November 16, 2018/Financial Planning, Tax, Family Wealth
Alternative Gifts for the Kids and Grandkids
With the holiday season approaching, thoughts turn to presents for the family. Toys? They already have too many. Sweaters? Practical, but maybe a little too practical. Consider a few financial gifts that might fit the bill.
2018 Year-End Tax Planning for Businesses
Businesses of all sizes, across all industries, have been impacted by the monumental changes to the federal tax code. To maximize tax savings and ensure compliance with the new rules, businesses need to engage in year-end planning conversations now. Certain tax savings opportunities may apply regardless of how your business is structured, while others may […]
2018 Year-End Tax Planning for Individuals
What is the impact of tax reform on your individual tax situation? Now, more than ever, we urge you to consider year-end planning to take advantage of opportunities and be ready for how the changes will affect your tax bill going forward. 2018 year-end tax planning begins with a projection of your estimated income, deductions […]
November 7, 2018/Accounting and Auditing, Tax, Business Planning
Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]
November 7, 2018/Tax, Family Wealth, Business Planning
Educate Your Children on Wealth Management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]
November 4, 2018/Business Planning, Tax
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability […]
November 3, 2018/Tax, Family Wealth, Business Planning
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 […]
Sales Tax: What to Do in Light of the Wayfair Decision?
With the overturning of 26 years of U.S. Supreme Court precedent, states may now compel taxpayers to collect sales tax from consumers who make purchases within the state. Prior to the Wayfair decision last month, a taxpayer needed to have a “physical presence” in a state before it was subject to the state’s sales tax collection requirements.
Decision Made in Major Sales Tax Ruling
The Supreme Court ruled today, June 21, 2018, in the case of South Dakota v. Wayfair that states may collect sales tax from businesses that do not have a physical presence in their state. This effectively reverses a 40-year-old decision (Quill Corp v. North Dakota) that held that a taxpayer had to have a physical presence in a state in order to be required by a state to collect and remit sales tax. We will provide further updates as more information becomes available.
IRS Exempt Status Revocation Issue
Is Your Organization Showing Exempt and Non-Exempt on the IRS Website? If you use a certain method for searching for your organization on the IRS website, you may see conflicting information regarding your exempt status.
