Below is an overview of current tax laws compared to the proposed plan put forth by Democratic Presidential Nominee Joe Biden. Overall, Biden’s proposed plan could result in substantially more [...]
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With the new normal of employees working remotely, employers should consider that these workforce strategies may have significant unexpected state tax implications and could create potential tax [...]
The Irrevocable Spousal Trust is an irrevocable trust that you and/or your spouse create during your lifetime for the ultimate benefit of your children. The trust is structured to be funded using [...]
The CARES Act waives the required minimum distribution rules for IRAs during 2020. The waiver is not applicable to defined benefit plans (i.e. pensions). Example: While employed, Larry [...]
Charitable Contributions from an IRA If you are over age 70½ and have a traditional IRA, you may make up to $100,000 of donations directly to charity with no income recognition. In the proper [...]
The U.S. Supreme Court’s ruling in South Dakota v. Wayfair, Inc., 138 S. Ct. 2080 (2018), has led to significantly increased exposure to sales tax for businesses with interstate sales. This [...]
Many individuals do not realize the value of their digital records and the potential for loss if these assets are lost or inaccessible. Individuals should identify these assets and address the [...]
The Pennsylvania Department of Revenue reminds that all marketplace facilitators and online sellers meeting Pennsylvania’s economic presence threshold (i.e., Pennsylvania annual gross sales of [...]
With the passage of the 2017 Tax Act, the Federal Estate and Gift Tax Exemption was increased to $11.4 million per person or $22.8 million per married couple for 2019. The exemptions are set to [...]
Metz Lewis strongly recommends that if any parent has children age 18 or older who are not married, they should get their children to sign a Medical Power of Attorney (POA) so that a healthcare [...]
