Tax
Swap New Year’s Resolutions for Real Property with a 1031 Tax-Deferred Exchange

Swap New Year’s Resolutions for Real Property with a 1031 Tax-Deferred Exchange

By: Michael Van Someren & Danielle Snyder Fadel A 1031 Tax-Deferred Exchange (“§ 1031 Exchange”) is an extremely useful tax strategy for taxpayers that maintain real property for productive use in trade, business or for investment. It allows a taxpayer to defer payment of capital gains tax on investment properties that are sold. A taxpayer...

read more
2020 Inflation Adjustments Impacting Individual Taxpayers

2020 Inflation Adjustments Impacting Individual Taxpayers

By: Mark G. Kmiecik Last month, the IRS released the 2020 inflation adjustments for several tax provisions in Rev. Proc. 2019-44. The adjustments apply to tax years beginning in 2020 and transactions or events occurring during the 2020 calendar year. A select group of key provisions relative to trusts and estates are identified below. Income Tax...

read more
Stage Is Set for Significant Retirement Bill to Pass by Year End (SECURE Act)

Stage Is Set for Significant Retirement Bill to Pass by Year End (SECURE Act)

By: Ann M. Rieger For several months, attorneys and tax practitioners have been following the so-called “SECURE” Act,[1] which will greatly impact qualified retirement plans and individual retirement accounts (IRAs).  While the Act passed the House of Representatives by a margin of 417 to 3 in May of this year, similar legislation stalled in the...

read more
2020 Inflation Adjustments Impacting Individual Taxpayers

Is Your Rental a Business? IRS Proposed Revenue Procedure Providing Safe Harbor Election for Rental Real Estate Enterprises

By: Mark G. Kmiecik On January 18, 2019, the IRS issued notice 2019-07 outlining a proposed revenue procedure, whose purpose was to address the uncertainty over whether a rental real estate enterprise is a “trade or business” under Section 199A of the Internal Revenue Code. To mitigate this uncertainty, the proposed revenue procedure provides for...

read more
2020 Inflation Adjustments Impacting Individual Taxpayers

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...

read more
REMINDER: It’s Time for School Districts, Municipalities and Other Tax-Exempt Entities That Sponsor 403(b) Plans to Adopt New Pre-Approved Documents

REMINDER: It’s Time for School Districts, Municipalities and Other Tax-Exempt Entities That Sponsor 403(b) Plans to Adopt New Pre-Approved Documents

By Bruce B. Deadman Reminder: It’s not too soon for sponsors of 403(b) plans to start the process of adopting IRS pre-approved plan documents. Under a new program, local governments, school districts and other tax-exempt entities that sponsor retirement plans under Section 403(b) of the Internal Revenue Code (the “Code”) can for the first time...

read more
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...

read more