Estate Planning

EB-5 Visa Program is Alive and Well, But New Rules May Make it Harder to Use by Andrew Leonard, CPA

Posted on October 03, 2019 by Andrew Leonard

After 29 years, the U.S. government is making changes to its EB-5 visa program, which helps foreign citizens expedite U.S. residency in return for capital investment in commercial projects that create or preserve domestic jobs. Under new rules that go into effect on Nov. 21, 2019, it will become more expensive and more difficult for […]

Protect Elderly Family Members from Financial Crimes by Jack Winter. CPA

Posted on June 26, 2019 by Jack Winter

Financial crimes against the elderly more than quadrupled between 2013 and 2017, according to the Consumer Financial Protection Bureau (CFPB). While anyone can fall prey to these scams, the elderly are typically more at risk. They may be challenged with the Internet of things and using new technology safely, or they may be unfamiliar with […]

Are U.S. Visa Holders Subject to U.S. Income and Estate Taxes? by Eden Abitan, CPA, CGMA

Posted on June 11, 2019

For many foreign persons, the U.S. tax system can be a complicated web of conflicting rules and exceptions, making compliance difficult, at best. One of the more complex challenges concerns the U.S.’s different treatment of foreign persons for income tax and estate and gift tax purposes. In general, the U.S. presumes foreign persons to be […]

UPDATE U.S. Supreme Court Denies North Carolina Right to Tax Undistributed Trust Income by Jeffrey M. Mutnik, CPA/PFS

Posted on June 04, 2019

On June 21, 2019, the U.S. Supreme Court issued a decision against the North Carolina Department of Revenue in its claim to tax the undistributed income of a New York trust that is “for the benefit of” a North Carolina resident. In the matter of North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 […]

Deadline Approaches to Take First Required Minimum Distribution from Retirement Plans for 2018 by Rick D. Bazzani, CPA

Posted on March 20, 2019 by Rick Bazzani

Taxpayers who turned 70½-years-old during the 2018 calendar year have until April 1, 2019, to take their first required minimum distributions (RMDs) from their individual retirement accounts (IRAs) and workplace retirement plans. In general, retired individuals age 70½ and older have a deadline of December 1 to take their annual RMDs from retirement savings accounts […]

To Give Or Not to Give Is No Longer A Taxing Issue by Jeffrey M. Mutnik, CPA/PFS

Posted on December 27, 2018

One of the welcome provisions contained in the Tax Cut and Jobs Act (TCJA) is a doubling of the estate, gift and generation-skipping transfer tax exemptions for the years 2018 through 2025. Nevertheless, on Jan. 1, 2026, the law calls for those amounts to roll back to their inflation-adjusted 2017 levels. Due to the temporary […]

Year-End Tax Planning Can Yield Significant Savings for Individuals and Businesses by Jeffrey M. Mutnik, CPA/PFS

Posted on November 12, 2017

As 2017 draws to a close, the future of tax and regulatory reform hangs in the balance. The House of Representatives just passed a budget resolution that includes allusions to major modifications to the tax rules, but details are scant. Despite this current environment of uncertainty, the end of the year remains a critical time […]

The Tax Implications of Divorce and Separation by Joanie B. Stein, CPA

Posted on October 30, 2017 by Joanie Stein

Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]

Where you Die Could Cost you and your Heirs a Pretty Penny by Jeffrey M. Mutnik, CPA/PFS

Posted on July 17, 2017

High-net-worth U.S. taxpayers who live in certain states have more worries than the federal estate tax taking a bite out of their wealth. The residents in 14 states and the District of Columbia are also subject to estate taxes at the state level, while another six states impose an inheritance tax on assets bequeathed to […]

Surviving Spouses have More Time, Less Complex Method for Electing Portability of a Deceased Spouse’s Unused Estate Tax Exemptions by Jack Winter, CPA/PFS

Posted on July 11, 2017 by Jack Winter

The IRS recently issued guidance that provides widows and widowers with an easier and less costly method to transfer a deceased spouse’s unused estate and gift tax exclusion to themselves. Making this portability election essentially allows surviving spouses to protect double the amount of assets from federal estate and gift tax liabilities during their […]

Category: Estate Planning