President Obama signed the 21st Century Cures Act into law creating an option for small businesses to offer employees a health reimbursement arrangement (HRA) that is funded by the employer. Beginning January 1, 2017, the maximum employees can receive per year through the HRA is...
One thing to be be thankful for this holiday season is that the tax 'policies' of President Elect Trump (PET) and our Republican friends in the 115th congress will keep tax accounts and bookkeepers gainfully employed well into the foreseeable future. In fact I am adding staff again,...
According to Sharon Bradley, Manager of the IRS' ITIN Policy Section in the Atlanta, GA Service Center, Section 203 of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), Pub. L. 114-113, div. Q, enacted on December 18, 2015, modified Section 6109 of the Internal Revenue...
Year End Tax Planning & the Kiddie Tax - IRC §1(g)(2) - IRS Form 8615...
Old MacDonald had a Trust EIEIO CLAT CLUT here CRAT CRUT There. The one thing stopping good people from engaging the full force and effect of tax and estate planning using trust instruments is the language. Acronyms make it hard to understand what lawyers are...
In my last post about how year end tax planning starts with reassessing one's commitment to charitable donations I mentioned that my Mom donated her appreciated shares of Exon Mobile to a Donor Advised Fund (DAF). Many readers had questions about what a DAF is and...
Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?...
The IRS changed its policy on acceptable documentation for issuing dependent Individual Taxpayer Identification Numbers (ITIN). The agency no longer accepts passports that do not have a date of entry into the U.S. as a stand-alone identification document for dependents from countries other than Canada...
Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures: adjusted gross income - $11,563,931 - MILLION Itemized deductions -...
While working on the St. Peter 2016/17 Stewardship Campaign it became very clear to me that some very smart endowed good people simply do not know about the various types of charitable contributions that can be created or even simply how to charitably give. Once you've recognized...