Private Client Group
A common question for people estate planning or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Overview Under the fair market…
Read More
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. April 18 If you’re a calendar-year corporation, file a…
Read More
The IRS is warning taxpayers to be careful they don’t fall for scams when filing their tax returns. Innocent taxpayers could be at risk of being tempted into falling into a trap that puts them at risk of financial and criminal penalties. Bogus W-2 Claims New scams that urge people to use wage information on…
Read More
Today is Giving Tuesday, an annual global generosity movement that started in 2012. Many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Let’s review the basic tax rules involved in these transactions. Donating to charity In 2022, in order to…
Read More
As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with the federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Because many estates won’t be subject to estate tax now, more planning can be…
Read More
Today is Giving Tuesday! Giving Tuesday is a global generosity movement, unleashing the power of radical generosity to transform communities and the world. It is a good time to plan to donate to your favorite charities or give money or assets to your loved ones. Here are the basic tax rules involved in these transactions.…
Read More