The November elections resulted in a Republican sweep of the White House, the U.S. House of Representatives, as well as the U.S. Senate—results that could very well set the landscape and build momentum for major tax reform in 2017. President-elect Trump and House Speaker Paul Ryan have each put forth initial proposals that have the potential of serving as platforms for major tax reform legislation. For this quarter’s update, we thought you might appreciate a summary of what we believe are the ... [Continue Reading]
Articles and resources related to Tax Planning.
This week’s recommended reading comes with an experiment. Find a coin and flip it until it lands on heads three times in a row. Go ahead, we’ll wait. It’s not easy to do. Everyone will have a different experience, but if we conducted this experiment with a large crowd we’d find that most people would require eight attempts before succeeding. We know this because the probability of flipping a coin and it landing on heads is 50%, and if we repeat that probability three times, we find that ... [Continue Reading]
This past August, the IRS issued proposed regulations which would significantly impact the ability to apply valuation discounts on gift or estate transfers of family controlled business interests including corporations, partnerships, and LLC’s. The use of discounts for lack of control and lack of marketability by family owned businesses has been a staple in estate planning for decades. These discounts can often fall in the range of 25%-40% thereby aiding in the transfer of family-owned ... [Continue Reading]
Continuing Care Retirement Communities (CCRCs) have become an attractive option for many individuals making decisions regarding their long-term care future. These communities offer several levels of health care on one campus including independent living, assisted living, skilled nursing care, and memory care. With the number of CCM clients who are caring for their parents or considering their own future living and care arrangements, we wanted to provide some insights on how we advise you to ... [Continue Reading]
While the 2016 defined contribution plan limits for 401(k) plans remain unchanged as compared to 2015, participants should now give extra consideration to making additional after-tax contributions (if allowed by the plan) due to recent changes in tax regulations. Under IRS Notice 2014-54, the IRS has agreed that a plan participant can now directly roll over pre-tax account balances into a Traditional IRA account, and after-tax account balances into a Roth IRA account. What this means is that ... [Continue Reading]