Posted on October 20, 2021
by
Adam Cohen
Giving money to charity enables you to support the issues, organizations and causes that are important to you. Not only do these efforts fill you with pride and gratitude, but they may also enable you to reduce your tax liabilities, especially for tax years 2020 and 2021. Individual Taxpayers Among the provisions included in the […]
Posted on October 14, 2021
If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]
Posted on October 04, 2021
On September 25, the House Budget Committee voted to approve the latest round of recommended changes to the U.S. tax code as part of the president’s $3.5 trillion Build Back Better Act. The draft legislation calls for higher taxes, but at rates that are not as high as previously proposed. In addition, it fails to […]
Posted on September 24, 2021
When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]
Posted on September 16, 2021
by
Karen Lake
Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]
Posted on September 14, 2021
Tax-Deferral Strategies for Commercial Real Estate Investors Commercial real property investors have long relied on Section 1031 of the Internal Revenue Code to defer capital gains tax on the sale of appreciated property when they reinvest sales proceeds into similar like-kind property. However, with the Biden administration’s proposal to restrict the tax-deferral benefits of 1031 […]
Posted on September 08, 2021
by
Karen Lake
The federal research and development (R&D) tax credit is one of the most valuable tax incentives while also being one of the most misunderstood. Contrary to popular belief, eligibility is not limited to businesses that employ scientists, develop cutting-edge products or make groundbreaking discoveries. Rather, it may apply to businesses, large and small, in a […]
Posted on August 23, 2021
by
Joel Young
The IRS recently released its annual list of the “Dirty Dozen” top tax scams for 2021, which unsurprisingly include schemes relating to the COVID pandemic. With the extended tax deadlines right around the corner, individuals and businesses must remain on high alert to identify the tell-tale signs of these fraudulent activities and take action to […]
Posted on August 19, 2021
by
Andrew Leonard
Just as the IRS issued new guidance concerning the Employee Retention Tax Credit (ERTC), Congress is considering a proposal to end the program that would continue offering qualifying taxpayers as much as $7,000 in refundable tax credit per employee each quarter of 2021. Time is truly of the essence for employers to take advantage of […]
Posted on August 13, 2021
Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]
