Tax Articles
If You Own Foreign Assets, Include Them in Your Estate Plan
Posted by Robert Ingrasci on January 06, 2021
Do you own real estate or other assets outside the United States? If so, it's critical to address them in your estate plan.
New Stimulus Package Passed December 21, 2020
Posted by Megan Morris on December 23, 2020
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.
Tax Implications of Holding Precious Metal Assets in Your IRA
Posted by Bryan Staniszewski on December 16, 2020
In today's uncertain investing climate, you might be thinking about diversifying your IRA portfolio to include some direct and indirect investments in gold, silver, and other precious metals. If so, what are the possible tax implications?
When It Comes to Trusts, Silence May Be Golden
Posted by Robert Ingrasci on December 15, 2020
“Silent” trusts limit the amount of information shared with beneficiaries. In some cases, they may even keep the existence of the trust a secret. This article explains how a silent trust can reduce disincentives for heirs to act irresponsibly or neglect their education or careers, but there are also several drawbacks to using this estate planning tool.
Year-End Estate Planning Tips for 2020
Posted by Cheryl A. Jankowski on December 04, 2020
As year end approaches, it's time to review your estate plan, even if you're not currently exposed to the federal estate tax. Depending on your situation, updates may be needed to your beneficiary designations, real property ownership documents, wills, trusts, and more. Here's important information to help you take advantage of today's favorable federal estate and gift tax regime — while it lasts.
Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021
Posted by Megan Morris on December 04, 2020
The IRS released a revenue ruling (Revenue Ruling 2020-27) on November 18, 2020 that addresses the timing of eligible expense deductions for taxpayers that have received a loan under the Paycheck Protection Program (PPP) and that expect to receive loan forgiveness. In conjunction with the release of Revenue Ruling 2020-27, the IRS announced a safe harbor procedure (Revenue Procedure 2020-51) for eligible taxpayers that have paid or incurred otherwise eligible PPP expenses during 2020, but loan forgiveness is denied or the taxpayer decides not to request loan forgiveness.
Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits
Posted by Michē Needham on December 01, 2020
As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.
Clarity on Three 2020 Employer Tax Credits
Posted by Kerry Roets on December 01, 2020
Congress has enacted three tax credits that can provide some relief to eligible employers at this difficult time. The credits were initiated by three separate pieces of federal legislation and it's easy to confuse one with another. The following is intended to provide some clarity.
Beware: Several CARES Act Tax Provisions Will Soon Expire
Posted by Jenna Torella on November 18, 2020
The CARES Act was enacted in March to provide financial relief to individuals and businesses during the COVID-19 pandemic. Several beneficial federal income tax provisions are set to expire at the end of 2020.
Employee or Independent Contractor? The Rules May Be Getting Simpler
Posted by Angela Miles on November 10, 2020
Businesses that engage people to work for them as independent contractors often are challenged to know whether those workers truly qualify for that status under the Fair Labor Standards Act. With the changes brought by the COVID-19 pandemic, many individuals need new ways to earn income. The Department of Labor is hoping that its proposed rules will make it easier to determine when a worker is an employee, or when an independent contractor status exists. Time will tell.