Avoid 529-Plan Pitfalls
A 529 Plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. When college time comes, parents expect to be able to tap into their savings for the use it was intended, but beware! You... »
Is Bitcoin a Fad or the Future?
What is Bitcoin?  Bitcoin is virtual money.  Over the past year the term has been frequently used and has gone from a wacky science project to mainstream currency.  What exactly is a Bitcoin?  What is it good for?  What does the future hold for online currency? One thing is... »
IRS Goes After Michael Jackson Estate
The IRS has filed documents in Tax Court claiming that the Michael Jackson estate owes $702 million in taxes and penalties. When Jackson died in 2009, the executors of his estate claimed that his estate had a very low valuation because Jackson's popularity had significantly declined.  The executors valued... »
Possible Changes to New York State Estate and Gift Tax
Pending Changes to Estate Tax Law - February 2014 Governor Cuomo's recently released budget bill proposes important changes to the New York estate tax and the New York income taxation of certain trusts. Proposed changes require high net worth individuals and trustees of certain trusts to consider taking action between now... »
Tax and Gift Changes for 2014
In 2013 Congress made the federal estate tax laws so-called "permanent" with the American Taxpayer Relief Act ("ATRA"). ATRA made raised the exclusion amount to $5.34 million per person. It also introduced the concept of "portability", which allows a surviving spouse to add the unused portion of the decedent... »
Tax Brackets and Standard Deductions for 2014
The IRS has announced the annual inflation adjustments for 2014, with the big news being the new tax brackets. Keep in mind these are for 2014 taxes--the ones you will be filing in 2015, not the ones you are currently working on. Married Filing Jointly and Surviving Spouses Married Filing Separately Single Taxpayers Head... »
1 2 3