Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]
Companies considering a purchase of certain tangible business assets may want to accelerate those acquisitions in 2022 before they lose the full benefit of 100 percent bonus depreciation, which will begin phasing out at the end of the year. Under the Tax Cuts and Jobs Act passed into law in 2018, businesses gained the ability […]
Posted on November 02, 2022
by
Art Lieberman
Taxpayers are often unaware of how the tax code treats property damage and losses they sustain from natural disasters, such as the recent hurricanes across Florida, the Carolinas and Puerto Rico. Many taxpayers are also surprised to learn that when insurance proceeds or other recoveries exceed the tax basis of damaged property, they may incur a taxable […]
Posted on October 24, 2022
by
Angie Adames
Corporate aircraft sales that soared during the pandemic slowed slightly in 2022 as fears of a recession continue to weigh on business sentiment. While many companies will sit on the sidelines and take a wait-and-see approach before purchasing a private jet in 2023, others will act before the end of the year, and yield significant […]
Posted on October 20, 2022
by
Heath Standorf
In this episode Associate Director of Family Office Services Heath Standorf explains how high-net-worth families benefit from family office services.
Posted on October 13, 2022
by
Pedro Porras
Immigrations laws in the U.S. differ from the country’s tax laws, which require individuals to report and pay federal income tax based upon the government’s classification of their residency status. While it is not uncommon for someone to live in the U.S. without establishing residency for tax purposes, it is important to recognize when this […]
Posted on October 11, 2022
by
Alex Keneiby
At the end of 2017, the Tax Cuts and Jobs Act introduced the concept of Qualified Opportunity Zones (QOZs) to help incentivize private investment into revitalizing economically distressed communities throughout the U.S., the District of Columbia and five U.S. territories. In return for their investments into these state designated QOZs, private individuals and businesses can […]
The IRS has extended until Feb. 15, 2023, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Ian, which made landfall on Florida’s west coast on Sept. 28, 2022. The postponed deadline applies automatically to taxpayers with homes or businesses located anywhere in the states of Florida, North Carolina and South […]
Posted on September 27, 2022
by
Sarah Gaymon
In 2007, multi-millionaire hotelier Leona Helmsley made headlines when she passed away leaving $12 million to her dog Trouble. Today, it is commonplace for pet owners to specify in their wills how they wish their furry friends to be cared for financially and physically long after they are gone. In fact, all U.S. states and […]
Posted on September 23, 2022
by
Steven Rubin
To account for persistent inflation and higher fuel prices, the IRS raised some of the standard mileage rates taxpayers may use to calculate the deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes during the final six months of 2022. Taxpayers also have the option to calculate these deductible […]
