Individual, Estate, and Gift Taxation

With the new year just beginning, now is the perfect time to start organizing your tax records. Granted, it may not be something you relish doing, but tacking this now can save you a multitude of headaches later.

Tax law rules

Generally, you should keep tax-related records until the statute of limitations expires (or, in other words, as long as the IRS has the ability to audit...

Do you make nondeductible contributions to a traditional IRA? If so, it is important to understand the tax treatment of distributions to ensure you're not taxed twice on the same income.

Justify your strategy

There are several reasons you might make nondeductible contributions to an IRA:

  • You or your spouse has an employer sponsored retirement plan and your income...

The Tax Cuts and Jobs Act (TCJA) affects more than just income taxes. It's brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. 

Exemption changes

Let's start with the TCJA. It doesn't repeal the estate tax, as was discussed before it was signed into law. For the estates of persons dying, and gifts made, after December 31,...

With the release of a reconciled version of the Tax Cuts and Jobs Act (TCJA) from the House-Senate Conference Committee, we now have a better idea of how the final tax reform provisions will look.

As promised, here are a few key changes that are the most likely to affect you and your year-end tax planning. If you have any questions about the...

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