So far 2020 has been filled with great uncertainty. However, two things are certain through the end of 2020 – (1) we know the tax rules and the planning implications for individuals, and (2) we [...]
Pennsylvania taxpayers have for many years been able to give money to a qualifying charity and get a credit against state income taxes for at least 75% of the gift under the Pennsylvania [...]
A little-known planning technique may provide assistance to individuals with disabilities (the onset of disability must have occurred before turning age 26). In 2018, total contributions up to [...]
Part 1 of this blog post (available here), summarized eight tax regulations identified by Treasury Secretary Mnuchin as needing simplification or being particularly burdensome to the taxpayer. On [...]
Practical Tax Management for Parents and Grandparents of Young Adults (1 of 3)
In Tax and Estate Planning PostedIn tax planning and wealth management, professionals focus on managing capital gains tax liability. Common tools employed in this pursuit include loss harvesting and charitable gifting of [...]
President Trump issued Executive Order 13789 on April 21, 2017 (the “EO,” available here) directing the Secretary of the Treasury to review all “significant” tax regulations issued after December [...]
By way of background, a Roth IRA is a retirement plan where the funds contributed to the plan do not qualify for an income tax deduction, but are also not taxed upon withdrawal. On the other [...]
Current Tax Planning Opportunities with Oil, Gas, and Other Distressed Assets
In Tax and Estate Planning PostedActing boldly when others are meek can result in very effective estate tax planning. It seems counter-intuitive, but the recent halving of oil prices and a similar bloodletting in natural gas [...]
Lifetime trusts offer families both tax and non-tax benefits. Careful drafting of lifetime trusts allows greater-than-expected flexibility to address unexpected future circumstances. Tax [...]
