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A hybrid DAPT can offer the asset protection you need

Asset protection is a vital part of estate planning. Indeed, you want to pass on as much of your wealth to family and friends as possible. This can be achieved only if you shield your assets from frivolous creditors’ claims and lawsuits. One option available is to establish a [...]

2024-01-22T13:21:21-05:00January 12, 2024|

Update on 1099 requirements

Newburg | CPA News Brief - December 6, 2023 As the year-end approaches, we wanted to provide you with some reminders regarding Form 1099 filing requirements for 2023. Form 1099 Filing Requirements and New Changes for 2023 There are a number of different 1099 forms that report various types [...]

2024-01-18T16:25:06-05:00December 6, 2023|

Should You Move Your Trust to Another State?

There are several reasons why you may want to move a trust to a more favorable jurisdiction. For instance, to avoid or reduce state income tax on the trust’s accumulated ordinary income or capital gains. However, before doing so, it’s critical to understand the risks. Revocable trust vs. irrevocable [...]

2024-01-18T16:30:37-05:00November 7, 2023|

Acquisition Due Diligence: Two Beneficial Tax Elections to Consider

The process of acquisition due diligence requires careful coordination with your tax and legal team.  If you’re planning an acquisition, you may be able to take advantage of tax structuring and special tax elections, resulting in a more favorable transaction that meets your strategic and financial objectives. Working proactively [...]

2023-11-20T16:40:50-05:00October 31, 2023|

Corporate Transparency Act Establishes Expanded Reporting Requirements Beneficial Ownership Information Reporting

by Newburg CPA staff writer The Corporate Transparency Act (CTA), which was enacted by Congress in 2021 as part of the Anti-Money Laundering Act of 2020, will  establish a national database of Beneficial Ownership Information (BOI) to crack down on financial crimes such as money laundering, terrorist financing, or concealment [...]

2023-11-09T14:38:38-05:00October 24, 2023|

Plan Carefully to Avoid GST Tax Surprises

If you want to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan for the generation-skipping transfer (GST) tax. Designed to ensure that wealth is taxed at each [...]

2023-11-09T15:06:28-05:00October 10, 2023|

Governor Healey Signs $1Billion Tax Relief Bill

On Wednesday, October 4, 2023, Massachusetts Governor Maura Healey signed into law a widespread tax relief bill. The relief package, which is created to provide $561 million in reductions to individuals and corporations during the current fiscal year, will reach $1 billion in relief by fiscal year 2027 when [...]

2023-11-09T15:11:28-05:00October 6, 2023|

Have You Recently Reviewed Your Life Insurance Needs?

Once upon a time, life insurance played a much larger part in an estate plan than it does now. Why? Families would use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $12.92 million for 2023, far fewer families currently are [...]

2023-11-09T15:18:17-05:00October 3, 2023|
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