Articles

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.

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

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.

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).

The 21st century holiday Grinch is now a “smart” TV (or any other “smart” household product) nosing into your family’s privacy.

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.

In recent weeks, a bill was introduced in the House of Representatives entitled Private Foundation Excise Tax Simplification Act of 2019 (the Bill).

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.

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.

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.

“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.

Many private foundations were established using the founder’s securities. These securities may have appreciated in value over the years.