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 [...]
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 [...]
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 [...]
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for [...]
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 [...]
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 [...]
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 [...]
The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will last until at least 2024. The IRS is currently working through [...]
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home [...]
If you made gifts during 2023, you may be wondering if you need to file a gift tax return during the upcoming filing season. The short answer: There are many situations when it’s necessary (or desirable) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return” [...]
