The Internal Revenue Service has announced the annual inflation adjustments for a number of taxrelated provisions for 2018, including, of course, the latest tax rate schedules and tax tables. These are the numbers for the tax year 2018 beginning January 1, 2018 (assuming there are no big changes as the result of tax reform). They are not the numbers and tables that…
Retirees Moving to These States Can Get Some Great Tax Breaks
Where you live when you retire matters — and not just because you want to be close to the beach or a golf course. State taxes can take a bite out of your retirement income, one reason why some retirees decide to pull up stakes when they stop working and search for a home with better tax…
Planning opportunities for the final tax return
Final arrangements should include many tax considerations for the decedent and his or her survivors.
Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and thoughtful planning for clients who are elderly or nearing death can result in substantial tax savings. It is important to recognize and discuss planning ideas with clients in advance to provide adequate…
3 Overlooked Tax Breaks Your Home May Be Able To Cash In On
Minimize what you’ll owe and maximize what you’ll get back at tax time.
People are always making moves (real estate and otherwise) to minimize what they owe and maximize tax returns. But understanding if you’re eligible for tax breaks can be daunting. The tax code is 4 million words and more than 70,000 pages long.
To ensure you’re not…
Trumpeting 10 Year-End Tax Strategies Before They Evaporate
In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your client’s year-end planning. John O. McManus, founding principal of McManus & Associates, provides his top 10 actions for you to advise your client to take now.
Donald Trump’s Death Tax Proposal – A Non-Partisan View
As this time, it is difficult to determine what the specific provisions of President-Elect Donald J. Trump’s tax proposals will be; however, it is important to highlight the types of planning that are not likely to be affected, and therefore could, and should, continue.
First, in 2016, federal estate and gift taxes became an issue for estates (including life insurance that isn’t…
IRS Denies IRC Section 1035 Tax Deferral in Annuity Exchange
Taxpayer’s receipt of outright cash from original insurance company barred non-recognition
A taxpayer inherited an interest in an annuity from his late father. The taxpayer wished to exchange his interest in the inherited annuity for an annuity sold by a different insurance company. With the intent of qualifying the transaction as a permissible tax-free exchange, he mistakenly requested a “Lump Sum…
U.S. Tax Court Update
Part I of this article highlights notable 4th Quarter 2015 U.S. Tax Court Cases that will be of interest to valuation practitioners and business advisors. Estate of Purdue reminds us that taxpayers need to address 2036(a) concerns and establish a non-tax reason. In addition, the case reminds us that gifting an equity or LLC interest may not qualify as a present interest for gift tax purposes….