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The “Reciprocal Trust” Doctrine Can Wreak Havoc on Your Estate

Consider this scenario: You and your spouse have pooled your finances and share everything equally. As part of your estate plan, both of you decide you want to move assets […]

State Tax Considerations for the New Year

As we move into 2023, here are some state and local tax issues and compliance challenges to consider. State Tax Implications of Teleworking Employees During the pandemic, millions of employees […]

Know The Tax Rules for Renting Out a Vacation Property

Summer is not that far off. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the […]

Supercharge Non-Taxable Gifts Through Payments of Tuition and Medical Expenses

The lifetime gift and estate tax exemption will be increasing by $860,000 to $12.92 million per individual in 2023. Additionally, the annual gift tax exclusion will increase by $1,000 to […]

Can My Penalty Be Abated Under “Reasonable Cause?”

After a busy filing season, one of the frequently asked questions from my clients is whether the penalty and interest assessment on income tax notices they received could be waived. […]

What Is the 179D Deduction, and How Can You Benefit?

The 179D deduction is not new, but the Inflation Reduction Act (IRA) changed its application and mechanics while greatly increasing the maximum potential benefit. This post is an overview of […]

Corporate Culture and Hybrid/Remote Work

According to a 2022 McKinsey survey of 25,000 people, 58% of all Americans report having the opportunity to work from home at least one day per week. About 35% report […]

Retirement and Estate Planning Under the Secure Act

The SECURE Act (the Act), enacted at the end of 2019, introduced sweeping changes to retirement plans. Estate planning revolving around retirement plan benefits has changed since the Act took […]

NYC Resident Owners of a Pass-through Entity May Benefit from the New York City Pass-Through Entity Tax

In the past year, many states adopted pass-through entity tax legislation as a workaround for the federal $10,000 state and local tax deduction cap. Currently, more than half of the […]