November 3, 2018/Business Planning, Family Wealth, Tax
Take Caution When Including Employees in Your Estate Plan
If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift or […]
October 25, 2017/Family Wealth, Tax
Inflation Adjustments for Some Tax Provisions for 2018
On October 19, 2017, the IRS released Revenue Procedure (Rev Proc) 2017-58 that details the annual inflation adjustments for over 50 of the sections of the Internal Revenue Code for tax years beginning in 2018. Key highlights include changes in estate and gifts as well as individual income taxes.
December 8, 2016/Family Wealth, Press Release
Smith Leonard Welcomes Karen Hodson as Tax Director
Smith Leonard PLLC announces that Karen Hodson, CPA, has joined their team as a Tax Director. She will be based in the firm’s High Point location but will serve clients across the Triad.
November 28, 2016/Family Wealth, Tax
Are Gifts a Good Idea?
With the election of Donald Trump as President, and the Republicans maintaining majorities in both houses of Congress, many clients are beginning to ask if the estate tax is going away. Furthermore, they are wondering if they should continue to make gifts given this possible change.
September 7, 2016/Tax, Family Wealth
Private Client Services Proposed Regulation Change
Gift or estate taxes (and possibly generation skipping taxes) are imposed on the value of all property transferred during life and at death. New proposed regulations regarding estate planning and valuation discounts were released on August 2, 2016, and if they become final, would significantly impact the availability of minority interest and lack of control discounts for transfers of privately held business interests among family members. In general, the effective date of these new regulations will be the date the regulations are published as final (which is expected to occur in the spring of 2017). It is imperative that clients wishing to transfer interests in closely held businesses to family members complete the transactions this year to avoid the application of the potential new rules.
