Category: Estate Planning

Estate Planning

Why it Matters Where You Die in 2015 by Joanie B. Stein, CPA


Posted on February 13, 2015 by Joanie Stein

The federal estate tax, also known as the death tax, applies to assets persons hold upon their death. In 2015, individuals will be able to exclude from federal taxes $5.43 million of their estates, or $11 million for couples. While this exemption limit alleviates the worries of most taxpayers who wish to pass their wealth […]

Don’t Forget Retirement Savings When Changing Jobs by Sean Deviney, CFP


Posted on February 05, 2015 by Richard Berkowitz

It is far too common for individuals to leave behind retirement benefits with previous employers when they change jobs.   By forgetting and neglecting these orphaned benefit plans, individuals risk losing significant savings they accumulated over their hard-working years.  In fact, a recent report issued by the Government Accountability Office found that, under current law, each […]

When You Need A Tax Professional by Joseph L. Saka, CPA/PFS


Posted on January 30, 2015 by Joseph Saka

January, the start of a New Year and the time that taxpayers start gathering information and stuffing folders with documents to prepare for the April 15 filing deadline. Sure, taxpayers can prepare their own returns using a variety of online tools. However, these software programs lack the human touch required to understand individuals’ unique financial […]

Lifetime Income Option Now Available to Older Participants in Defined Benefits Plans by Jeffrey M. Mutnik, CPA/PFS


Posted on January 27, 2015 by Jeffrey Mutnik

The IRS and U.S. Treasury recently issued a special rule that should allow employees some peace of mind regarding how long their 401(k)s will last through their retirement. The rule grants defined contribution plans permission to offer older employees the option to invest in deferred income annuities in target date funds (TDFs) without violating plans’ […]

Some Taxpayers Exempt from Passive Foreign Investment Companies (PFIC) Reporting by James W. Spencer, CPA


Posted on January 15, 2015 by Jim Spencer

The IRS recently eliminated reporting requirements for certain U.S. persons who hold stock in Passive Foreign Investment Companies (PFICs) that is marked-to-market (MTM) under Internal Revenue Code 1296. According to the IRS, a PFIC is any foreign investment vehicle for which either 75 percent or more of its gross income is passive or more than […]

Congress Extends Expired Tax Provisions for 2014 by Karen A. Lake, CPA


Posted on December 17, 2014 by Karen Lake

On December 16, Congress approved an extension of the tax provisions that expired at the end of 2013. These tax extenders provide individuals and businesses with 54 tax incentives that they may apply to their 2014 tax returns. Following are some of the provisions of the Tax Increase Prevention Act of 2014 (HR 5771):   […]

Last-Minute Tax Tips for Charitable Giving by Adam Cohen, CPA


Posted on December 12, 2014 by Adam Cohen

With just weeks left until the end of the year, taxpayers have one last opportunity to reduce their 2014 tax bill while helping others. Making charitable donations now to qualified non-profit organizations will allow some taxpayers to deduct those donations dollar for dollar on their income tax returns in April, subject to limitations. The tax […]

Tax Extenders Await Senate Vote by Karen A. Lake, CPA


Posted on December 10, 2014 by Karen Lake

On December 3  the House approved the Tax Increase Prevention Act of 2014 (HR 5771), which provides a one-year extension on a set of tax incentives that expired in 2013. Included in the bill are deductions for higher education tuition and state and local sales tax as well as tax credits for research and production. […]