…may impact individual taxpayers. High-income taxpayers are now subject to limitations on itemized deductions. The limitation may be applicable to taxpayers in the tax brackets of 35%-37% and would generate…
Key tax changes found in the 2017 Tax Cuts and Jobs Act Read our overview of the significant tax regulations that impacted businesses and individuals…
Overview of IRS disaster tax relief and claiming a casualty loss IRS disaster tax relief The IRS will automatically provide administrative disaster tax relief and special tax law provisions that…
…contributions. Form W-2 tax reporting These contributions are not subject to withholding for federal income tax and are also generally not subject to withholding for Social Security or Medicare tax….
…enable deductibility of state taxes outside of the federal itemized deduction SALT-cap of $10,000. However, under federal tax-benefit rules, taxpayers must recognize taxable income for state tax refunds that are…
IRS Adjusts Estate and Gift Tax Exemptions for Inflation The Internal Revenue Service (IRS) recently announced the inflation adjusted Estate and Gift Tax Exemptions for 2023. The lifetime Estate and…
…state and local taxes, along with nearly $288.62 million in federal taxes, totaling $497.72 million in tax revenues. From the Eastern Shore to the Appalachian Mountains, Virginia’s 300+ wineries have…
…it relates to your specific involvement. TransactionTax Treatment Purchase Not a taxable event. Purchase price, including commissions and fees = tax “basis” Sale – if an investor Capital gain treatment…
How to recognize tax identity theft, respond to IRS notices, and protect your tax account Tax-related identity theft continues to rise, and high-net-worth individuals remain prime targets due to complex…
…Breaks Through 2020 Approved Individual Tax Provisions Extended by the Taxpayer Certainty and Disaster Relief Act IRA and Retirement Plan Changes in the 2019 Budget Act 2019/2020 Tax Planning Guide…
…for new investors. Planning and tax considerations With careful planning and strategic execution, continuation funds can unlock new opportunities and drive substantial value for investment fund clients. It is important…