Author: Mary Miles Are you planning to make a financial gift to your loved ones but worried about the gift tax? Here are some tips to eliminate the gift tax. In 2023, a single individual can gift up to $17,000, while a married couple can gift up to $34,000 without incurring gift tax. And the […]
As the Coronavirus pandemic continues to sweep through the United States, schools are shuttering for the Fall session, employers are extending remote work plans, and the nation’s healthcare system is preparing for an upward trend in positive COVID-19 cases, hospitalizations and, sadly, deaths. With the rates at which people have suddenly fallen ill and become incapacitated from…
In addition to stimulus payments to taxpayers, expanded unemployment benefits for workers, and tax relief and loans for businesses, the CARES Act provides tax relief for individual taxpayers, including expansion of tax benefits for charitable giving.
While most of the CARES Act focuses on providing economic relief for businesses, certain provisions temporarily impact the rules for retirement plans and required minimum distributions.
On March 14, 2020, the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (“FFCRA”), after negotiation with the U.S. Secretary of Treasury. The Senate adopted the bill on March 18, 2020, which the President signed the same day. Under the terms of the legislation, the Act becomes effective no later…
In December 2019, Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2019, or as it’s more commonly known, the “SECURE Act.” The SECURE Act took effect January 1, 2020 and changed many rules that govern your retirement plans and other tax deferred plans. As a result, changes may need to be made to…
Tax Planning Supreme Court Justice Oliver Wendell Holmes, Jr., once observed, “Taxes are what we pay for civilized society,” but no person or company should pay more than their fair share of that liability. Taxes inform every business transaction, asset purchase or sale, financing deal, succession plan, and estate planning strategy. For businesses, the burden […]
