Tax Alert

Tax Alert | Jan 13, 2020

Planning for the Negative Tax Impact of the SECURE Act on your IRA and 401(k) Beneficiaries

Featured | Jan 13, 2020

In this era of Congressional contentiousness, any legislation that comes out of those chambers with bipartisan support deserves note. Such is the case with the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” which was passed last July by a near-unanimous vote in the House of Representatives. But the SECURE Act also warrants a note of caution for those heavily invested in IRAs and/or 401(k) plans because it truly is a “game-changer,” and not for the better, when it comes to the distribution and taxation of withdrawals from inherited plans.

Read More

Planning for the Negative Tax Impact of the SECURE Act on your IRA and 401(k) Beneficiaries2020-04-13T18:04:01-04:00
Tax Alert | Aug 19, 2019

New Opportunity Zone Regulations: What They Are and What They Clarify

Tax | Aug 19, 2019

In December of 2017, the Tax Cuts and Jobs Act outlined a new program called “Opportunity Zones” (OZs) that offered tax breaks for investing in underdeveloped/distressed communities via Qualified Opportunity Funds (QOFs). In October 2018, substantially more detail on the OZs was provided, and in April 2019, the IRS and Treasury Department issued a 169-page document that detailed regulations governing OZs. According to the IRS, a QOF is set up either as a partnership or corporation (LLCs qualify also) for investing in an eligible property located in one of the OZs.

Read More

New Opportunity Zone Regulations: What They Are and What They Clarify2019-10-31T10:36:07-04:00

Valuation Discounts and Family-Owned Businesses

After nearly 27 years the IRS has finally gotten around to proposing closure to a number of the §2704 “loopholes” that have benefitted many family-owned businesses. Should the changes be enacted, as proposed, the family-controlled corporation, partnership, LLC and other forms of family-owned businesses will be directly affected. Here’s the reason why.

Read More

Valuation Discounts and Family-Owned Businesses2020-01-03T13:26:59-05:00
Tax Alert | Dec 17, 2015

National Tax Alert!

Tax Alert | Dec 17, 2015

On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.

Read More

National Tax Alert!2019-01-09T18:35:01-05:00