With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers, particularly those who live in high-income-tax states, may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes on trust income.
Did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children outside the business.
Orders up 6% year to date and 3% year over year in our latest Furniture Insights. Consumer confidence is also down, but most likely due to the temporary shock of the government shutdown. Overall, 2018 appears to have been a good year in the furniture industry.
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges.
For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred. Unlike other taxes, property tax assessments are based on the estimated value of the property, and thus, are subject to varying opinions. Businesses that fail to take a proactive approach in managing their property tax obligations may be missing an opportunity to reduce their tax liability. Below are 10 common property tax myths, and the truths that counter them.
Quite a few counties in North Carolina are reassessing property tax values in 2019. Does your business have locations in Catawba, Durham, Iredell, Randolph, or Rockingham counties? If so, you may want to have us take a look at your values and see if there could be savings found as a result of your reassessment.
Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its fourth week of a partial shutdown, which includes much of the Internal Revenue Service (IRS). Indeed, although the IRS is working with a skeleton staff of excepted employees, most employees are not working during the shutdown. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.
If you provide parking for your employees, you may be impacted by a provision in the 2017 Tax Cut and Jobs Act that eliminates the deduction for qualified transportation fringe benefits. This change will impact both for-profit and not-for-profit organizations, but each in their own different way.
Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.