Year-End Tax Planning Tips
As the year comes to a close for some private foundations, there are a number of tax planning tools and year-end measures that we have compiled to help mitigate any excise tax on net investment income and prevent some common pitfalls that could result in other types of excise taxes.
Why Are So Many Companies Missing Increased Research Credit Opportunities?
Those in the businesses of pharmaceuticals, software, and chemicals seem to know that the federal research tax credit is available to their industries. They know that state research credits are available too
IRS Targets High-Net-Worth Individuals & Closely-Held Businesses
Federal and state tax authorities are swiftly pursuing three categories of taxpayers: sole proprietors, closely-held businesses (five or fewer owners) and high-net-worth individuals.
FASB Deliberates Changes to Reporting for Gifts-in-Kind
The Financial Accounting Standards Board (FASB or Board) discussed at its November 6, 2019 meeting its project on not-for-profit reporting of gifts-in-kind (GIKs).
Cyber Roundup – December 2019
The 21st century holiday Grinch is now a “smart” TV (or any other “smart” household product) nosing into your family’s privacy.
Opportunity Zone Funds: Time Sensitive Planning
After a somewhat slow start after enactment of the Tax Cuts and Jobs Act (TCJA) late in 2017, investment into Opportunity Zone Funds has grown from a trickle into a torrent.
Here We Go Again: Proposed Private Foundation Excise Tax Simplification Act of 2019
In recent weeks, a bill was introduced in the House of Representatives entitled Private Foundation Excise Tax Simplification Act of 2019 (the Bill).
Cyber Roundup – November 2019
Although October was designated by the U.S. Department of Homeland Security as National Cybersecurity Awareness Month, that didn’t stop any of the cybercriminals last month from doing what they do best – key logging, ransoming, hacking, phishing, etc.
2020 Cost of Living Adjustments
Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.
Charitable Contribution Substantiation Requirements
It is not uncommon for family offices and individual tax clients to create best practices related to various types of tax preparation support and document retention.
Moving from a High Tax State? Be Prepared for a Residency Audit
“Should I stay or should I go?” sang The Clash years ago. Residents of New York, Connecticut, New Jersey, Rhode Island, California and other high tax states are now singing a similar song.
Tax Planning Opportunity: Donating Appreciated Securities
Many private foundations were established using the founder’s securities. These securities may have appreciated in value over the years.