Do your assets include unregistered securities, such as restricted stocks or interests in hedge funds or private equity funds? If so, it’s important to consider the securities laws that may be involved in various estate planning strategies.Potential estate planning issuesTransfers of unregistered securities, either [...]
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can [...]
A will or revocable trust may form the core of your estate plan, but for many people, a substantial amount of wealth bypasses these traditional estate planning tools and is transferred to their loved ones through beneficiary designations. These “nonprobate assets” may include IRAs and certain employer-sponsored retirement accounts, [...]
Amanda Garner, February 5, 2024 The legislative landscape surrounding retirement plans has undergone a significant transformation with the introduction of the Secure Act 2.0. Nestled within Division T of H.R. 2617, known as the "Consolidated Appropriations Act, 2023," this legislation brings forth substantial changes to tax-favored retirement accounts. This [...]
David R. Natan, CPA, MST, CVA – January 20, 2024 (Newburg CPA) Within the real estate industry, there are some very powerful opportunities, should the stars align. One such opportunity arises if a taxpayer qualifies as a “real estate professional.” This qualification, coupled with the compelling tools of cost [...]
Initial ERC Claim Disallowance Letters Issued The IRS has taken a proactive stance by sending out disallowance letters to more than 20,000 businesses. These letters target claims made by businesses that either did not exist or lacked paid employees during the eligibility period (March 13, 2020, to December 31, [...]
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 [...]
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 [...]
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 [...]
