Save Now While Saving for Later: Retirement Funds and Year-End Tax Planning

  The new tax law did not change the rules regarding retirement plan contributions and their limits. Taxpayers can still lower their taxable income by making contributions to their retirement savings plans before year-end. The Employee Benefit Research Institute’s 2018 Retirement Confidence Survey indicates that only 32% of retirees are...

Reduce Your Tax Bill With Year-End Charitable Giving

There are many reasons that people donate to charities and the charitable giving tax deduction has always been one of them. However, by eliminating many other itemized deductions and increasing the standard deduction, the new tax law has reduced the tax incentive for charitable giving. Many taxpayers feel that they...

Role of the Trustee

When Edna Sue Pate was appointed trustee of her 10 year-old grandson’s $100,000 college fund in 2003, it is unlikely that her relatives knew about her gambling addiction. Or perhaps they thought that her grandmotherly instincts would nevertheless make her a reliable protector of her grandchild’s money. As far as...

Why a Tax Attorney’s Advice is Important: Case Study – Cavallaro

Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice of Counsel JD Supra Business Advisor recently published our case study on the Tax Court Opinion in the Cavallaro matters - a true rags to riches story involving taxation, and why a tax attorney's advice/representation is important....

Why a Tax Attorney’s Advice is Important: Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice by Counsel

Case of the Week: Cavallaro A recently published tax court opinion provides us with a fascinating case involving a rags to riches story of a tightly-knit hardworking family and the creation, merger and eventual sale of two related family companies. It hit our radar because of the impermissible tax position...