About Meghan Phillips

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So far Meghan Phillips has created 23 blog entries.

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|

Employee Retention Credit Paused Amid Growing Fraud Concerns

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 [...]

2023-11-09T15:20:52-05:00September 27, 2023|

Selling Your Home for a Big Profit? Here are the Tax Rules

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 [...]

2023-11-09T15:26:06-05:00September 19, 2023|
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