If you are 70 1/2 or older and subject to required minimum distributions from your IRA, consider using Rollover Required Minimum Distributions up to $160,000 to make charitable gifts. You must [...]
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Pennsylvania is offering a tax amnesty program. Act 84 of 2016 authorized the Pennsylvania Department of Revenue to administer a Pennsylvania Tax Amnesty Program. The Amnesty period will run from [...]
Assets owned in a revocable living trust go directly to named trust beneficiaries when you die, eliminating the process of probate from their assets. That can make a living trust a valuable [...]
A Healthcare Power of Attorney may be one of the most important documents a person executes and has in effect, especially for a young adult. Many families plan for Mom and Dad with the possible [...]
The Internal Revenue Service prohibits a charitable contribution deduction for any contribution of $250 or more unless the taxpayer substantiates this contribution by a contemporaneous written [...]
A person creates a Grantor Retained Annuity Trust (GRAT) by transferring assets to an irrevocable trust for the benefit of a beneficiary and retains an annuity interest. A person who establishes [...]
The federal estate tax exclusion has grown from $5,000,000 in 2011 to $5,340,000 in 2014. Beginning in 2011, if properly elected, the unused exclusion of one spouse’s estate could be used by the [...]
The phase-out of Pennsylvania’s Capital Stock Tax & Franchise Tax was final as of January 1, 2016. This phase-out had been proposed for many years, however, the elimination of the tax [...]
On December 18th, 2015, President Obama signed into law legislation that includes a permanent extension of the qualified charitable distribution (QCD) sometimes referred to as IRA Charitable [...]
You receive a call at home telling you this is your final notice from the IRS and that the IRS is going to file a lawsuit for taxes owed. This call is a scam. The IRS will never telephone you [...]
