Estate tax credits, gift exclusions, among increases

With the fourth quarter of 2022 here, it is time to consider how to be best positioned to minimize your tax liabilities before the end of the year

Backlog of tax filings may leave taxpayers asking, ‘Where is my refund?’

Many individuals and businesses make charitable gifts during the holiday season. In addition to being a time of increased need for many non-profits, gifts made before the end of the tax year can bring income tax benefits.

In more than 30 years of practicing law, I have heard some common misconceptions about estate planning. These myths often center on the will drafting process which can result in intended beneficiaries not receiving what they should when you die.

Changes to Power of Attorney rules in New York take effect in June

Though 2020 is coming to an end, there is still time left to make charitable contributions that qualify as a tax deduction on your 2020 federal income tax return.

Thanks to the passage of the CARES Act, there is an opportunity for additional giving at a time when the demand for services is up, and the donations are down at many non-profits.

Though most people dread receiving mail from the Internal Revenue Service, those letters often provide important information to taxpayers who may be delinquent on their payments. Failure to open and respond in a timely fashion to IRS notices can lead to late fees, fines and a host of other troubles.

Last month, the IRS made a highly unusual announcement. Due to shutdowns during COVID-19, the agency has been buried in a mountain of unopened mail. That includes mail from taxpayers including checks to make tax payments. With those checks unprocessed, taxpayers may receive a notice of non-payment that could lead to understandable confusion and panic.

On February 12, 2020, the New York Stock Exchange reached an all-time high, closing at 29,551. Consumer confidence was skyrocketing and for many Americans, their retirement accounts were growing.

We all know what happened next.

Barely two weeks later came reports of the first American death attributed to COVID-19. Within a month the American economy would be paralyzed by a national shutdown of all “non-essential” businesses. Just a few months removed from a record high on the New York Stock Exchange, America was plunged into a recession.