Today’s gaming and hospitality companies are complex businesses and data driven processes and systems that collect significant and various types of customer information to provide unsurpassed customer service. However, the collection, processing, and storage of such information will now be more complex as regulatory bodies globally and governments in the U.S. impose tighter controls on …
Final Regulations Confirm No Clawback on Gifting
With the gift/estate tax exemption of $11,580,000 (in 2020) set to expire or “sunset” on December 31, 2025, many advisors have encouraged high net worth clients to make large taxable gifts and “use up” their gift tax exemption during lifetime and shelter future income and appreciation in the gifted assets from estate tax at death. …
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Please Do Not Sign That Divorce Agreement Yet!
It is common for divorcing spouses to negotiate and resolve between themselves claims relating to division of property, debts, payment of spousal maintenance and parenting schedules for their children. When parties are able to reach these agreements on their own, the Court offers standard forms that parties can complete themselves and submit to the Court …
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IRS Announces 2020 Annual Adjustments for Qualified Retirement Plan Limits
The IRS has announced the annual limits that will apply to qualified retirement plans in 2020. The key 2020 limits, as compared to the 2019 limits, are: For 401(k) plans, the maximum deferral limit increases by $500 to $19,500 for a participant who is under age 50. A participant who is age 50 or older …
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Section 1202 – Qualified Small Business Stock
The tax code includes a number of provisions that benefit small businesses and small business owners. One of these provisions is contained in Section 1202 which provides for an exclusion of up to 100% of the gain realized on the sale of qualified small business stock (“QSB Stock”). The gain exclusion can provide significant tax …
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Making a Holiday Plan
The holidays are right around the corner and often can be a very difficult and emotional time if you are going through a divorce or separation, especially if you have children. Managing the many holiday demands including school programs, various events, buying gifts, and helping your children cope with the perceived loss of their family …
When You Should Consider Updating Your Estate Plan
Preparing an estate plan can be a lot of work, both for the planner but especially for the client. And when that process is over, and the plan has been properly put in place through effective trust funding and asset titling, it is common for the client to not think about the plan again for …
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Year-End Income Tax Planning – Itemized Deduction Planning: “Bunching”
The 2017 Tax Act: The act significantly changes itemized deduction planning, making it very simple for some and more daunting for others. Most know the overall rules by now. But it doesn’t hurt to be reminded. Two biggest changes: 1. Much higher standard deduction (adjusted for inflation annually). For 2019: $24,400 for married couples filing jointly (plus …
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Should I Let the Judge Decide?
Judges are elected or appointed officials serving the citizens of our communities. The majority of our judges are intelligent, empathic, possess a vast knowledge of the law and are experienced and wise. However, judges are also human and thus not immune from error or misjudgment. Putting your fate and your children’s fate in the hands …
Doing Well By Doing Good
Lifetime charitable giving, properly planned, may afford income tax savings. Under current federal income tax law, the income tax charitable deduction is available to taxpayers who itemize deductions rather than take the standard deduction. The standard deduction is $24,400 for a married couple, filing jointly in 2019 and half that amount for a single individual. …