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Sec. 6166: Estate tax relief for family businesses

Sec. 6166: Estate tax relief for family businesses Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied…

2020 Q1 tax calendar: Key deadlines for businesses and other employers

2020 Q1 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there…

3 pitfalls to avoid when naming a beneficiary of a life insurance policy

3 pitfalls to avoid when naming a beneficiary of a life insurance policy Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if you designate the wrong beneficiary or…

Wayfair revisited — It’s time to review your sales tax obligations

Wayfair revisited — It’s time to review your sales tax obligations In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from…

Congress gives a holiday gift in the form of favorable tax provisions

Congress gives a holiday gift in the form of favorable tax provisions As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that…

New law provides a variety of tax breaks to businesses and employers

New law provides a variety of tax breaks to businesses and employers While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses…

Small Businesses: It may not be not too late to cut your 2019 taxes

Small Businesses: It may not be not too late to cut your 2019 taxes Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few…

A divorce necessitates an estate plan review

A divorce necessitates an estate plan review If you’re divorcing, it’s important to review your estate plan as early as possible, for two reasons: First, you may wish to revise your plan immediately to prevent your spouse from inheriting or…

Medical expenses: What it takes to qualify for a tax deduction

Medical expenses: What it takes to qualify for a tax deduction As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make…