‘Tis the season for giving! In a recent announcement, the IRS presented the highly-anticipated final regulations on gift and estate tax exclusion amounts made between 2018-2025, confirming there will be no clawback after the exemption amount sunsets. The IRS and the Treasury Department have established that taxpayers who take advantage of the $11 million (indexed)… Read more
How to Leave Your Digital Legacy
As we continue to expand our digital footprint, it is important to incorporate our digital lives into an estate plan so our digital legacy may be preserved. Some call these instructions a “digital will.” This set of instructions is a section of your estate plan that covers email addresses, social media accounts, passwords, website login… Read more
Year-End Tax Planning for Individuals
As we closed out the 2018 tax filing season, we saw significant changes over the last year with most of the tax provisions in the Tax Cuts and Jobs Act (TCJA) taking effect. The last few months of 2019 will provide taxpayers with the opportunity for year-end tax planning as we enter another round of… Read more
Year-End Tax Planning for Businesses
The first year of filing under the new Tax Cuts and Jobs Act (TCJA) is in the books. With most of the provisions taking effect for the 2018 tax year, corporations saw a substantial reduction in their tax rate from 35% to a flat 21%, and some owners of pass-through entities saw a large reduction… Read more
Required Reporting on Cooperative Commissions in Real Estate Transactions
If you are a real estate broker or agent, you may not be aware of the IRS reporting requirements surrounding cooperative commissions. This article explains what you need to know about 1099s, W-9s and CDAs. As part of every real estate transaction where commissions are distributed, the IRS requires listing brokers to complete Form 1099-MISC… Read more
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