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Posted on May 26, 2025 by Alex Keneiby

The IRS has announced its intention to withdraw final regulations issued just three months prior that would have imposed new reporting requirements on partnerships engaged in certain related-party basis-shifting transactions. By rescinding these regulations and the related penalties for noncompliance, the IRS aims to eliminate what it calls “complex” and “costly” compliance burdens on partnerships. […]

Changing Jobs Can Affect Your Taxes by Alik MacLauchlan

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Posted on May 13, 2025 by Alik MacLauchlan

Seeking out new career opportunities can have many financial implications, including taxes. When you switch jobs, your income may change along with your eligibility for certain tax deductions and credits that ultimately affect your tax liabilities today and in retirement. During these transitions, you must keep up to date with evolving laws to maintain tax […]

Don’t Fall Victim to the Most Common Tax Scams by Angie Adames, CPA

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Posted on April 09, 2025 by Angie Adames

Criminals are constantly developing new and more elaborate ways to deceive taxpayers, steal their identities and cheat them out of their hard-earned financial assets. To help protect yourself from becoming a victim of these crimes, the IRS annually publishes a list of the “Dirty Dozen” most common schemes and scams for which you should be […]

Trusts Still Have Time to Reduce 2024 Tax Liabilities by Rick Bazzani, CPA

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Posted on February 18, 2025 by Rick Bazzani

Generally, the taxes you owe depend on the decisions you made before year-end on December 31. However, as you prepare to file your 2024 tax returns, certain trusts and estates may have an additional 65 days in 2025 to reduce their tax liabilities and those of their beneficiaries for the prior year. Under the Internal […]

Minimizing Taxes on Art Collections by Sarah Gaymon, CPA

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Posted on February 12, 2025 by Sarah Gaymon

It has been said that a picture is worth a thousand words. However, the IRS has the final say when it comes to the valuation and tax treatment of paintings, sculptures and other works of art. Whether you own a few valuable pieces or amassed a significant art collection, you must consider how these assets […]

Employers Face New Rules for Retirement Savings Plans in 2025 by Melissa Fleitas, CPA

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Posted on January 21, 2025 by Melissa Fleitas

The passage of the SECURE Act 2.0 in 2022 introduced sweeping changes to help enhance taxpayers’ retirement savings opportunities and improve the costs and managerial headaches employers face administering employee benefits plans, including 401(k)s, 403(b) and 457(b) plans. Since that time, employers of all sizes have gained expanded tax credits for establishing employee retirement savings […]

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