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The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, limited itemizers' state and local tax (SALT) deductions to $10,000 for tax years 2018 through 2025 (the SALT cap). However, federal [...]

As the year draws to a close, many people are looking for ways to reduce their tax burden so as not to be surprised when tax season rolls around. Luckily, [...]

Byline: Special to the RBJ Year-end is quickly approaching, and with it comes the inevitable focus on tax planning. For many, just the mention of tax planning can bring on [...]

For many successful business owners, tax planning and wealth management will be inextricably linked, requiring a careful approach to future considerations at a relatively early stage in the development of [...]

Most people recognize that paying taxes is necessary. The money helps build and maintain highways and other infrastructure. It helps fight crime and keeps several important institutions operating. It helps [...]

Hollywood and a general disdain for billionaires have given many Americans the impression that there is some secret way to give to charity as a way to save multiples of [...]

Although civil litigation and criminal prosecutions may be the exception to tax practice and not the rule, (1) the specter of a file blowing up nonetheless looms as a possibility [...]

Contributing to a 401(k) plan can significantly lower your tax bill. But once you start withdrawing, your 401(k) money could be taxed at around 20% or 30%. There are a [...]

Gift and Estate Tax planning is in a constant state of flux. The Basic Exclusion Amount, (1) commonly referred to as the Federal Exemption, over the past 20 years has [...]

It has been said that when people look at the Mona Lisa, they will feel or see something different every time. The painting doesn't change, but the viewer's perspective does. [...]

Since Congress passed the Inflation Reduction Act (IRA) in August 2022, private companies have announced over $628 billion in commitments to American industries like clean energy manufacturing, electric vehicles, and [...]

What do electric cars, IRA contributions and new windows for your home have in common? That's an easy one for a tax accountant: They're all items for which the federal [...]

If no tax reduction or exemption is applied for, payment must be made at a 20% withholding rate. Currently, there are two common tax-saving methods: Apply for the application of [...]

This case study has been adapted from Checkpoint Tax Planning and Advisory Guide's closely held C corporations topic. Published by Thomson Reuters, Carrollton, Texas, 2022 (800-431-9025; tax.thomsonreuters.com). Qualified dividends are [...]

March 23 -- The tax deadline for the year is just a few weeks away, and many people are looking for tax-saving investments at this time. Fixed Deposits are one [...]

January 31 -- Mutual funds have become popular among investors because they offer the dual benefit of tax savings and healthy returns. They provide higher returns than traditional modes of [...]

January 16 -- All taxpayers are mandated to file their Income tax return (ITR). The income tax returns comprise the details about your annual income including the tax liability which [...]

As we approach 2020, an election year, our clients once again are beginning to go through a familiar set of election year rituals. One such ritual that directly impacts estate [...]

There is still time in the final quarter of 2021 for tax professionals to advise taxpayers to take actions that can favorably impact tax liability for the full year and [...]

Byline: Patty Remmell Unless you have an extension for your federal income tax return, your 2021 tax return should have been put to bed last month. That doesn't mean you [...]

Byline: Special to the RBJ After Tax Day has come and gone, many small business owners are relieved to put it out of their minds and refocus on their day-to-day [...]

Byline: Special to the RBJ Making the most of every dollar is crucial to your financial well-being, and retirement savings is a great way to achieve this. You not only [...]

Medicare and budgeting for future medical expenses are important elements of personal financial planning. Sometimes, controlling Medicare premium costs is overlooked and estimating future medical out-of-pocket expenses is understated. Accordingly, [...]

Introduction 255 I. Overview of the Low-Income Housing Tax Credit Program and Affordability Terms 257 II. Policy and Programmatic Barriers to Preserving LIHTC Properties 260 A. The Qualified Contract Process [...]

While a private foundation may be an appropriate charitable vehicle for some taxpayers, many may be better served by alternate charitable arrangements. This column briefly discusses alternatives to private foundations. [...]

Most tax-saving moves, such as giving to charity, must be accomplished before December 31. There are, however, a few things you can do between now and April 18 that could [...]

Byline: Special to the RBJ An abundance of liquidity and market exuberance in the world's recovery from COVID-19 have made this a promising time for transitioning a closely held business [...]