Category: Family Office

Family Office

Nonprofits, Private Foundations Face a Looming Tax-Filing Deadline by Adam Cohen, CPA


Posted on March 05, 2024 by Adam Cohen

The clock is ticking for nonprofit entities, including private foundations, to file annual returns on Form 990 before the May 15 deadline for calendar-year filers. Failure to file or request an automatic six-month extension can jeopardize an organization’s tax-exempt status and result in significant penalties. IRS series Forms 990 are informational documents that most non-profits […]

Family Offices Help Quarterback a Variety of Wealth Management Functions by Heath Standorf, CPA


Posted on February 26, 2024 by Heath Standorf

Beginning in the 19th century, some of the U.S.’s wealthiest industrialists quietly abandoned Wall Street banks to hire their own teams of experts to discreetly manage, preserve and grow their business operations and family wealth for future generations. Today, these family offices have moved beyond the shadows of the Rockefellers, Morgans and Vanderbilts and expanded […]

How to Protect Art Collections from Gift and Estate Tax Exposure by Lewis Kevelson, CPA


Posted on October 03, 2023 by Lewis Kevelson

According to a recent study by Art Basel and UBS, global art sales in 2022 exceeded pre-pandemic levels, reaching $67.8 billion in transactions. Buyers, ranging from high-end collectors to Gen Xers and Millennials, increasingly recognize art’s value as an alternative investment in a fragile economic and geopolitical environment. However, as buyers grow their collections, they […]

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 […]

Expanded Tax Credits Help Offset the Costs of Energy-Efficient Home Improvements by Rachel Kenney Rego, CPA


Posted on June 08, 2023 by Rachel Kenney Rego

Upgrading your home’s energy efficiency can not only help the environment and reduce your electric bills, but it can also provide you with valuable tax credits to cover a portion of qualifying improvement expenses beginning in 2023. Energy Efficient Home Improvement Credits  Under the Inflation Reduction Act signed into law in 2022, homeowners may earn […]