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Buy-sell agreements offer business owners an important tool for succession planning. If there are multiple owners or partners and one of them departs voluntarily or involuntarily, problems can arise if there has been no planning to address what happens to the...
The Employee Retention Tax Credit (ERTC) was established as part of the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses that retained employees during the pandemic. While many businesses have taken advantage of the ERTC program and...
As we enter an important election year, it raises questions about how much work Congress will accomplish in 2024. In particular, will Congress extend the high estate tax exemption introduced in 2017 under the Tax Cuts and Jobs Act or allow it to sunset in 2025?...
The Tax Cut and Jobs Act of 2017 (“TCJA”) made meaningful changes to the tax code which is set to “sunset” at the end of 2025. Come Jan 1, 2026, the historically high estate and gift tax exemption, among other provisions, will disappear and revert to pre-TCJA...
Many parents wonder whether and when their children have to pay taxes. Children who earn wages pay taxes if their income exceeds their standard deduction, however, where children have unearned income, such as from investments or interest on bank accounts, they may...
When it seems like you’ve exhausted all tax-saving strategies, there still may be another one left. It’s called an Incomplete Gift Non-Grantor Trust (ING). An ING is an irrevocable trust designed to reduce or eliminate state income tax. It is typically used by...