Individual
2019 Inflation Adjustment Amounts

2019 Inflation Adjustment Amounts

By: Mark G. Kmiecik On November 15, 2018, the IRS released the 2019 inflation adjustments for several tax provisions in Rev. Proc. 2019-57. The adjustments apply to tax years beginning in 2019 and transactions or events occurring during the 2019 calendar year. With respect to estates and trusts, below are select key provisions and amounts for the...

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Tax Reform: Key Planning Perspectives for Individuals and Businesses

Tax Reform: Key Planning Perspectives for Individuals and Businesses

By Ann M. Rieger & Mark J. Andres Tax season is upon us. Individuals and businesses are collecting year-end tax statements and have begun the task of completing 2017 income tax returns. These returns will be filed under the “old” rules which predate the adoption of the Tax Cuts and Jobs Act that was passed by Congress and signed by President...

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Using Trusts to Protect a Beneficiary’s Inheritance From Creditors in the Era of Tax Reform

Fixing Irrevocable Trusts

By Jacqueline L. Messler When estate planners meet with clients to review their estate plan, it is very common to run across clients who created irrevocable trusts in the 1980s, 90s, or early 2000s. The goal in creating these irrevocable trusts was often to reduce the size of the client’s estate to avoid estate tax. Now that fewer people are...

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New Partnership Audit Rules for 2018

New Partnership Audit Rules for 2018

By Mark G. Kmiecik & Danielle Snyder Fadel The new partnership audit rules under the Bipartisan Budget Act of 2015 (the “BBA Rules”) are scheduled to go into effect on January 1, 2018 for partnerships with a calendar year. The BBA rules signal a marked change in the way entities that are classified as partnerships for federal income tax...

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IRS Announces 2018 Estate and Gift Tax Limits

IRS Announces 2018 Estate and Gift Tax Limits

By Ann M. Rieger & Jacqueline L. Messler While recent news reports focus on the potential for tax change as result of the introduction of the “Tax Cuts and Jobs Act” in the House on November 2, 2017, the IRS continues its job of administering existing law. Under the current rules, several key gift and estate tax exclusions are adjusted for...

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Tax Reform Update

Tax Reform Update

By Ann M. Rieger Since the start of the new administration, there has been much speculation regarding potential tax law changes. Below is a comparison of revisions proposed by President Trump on the campaign trail, the House of Representatives in the House blueprint known as the “Better Way for Tax Reform,” and the Tax Cut and Jobs Act proposal...

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Modern Commercial Financing: Your Guide to Regulation A+

Attracting capital remains challenging for most investors due to regulatory burdens, higher capital costs, and the high risk, high return nature of venture capital. Often, capital projects won't get off the ground unless projected returns are above market rates. This "mini-IPO" or "on-ramp to IPO" allows investors to raise up to $50 million in a...

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It’s Time for Tax-Exempt Entities to Restate Their 403(b) Plans

It’s Time for Tax-Exempt Entities to Restate Their 403(b) Plans

By Bruce B. Deadman Under a new IRS program, tax-exempt entities who sponsor 403(b) retirement plans can adopt pre-approved documents that include determination letters that confirm the tax-qualified status of their plans. Plan sponsors need to adopt pre-approved plans before March 31, 2020, in order to qualify for the program. Under a 403(b)...

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