Estate Planning

IRS Resumes Automatically Generated Correspondence with Taxpayers by Joseph Leocata, JD, CPA, MBA

Posted on June 22, 2023 by Joseph Leocata

The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]

Podcast – BPB Knows Trusts

Posted on June 01, 2023

In this episode, Director of Tax Services Jeff Mutnik answers the questions what is a trust and who needs one?

Navigating Estate Basis Consistency Reporting Requirements for Inherited Property by Sarah Gaymon, CPA

Posted on May 30, 2023 by Sarah Gaymon

Whether you are the executor of a decedent’s estate or a beneficiary named to receive the assets of a person who has passed away, it is critical you understand your responsibility to report the tax basis of inherited property consistently with the fair market value on the date of death. Failure to do so can […]

Understanding Required Minimum Distributions from Retirement Accounts by Rachel Kenney Rego, CPA

Posted on March 21, 2023 by Rachel Kenney Rego

You have a broad range of opportunities to save money during your working years so that you may afford a comfortable retirement in the future. Yet, with each type of retirement savings plan comes a unique set of rules and requirements, including procedures for paying taxes on your plan contributions and earnings. In the most […]

Secure Act 2.0 Brings Big Changes to Retirement Planning in 2023 and Beyond by Jonathan Kraes, CPA

Posted on February 07, 2023 by Jonathan Kraes

Congress closed out 2022 with the passage of a $1.7 trillion spending bill that, among other things, ushers in new rules and regulations intended to help more Americans save for retirement. Following is a brief overview of some of the more significant changes individual taxpayers should prepare for beginning in 2023. Raises the Age for […]

7 Facts to Know about the Adoption Tax Credit by Joanie Stein, CPA

Posted on January 21, 2023 by Joanie Stein

Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families may […]

Podcast – BPB Knows the Role of Trustees in an Estate Plan

Posted on January 05, 2023 by Sarah Gaymon

In this episode, Associate Director of Wealth and Tax Services Sarah Gaymon explains the importance of carefully selecting a trustee.

IRS Announces Inflation-Adjusted Individual Tax Rates for 2023 by Jeffrey M. Mutnik, CPA/PFS

Posted on December 12, 2022

The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]

Year-End Tax Planning Amid Economic Uncertainty by Tony Gutierrez, CPA

Posted on November 29, 2022 by Anthony Gutierrez

Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]

Can Foreign Investors be in the U.S. without Being Here for Income Tax Purposes? by Joel G. Young, JD, LLM

Posted on November 08, 2022 by Joel Young

A fragile global economy and political uncertainty continue to fuel the United States’ status as the world’s most attractive location for foreign investment. However, investors chasing positive returns, high yields and portfolio diversification often face a tricky U.S. tax system that may provide tax-savings opportunities in some instances and costly income-tax traps in others. Contrary […]

Category: Estate Planning