What is the IRA Charitable Rollover and how does it work? The Individual Retirement Account (“IRA”) Charitable Rollover is a “Qualified Charitable Distribution” which allows the IRA owner, who is 70 ½ or older, to make tax free gifts of…
The mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on a loan that is secured by their principal residence or secondary residence. Starting in 2018 the Mortgage Interest…
Under the newly enacted Tax Cuts and Jobs Act (TCJA), the rule applicable to alimony payments has been flipped on its head. Alimony is the payments that someone gives to an ex-spouse who earns less money. Alimony payments, which are…
On October 4, 2017, the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed regulations under Section 2704 of the Internal Revenue Code, which would have placed restrictions on liquidation of an interest…
On September 27, 2017, President Trump’s Administration released its “Tax Reform Plan.” In addition to consolidating tax brackets from seven to three (12%, 25%, and 35% with income ranges to be provided later), President Trump’s new plan has addressed eliminating…
When helping our clients plan for retirement, many express their interest to set aside money for charity. Some clients have a specific charity in mind, while others simply want to set aside an amount to be given to a charity…
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is,…
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year. Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement. Approximately 35,000 seniors, all earning…
For those who currently have taxable estates, the burning question is, “What planning should or should not be implemented in light of an expected federal estate tax repeal?”
There are important 2017 tax deadlines to be aware of. The 2017 tax filing season will begin on Monday, Jan. 23, 2017, and taxpayers claiming certain tax credits should expect a longer wait for federal refunds. The IRS will begin…