A key element of estate planning involves the creation of trusts to protect assets from creditors and provide financial security for beneficiaries. Over time, and especially as tax laws change, individuals must reassess existing plans and consider making changes or taking other actions to improve tax efficiency and wealth preservation for themselves and future generations. […]
With the start of a new year, the IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes. Alternatively, taxpayers may calculate these deductible expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2023, the […]
In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.
In this episode, business advisor Richard Berkowitz shares things entrepreneurs need to think about long before it is time for them to retire, sell or cash out.
Opportunity funds are going into their sixth year since their 2018 launch. They got off to a slow start as the IRS struggled to issue guidance on the many statutory rules applicable to these funds while the states struggled to designate the areas eligible for qualified opportunity fund investments. Covid also became a challenge, causing the IRS […]
In this episode, Director of Tax Services Richard Cabrera explains the options for business structures and how entrepreneurs should choose.
The passage of the Inflation Reduction Act in 2022 ushered in new and expanded tax-saving opportunities for individuals and businesses that produce, adopt and/or invest in energy-efficient technologies, including wind, solar and geothermal power. This includes an extension of tax savings to commercial real estate property owners and, for the first time, real estate investment […]
January 23rd marked the start of the U.S.’s 2023 tax season and the official date the IRS began accepting and processing individuals’ 2022 tax returns. Following are the critical deadlines and details taxpayers should keep in mind as they gather required documents and work with their CPAs and accountants to meet their federal tax-filing obligations. […]
In this episode, Associate Director of Tax Services Adam Fisher explains passive activity loss rules and how they benefit real estate investors.
The United States continues to be a destination for foreign citizens to invest their assets, conduct business and, in many cases, make their permanent home. Those individuals seeking U.S. residency often find the path to citizenship lined with a wealth of opportunities, a broad range of new responsibilities and costly liabilities, including U.S. income tax, […]