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A tenancy-in-common interest can ease distribution of real estate

  Newburg | CPA Tax Brief (8/26/21) If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A TIC interest [...]

2021-08-30T07:42:30-04:00August 30, 2021|

Scholarships are usually tax free but they may result in taxable income

Newburg Staff Writers (8/10/21) If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational [...]

2021-08-16T09:25:57-04:00August 16, 2021|

5 possible tax aspects of a parent moving into a nursing home

Newburg Staff Writers (8/3/21) If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical [...]

2021-08-12T15:01:39-04:00August 10, 2021|

New Massachusetts Legislation to Remedy SALT Limitations

Newburg Staff Writers (7/27/21) This July, Governor Baker has signed legislation as part of the 2022 Fiscal Year Budget allowing certain owners of pass-through businesses such as S-Corporations or Partnerships to elect to have their pass-through business pay an excise tax on their behalf and receive a Massachusetts tax [...]

2021-08-18T17:04:05-04:00July 27, 2021|

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have several options for fixing a “broken” trust. How trusts break There are [...]

2021-08-18T17:12:53-04:00July 26, 2021|

Advance Child Tax Credit – Impact on 2021 Tax Return

Newburg Staff Writers (7/16/21) The IRS has implemented changes to the Child Tax Credit for 2021 that will result in the issuance of advance payments for certain taxpayers starting this summer. Qualifying taxpayers will be receiving half of their anticipated total Child Tax Credit amount in advance monthly payments [...]

2021-08-18T17:19:59-04:00July 19, 2021|

Heading across state lines with your trust requires planning

In some cases, it may be desirable to move a trust to a more favorable jurisdiction. But moving a trust from one state to another can present significant risks, so don’t attempt to do so without considering all the benefits, limitations and risks, and obtaining professional advice. Reasons to [...]

2021-08-18T18:14:17-04:00July 8, 2021|

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of [...]

2021-07-07T08:38:55-04:00July 7, 2021|
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