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Individual and Family Wealth Articles

 

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

Posted by Cheryl A. Jankowski on June 26, 2020

Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.

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Guardianship: Planning For Your Children’s Best Interests

Guardianship: Planning For Your Children’s Best Interests

Posted by Robert Ingrasci on June 11, 2020

If you haven't already named a guardian for your minor children, the COVID-19 pandemic may spur you to act. Should you and your spouse die or become incapacitated, you don't want to leave the decision up to a court. And what if you're seeking to become the guardian of a child?

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Helping Elderly Parents with Estate Planning

Helping Elderly Parents with Estate Planning

Posted by D’Marie Murray on May 11, 2020

If you're caring for elderly parents, you probably don't have a lot of extra time to think about estate planning, but if your parents have neglected to make a will and prepare other important legal documents that help ensure their wishes are carried out, make it a priority. 

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Make a Lasting Charitable Gift with a CRT

Make a Lasting Charitable Gift with a CRT

Posted by Cheryl A. Jankowski on May 05, 2020

The COVID-19 pandemic may have you thinking about how you can help those whose health and financial security has been imperiled by the virus. With a charitable remainder trust (CRT) you may be able to support a favorite nonprofit and also enjoy lifetime income and current tax benefits. Learn more about how CRT might fit into your estate plan.

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COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

Posted by Cheryl A. Jankowski on April 23, 2020

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis.

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COVID-19 Relief: New Rules for Deducting Charitable Contributions

COVID-19 Relief: New Rules for Deducting Charitable Contributions

Posted by Connie Ricotta on April 21, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational organizations, hospitals, medical research organizations, and food banks. Here's an overview of the tax rules for deducting charitable contributions — and how they've temporarily changed for 2020.

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New Law Retroactively Fixes QIP Drafting Mistake

New Law Retroactively Fixes QIP Drafting Mistake

Posted by Brian Kern on April 15, 2020

At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act, which was signed into law on March 27, 2020. The correction retroactively allows real property owners to depreciate QIP faster than before. Here's how it could lower your tax bill for 2018 and beyond.

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Federal Reserve Announces Main Street Business Lending Program as Part of Additional Actions to Provide Economic Aid

Federal Reserve Announces Main Street Business Lending Program as Part of Additional Actions to Provide Economic Aid

Posted by Cory Van Deusen V on April 14, 2020

On April 9, the Federal Reserve announced additional actions it will take to provide up to $2.3 trillion in loans to support the U.S. economy. The Federal Reserve believes this funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

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Individuals: What You Need to Know About the CARES Act

Individuals: What You Need to Know About the CARES Act

Posted by Cheryl A. Jankowski on April 14, 2020

On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed in March and setting off a firestorm of administrative relief by several federal agencies including the IRS and Department of Labor.

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Expands COVID-19 Postponement Relief Under Notice 2020-23

Expands COVID-19 Postponement Relief Under Notice 2020-23

Posted by Robert Ingrasci on April 14, 2020

On April 9, 2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month. 

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