Individual, Estate, and Gift Taxation

March 17, 2020

Nondeductible IRA contributions require careful tracking

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend...

February 25, 2020

Qualified Opportunity Funds: A new weapon in the estate planning arsenal

The Tax Cuts and Jobs Act created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can...

June 29, 2021

Part 2: Tax Considerations of Operating Your Business

Yesterday, we explored your options for entity choice in forming your family business and the general tax issues of each structure. Today, we will dig into each of these a little deeper and explore the applicable accounting and tax...

September 10, 2025

Tax Considerations for Executives Moving to the U.S.

Understanding tax implications and compliance requirements is essential for a successful executive relocation to the United States.

Senior, couple and planning on laptop in living room with document for taxes

November 10, 2025

Why Monitoring AGI Matters More Than Ever Under OBBBA

The One Big Beautiful Bill Act (OBBBA) includes several new and enhanced provisions tied to adjusted gross income. Learn about how this affects your tax planning.

November 19, 2025

IRS Retirement Plan Contribution Limits for 2026

The IRS announced the 2026 changes to contribution limits and income thresholds for retirement savings vehicles. Keep reading to learn what’s changed and how it could impact your retirement savings and tax planning.

March 3, 2020

IRS confirms large gifts now won’t hurt post-2025 estates

The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released...

January 23, 2020

IRA charitable donations are an alternative to taxable required distributions

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA...

February 4, 2020

Don’t worry! A broken trust can be fixed

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a beneficiary, what if an...

August 13, 2019

Philanthropic and family benefits of charitable lead trusts

A Charitable Lead Trust (CLT) is a great option for affluent families who wish to give to charity while minimizing gift and estate taxes. These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of...

January 14, 2020

Flex plan: In an unpredictable estate planning environment, flexibility is key

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as...

July 11, 2019

Leave your mark with a dynasty trust

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount established...

November 12, 2019

When it comes to asset protection, a hybrid DAPT offers the best of both worlds

A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate tax liability...

June 25, 2019

Beware if your estate plan leaves specific assets to specific heirs

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them. Illustrating the problem...

July 27, 2019

Thinking about retiring to another state? Do not forget about taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. While it is not at the top of the list when preparing for a move, do...

January 3, 2019

Don’t get taxed twice on nondeductible IRA contributions

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...

June 18, 2019

Selling your home? Consider these tax implications.

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was...

February 6, 2019

It’s time to organize your tax records!

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...

June 4, 2019

Make healthcare decisions while you’re healthy

Estate planning isn’t just about what happens to your assets after you die; more importantly, its about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make...

December 7, 2017

Pre-Tax Reform Planning Opportunities

NOTE: The information contained in this blog post may no longer be applicable. An update can be found here. Tax Reform proposals in the House and Senate have been changing rapidly as Congress looks to complete a comprehensive tax...

April 11, 2019

5 things to know about substantiating donations

You have countless options when it comes to choosing a charitable organization to donate to. You may choose from a variety of donation options, too; you may wish to give cash or to contribute noncash items such as stock,...

June 20, 2016

The Search for Consistency: Form 8971 and the New Basis Reporting Requirements

In case you haven’t heard, the IRS has released a new form, and it is due in just 7 days. June 30, 2016 is the filing deadline for the newest member of the expansive family of IRS forms, Form...

September 25, 2018

Dynasty Trusts are more valuable than ever

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...

August 27, 2015

Mortgage Interest Itemized Deduction- Per-residence or Per-taxpayer Approach?

By: Guest Blogger Ian Hanke, Senior Tax Associate at Mowery & Schoenfeld On August 11, 2015 the Ninth Circuit Court of Appeals reversed the tax court decision in the Voss case, now allowing two unmarried taxpayers who co-own a...

December 18, 2017

The Tax Cuts & Jobs Act

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...

June 25, 2015

Red Flags for IRS Audits

In attending various tax conferences that discuss this topic in detail, I have compiled the following list of “issues” that might trigger a tax audit: Making a lot of money or large fluctuations of income Making sure you are...

December 7, 2016

Post-Election Proposed Transfer Tax Changes for 2017

As we approach the end of the year and the end of the tax planning season for 2016, there’s a lot of speculation surrounding the possible changes in tax law for 2017. Tax reform is a common goal of...

October 1, 2015

Accounting For Digital Assets In Your Estate Plan

Can you remember all of your online passwords off the top of your head? Or do you have a list saved on your computer, which is of course password protected? Better yet, are your passwords “organized” in a clutter...

April 23, 2014

Thinking of Changing Your Residence for Tax Purposes? There are Many Considerations.

The increase in Illinois tax rates was supposed to be temporary but now it appears headed towards permanence. There are proposals to change Illinois tax rates to graduated tax rates instead of the current flat tax rate system. An...

October 11, 2015

Family Limited Partnerships- What You Should Know

Many businesses are focused on succession planning, which involves transitioning the ownership from or reducing the involvement of the founders of the company in anticipation of their retirement. One strategy is to transfer business to the next generation of...

October 19, 2015

Estate Tax Planning Focus Shifts to Income Taxes

National Estate Planning Awareness Week is finally here, offering the perfect opportunity to reflect upon some of the increasingly important topics- such as the impact proper estate planning can have on your income tax bill. As the gift tax...

October 21, 2015

Tax Basis Planning- Taking the Right Steps

In continuing our observation of NEPAW, I think it’s important to examine the increasingly effective, but often complex, area of tax basis planning. As discussed in my previous blog, the heightened importance of income taxes while planning one’s estate...

October 22, 2015

Planning for Retirement Income

When it comes to retirement planning, you did exactly what you were supposed to do; maximized contributions to your retirement plan, maximized your employer’s contribution to your plan, and then let it grow unfettered until retirement. For many, your...

December 21, 2015

PATH Act of 2015 Permanently Extends IRA Charitable Rollover Provision!

The PATH Act of 2015, recently signed into legislation by the President, reaches more than just small businesses and their owners; there are provisions made permanent by this act that will affect individual taxpayers, too. What is the IRA...

November 4, 2015

Charitable Giving as Seen Through an Estate Planning Lens

One of the most effective estate planning tools is also one of its most rewarding – charitable giving. If you happen to be charitably inclined, there are a plethora of techniques to choose from. The challenge is matching your...

March 25, 2025

FinCEN Narrows BOI Reporting Scope with New Ruling

Following the release of a new interim final rule by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), there are significant changes to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The new...

June 15, 2021

Can your estate plan keep up with proposed legislation?

Welcome to Part 2 of our series evaluating the possible impact proposed legislation may have on your tax situation. Today we are going to explore the potential impact on estate and gift planning. Proposals under review with Congress...

June 8, 2021

Legislation is coming. Are you ready?

Welcome to Part 1 of our series looking at the results potential legislation and Biden’s proposals may have on your tax situation. Today we are going to explore the potential impact to individuals and businesses. Stay tuned for an...

November 2, 2023

EFTPS Access Now Requires Multifactor Authentication

Beginning October 19, 2023, US taxpayers must use multifactor authentication (MFA) in order to access the Electronic Federal Tax Payment System (EFTPS), which primarily facilitates the payment of federal taxes, including income, employment, and excise taxes, by both individuals...

November 7, 2023

Weighing Your Charitable Giving Options

Private foundations can be highly effective, but they’re expensive to set up and operate. DAFs are popular alternatives, but they also have potential drawbacks.

December 21, 2023

Offset Nursing Home Costs With Possible Tax Breaks

If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical expense deductions...

December 27, 2023

Planning for Net Investment Income Taxes

The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of...

January 24, 2024

Tips to Prepare for the 2023 Tax Season

As you begin to compile your information for the 2023 tax filing season, consider some of the following steps you can take to ensure your tax return and refund don’t face delays. Organize your tax docs early Getting your...

November 20, 2025

Understanding IRS Audits: What to Expect

Although many American taxpayers may worry about being subject to an IRS audit, they’re often unsure about why an account gets flagged. Below, we’ll take a look at what an audit entails as well as common reasons why Americans...

October 4, 2024

Reduction in Estate and Gift Tax Exemption: What You Need to Know After the 2025 Sunset

Significant changes to tax rates and deductions are on the horizon due to the expiration of the provisions in the Tax Cuts and Jobs Act (TCJA). Most of the changes to the tax code introduced by the bill went...

November 24, 2025

Schedule K-1 Process and Summary of Reporting Requirements

Schedule K-1 tax forms must be filed in a timely manner by pass-through entities to report each investor’s share of income, deductions, credits and more.

February 12, 2025

Tax Prep Checklist for Individuals

As the 2024 tax season approaches, many individuals might find themselves scrambling to organize their financial information. But by starting preparation for this year’s tax season early, you can help ensure your tax return and refund don’t face delays....

February 19, 2025

Setting Up EFTPS for Online Tax Payments

For taxpayers looking to pay their taxes online, the Department of the Treasury allows federal taxes to be paid via the Electronic Federal Tax Payment System (EFTPS). However, in late 2023, security around the electronic payment system tightened, and...

March 27, 2025