High Net-Worth Individuals

2017 Tax Reform

2017 Tax Reform

Last-Minute Year-End Moves in Light of Tax Cuts and Jobs Acts As you may be aware, the President has signed the biggest tax reform law in thirty years, which will make fundamental changes in the way you, your family and your business calculate your federal income taxes. Since most of...

Giving Tuesday Could Mean More This Year

Get the Most From Giving Tuesday -by Elizabeth Resendes, CPA, MST Giving Tuesday, November 28, 2017, is the official kick-off to the annual charitable season when people are encouraged to donate to their favorite nonprofit organizations.  As we approach the end of the year, strong markets and possible tax reform...

IRS Announces 2018 Tax Benefits and Limitations

-by Mike Raftery, CPA The IRS recently released the 2018 figures under current tax law for the following tax benefits and tax limitations that we wanted to pass along. Note that these figures come with the caveat that pending “tax reform” legislation may change these results. Personal Deductions -Personal...

Can Partners Be Considered Employees?

Not according to the IRS. Last month, the IRS issued temporary regulations T.D. 9766 clarifying the employment tax treatment of partners in a partnership owning a disregarded entity. In the past, some partnerships treated the partners as employees of the disregarded entity, thereby allowing the partners to participate in...

SEP and SIMPLE IRA Plans –

Avoiding Common Errors The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan. General Rules for SEPs With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts...

Not All Bequests Are Created Equal

The National Philanthropic Trust estimates that upwards of $27.4 trillion in charitable bequests will be made in the U.S. through 2052. In fact, interest in planned giving has grown in the wake of the Great Recession. Donors have found that committing future gifts from their estate allows them to support...

Tax Scam Notification

The Rhode Island Division of Taxation has cautioned Rhode Island businesses owners about a scam in which individuals claim to be collections agents of the Rhode Island Division of Taxation and request immediate payment. Please note that the Division of Taxation does not request cash or other payment by businesses...