Inheriting assets involves complex tax rules and time-sensitive decisions that can impact your financial outcome. This guide covers what heirs need to know about real estate, retirement accounts, and other inherited assets.
Tag: tax
September is National Preparedness Month: Steps to Protect Your Tax and Financial Records
September is National Preparedness Month, a nationwide campaign led by FEMA to remind us, that storms, floods, and other unexpected events can disrupt our lives with little warning. With hurricane season in full swing, and with threats like flooding and severe winter storms always a possibility, this is the perfect time to pause and review… [keep reading…]
Tax Update: “One Big Beautiful Bill” Signed Into Law
Last week President Trump signed his highly anticipated “One Big Beautiful Bill” (OBBB), enacting a second round of major federal tax reform over the past decade. While the OBBB serves to extend various provisions of the 2017 Tax Cuts and Jobs Act (TCJA), it goes further to introduce various new provisions promised by President Trump… [keep reading…]
IRS Form 1099-MISC & Form 1099-NEC
If, as part of your trade or business, you made any of the following types of payments, you are required by law to report certain payments of income it made during the calendar year to the IRS and to the recipient by filing Form 1099-MISC or Form 1099-NEC. The following types of payments made in the course… [keep reading…]
Business Year End Planning
Tax Planning for Businesses With tax year 2023 ending, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for businesses. Review your accounting method Businesses typically use either an accrual method of accounting… [keep reading…]
Individual Year End Planning
Tax Planning for Individuals Annual gift exclusion and estate tax exemption The annual gift exclusion for 2023 is $17,000 per person and will increase to $18,000 in 2024. Married couples who elect to gift split can give $34,000 per person in 2023 and $36,000 in 2024. There are no limits on how many donees can… [keep reading…]
New York State’s Pass Through Entity (PTE) Tax
A controversial provision of the Tax Cuts and Jobs Act (TCJA) limited the itemized deductions related to state taxes (real property taxes plus state & local income taxes). Since its enactment, individual taxpayers have been limited to a maximum deduction of $10,000 on their federal income tax return. A number of states responded by enacting… [keep reading…]
IRS to Delay Tax Filing Deadline
The National News Media has reported that the Internal Revenue Service (IRS) has delayed the 2020 tax filing deadline until mid-May. We do not have official word yet from the IRS as to whether there will be a delay, what filing requirements will be affected, and what the actual deadline will be. Additionally, we do… [keep reading…]
Employee Retention Credit
As we approach the end of the first quarter of 2021, this might be a great time to evaluate whether your business may qualify for the employee retention credit in 2020 and 2021. While companies who had a quarter-over-quarter (2020 vs 2019) reduction in gross receipts of at least 50% qualify for the 2020 credit,… [keep reading…]
New Form for 2020
New for 2020 – the IRS has created a new Form for 2020 to report Miscellaneous Compensation only – This is Form 1099 NEC (Non-Employee Compensation). The 1099 MISC. has been revised and box numbers rearranged and is still applicable for other reporting. To get more information about the 1099-NEC please view it HERE. You… [keep reading…]