The United States Tax Court has again sided with the Internal Revenue Service in disallowing a charitable contribution because there was no contemporaneous written acknowledgement from the [...]
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President-elect Donald Trump has proposed cutting the top marginal income tax rate to 33% as well as eliminating the 3.8% net investment income tax. Mr. Trump has also proposed an overall cap on [...]
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 [...]
Effective January 1, 2017, Congress implemented critical changes to Section 831(b) of the United States Tax Code when it passed the Protecting Americans From Tax Hikes Act of 2015 (“PATH”) as [...]
The IRS has recently committed substantial audit resources toward small and mid-market companies that are involved with or have formed captive insurance companies under Section 831(b) of the [...]
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 [...]
On August 4, 2016, the IRS issued proposed regulations that would eliminate most valuation discounts for family-owned entities. The proposed regulations will be effective 30 days after they [...]
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 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 [...]
With the recent dip in the stock market, now may be an excellent time to consider converting your Traditional IRA to a Roth IRA. Converting your IRA to a Roth IRA will subject your IRA to income [...]
