One of the welcome provisions contained in the Tax Cut and Jobs Act (TCJA) is a doubling of the estate, gift and generation-skipping transfer tax exemptions for the years 2018 through 2025. Nevertheless, on Jan. 1, 2026, the law calls for those amounts to roll back to their inflation-adjusted 2017 levels. Due to the temporary […]
Taxpayers can save more in 2019 for their future retirement thanks to new contribution limits announced by the IRS. Workers who participate in their employers’ 401(k) or 403(b) retirement savings plans can contribute a maximum of $19,000 to those plans via salary deferral in 2019, up from $18,500 in 2018. Workers age 50 or older […]
The permanent reduction of the corporate income tax rate from a maximum of 35 percent to a flat 21 percent has led many businesses to reevaluate their current tax positions and reconsider their entity choice. The decision to convert from a pass-through entity to a C corporation, however, should not be based solely on how […]
The Internal Revenue Code permits owners of business- and income-producing real estate to deduct from their taxable income an allowance for the wear and tear, deterioration or obsolescence of property over time. In addition, some businesses have been able to accelerate depreciation deductions to more quickly recover the cost and other basis of certain capital […]
While the current administration failed in its attempts to fully repeal the Affordable Care Act (also known as Obamacare), it did secure under a package of tax reform the elimination of the health care law’s individual mandate beginning in 2019. Regardless of how all of this will play out, one consistent trend that continues to […]
Some of the best presents to receive are those that are not perfectly wrapped in a box or given on special occasions. Rather, there are often far more impactful gifts that individuals can give throughout the year to help their loved ones establish solid financial foundations. In some circumstances, these gifts can provide benefactors with […]
As 2017 draws to a close, the future of tax and regulatory reform hangs in the balance. The House of Representatives just passed a budget resolution that includes allusions to major modifications to the tax rules, but details are scant. Despite this current environment of uncertainty, the end of the year remains a critical time […]
Over the past several years, the Department of the Treasury and the IRS have taken aim at small captive-insurance companies (sometimes referred to as mini- or micro-captives). While it is legal for businesses to create these structures and self-insure themselves against specific risks, the IRS is concerned about those businesses that structure their small captives […]
Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]
It is not uncommon for taxpayers to realize that they left out important information from their federal tax returns long after the April 15th filing deadline. The IRS recognizes that mistakes can happen and has in place a simple process that allows taxpayers to update and make corrections to an already-filed tax return. Correcting an […]