Tag Archives: Personal Tax
Impacted by New 1099 Reporting Requirements?
[April 14, 2011 update: President Obama signs the Comprehensive Taxpayer Protection and Repayment of Exchange Subsidey Overpayments Act of 2011, repealing expanded Form 1099 reporting.]
[January 12, 2011: The following post is updated from the original post Receiving Rental Income from a Residential or Commercial Property?published December 14, 2010.]
It’s been all over the news: Congress, as a revenue raiser in its health care legislation, dramatically expanded Form 1099 reporting requirements beginning in 2012, for 1099s filed in 2013.
Now, after a wave (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Real Estate Group, Tax Services
Tagged Business Tax, IRS, Legislation, Personal Tax
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Want to Maximize the Potential Tax Benefits of Gifting?
Sometimes, legislation is as notable for the things it doesn’t change as the things it does. Take last December’s tax bill.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act liberalized many of the rules for gifting and estate planning, at least through 2012.
For example, it increased the lifetime gift tax exemption—the amount of money or other property that you can gift over the course of your lifetime without incurring a gift tax—to $5 million, up from $1 million in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Know the Significant Federal Tax Deadlines for 2011?
Do you know the federal deadline for making your IRA contribution? When to make estimated tax payments? Or when your tax return is due if you request an extension?
The dates are crucial.
If you miss a tax deadline, you can lose an important tax deduction or become subject to substantial penalties and interest.
The following quick-reference guide includes many of the most important federal income tax deadlines for the remainder of 2011, for calendar-year taxpayers.
2011 Federal Income Tax Calendar
First (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Not-for-Profit Practice, Tax Services
Tagged Business Tax, Personal Tax
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Want to Reduce Your Estate Tax? Plan Now to Take Advantage of Recent Legislative Changes
Uncertainty complicates planning. Sometimes, if we’re lucky, it also generates windows of opportunity.
Last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) changed the rules for gifting and estate planning. It temporarily extended a number of expiring tax provisions while also establishing new, albeit temporary, provisions.
The result is a new opportunity for gifting and estate planning.
However, because the Tax Relief Act’s provisions expire after 2012, you only have two years to take advantage of new (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Know the Federal Tax Deductions and Limits for 2011?
As late as December, it appeared that 2011 would usher in big changes to the federal income, estate and gift tax rules.
Then Congress passed, and President Obama signed, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act).
The Tax Relief Act extended a number of expired and expiring federal tax benefits and credits, reducing the number of federal tax changes for 2011. Most, but not all, of the federal inflation-adjusted tax amounts for this year are also unchanged.
Quick Reference (continue reading…)
Posted in Tax Services
Tagged Business Tax, Compensation, Estate + Gift, IRS, Legislation, Operations, Personal Tax, Tax Credits + Incentives
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Benefiting from the Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010?
Calling it “how we’re going to spark demand, spur hiring and strengthen our economy,” President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (Tax Relief Act) on December 17, 2010.
The new law includes temporary provisions to extend a broad range of currently expiring or expired tax rates and benefits, as well as changes to the expired-for-2010-only federal estate tax.
There are no revenue offsets as Congress circumvented PAYGO budgeting rules by designating each provision of the Act (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group
Tagged AMT, Business Tax, IRS, Legislation, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Receiving Rental Income from a Residential or Commercial Property?
It’s been all over the news: Congress, as a revenue raiser in its health care legislation, dramatically expanded Form 1099 reporting requirements beginning in 2012.
Now, after a wave of negative comments, they’re having second thoughts and may very well change or rescind the expanded rules.
Lost in the discussion is a much smaller change to the 1099 reporting requirements, enacted as part of this year’s Small Business Jobs Act. Real property owners―businesses and individuals―who receive rental income will be required to file (continue reading…)
Posted in Closely Held + Family Business Practice, Real Estate Group, Tax Services
Tagged Business Tax, IRS, Legislation, Personal Tax
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In a Washington Registered Domestic Partnership?
Washington’s domestic partner legislation was first enacted in 2007, then expanded in 2008 and further expanded in the everything-but-marriage legislation signed into law by Governor Gregoire in May of 2009.
Taken together, the legislation extended to registered domestic partners (both same-sex and opposite-sex couples) all of the privileges, immunities, rights, benefits, and responsibilities granted to married persons under state law―including community property rights.
But there was one thing Washington state law couldn’t do: force recognition of those community property rights for federal income tax purposes. The IRS required registered (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged IRS, Personal Finances, Personal Tax, Wealth Planning
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Cold Weather Have You Reconsidering Energy-Efficient Home Improvements?
Brrrrrr! 14 degrees. Last week we had some of the coldest weather on record for our region.
Besides the obvious personal discomfort involved, freezing temperatures tend to highlight the costs and other consequences of a less-than-energy-efficient home.
Whether you’re concerned with reducing your monthly expenditures, saving the environment―or just staying warm―energy-saving improvements to your home can provide important benefits. In fact, such improvements can reduce your energy costs by as much as a third while significantly reducing carbon emissions. They can also (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Home Ownership, IRS, Personal Finances, Personal Tax
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