The U.S. Tax Court recently issued a 271-page opinion, ending the long-running litigation between the Estate of Michael Jackson and the Internal Revenue Service. The court’s ruling was a major win for Jackson’s estate and the decision has the potential to impact future valuation cases.
On March 11, 2021, President Biden signed the American Rescue Plan into law. This $1.9 trillion COVID relief bill contains several tax provisions. Here are the highlights for individuals and businesses.
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On March 11, 2021, Maryland Comptroller Peter Franchot extended the state’s income tax filing deadline by three months to July 15, 2021. Taxpayers will not face interest or penalties if they file returns and pay taxes owed by the new deadline. This change will apply to individual, pass-through, fiduciary and corporate income tax returns, including first and second quarter estimated payments.
Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.
Whether you want your company to continue growing after you retire or simply want to turn a profit on the sale of your business, every company owner needs an exit plan. As a CPA who has worked with business owners for decades, I’ve seen several companies unravel simply because they failed to plan ahead. Here’s just one example of a company that lost it all.
It’s normal for high net worth families to have “family offices” that manage banking, investments, bill paying and more. But most of us aren’t born with the name Rockefeller and we don’t have family offices. However, I believe there are lessons to be learned from family offices that are helpful for any family who wants to get a better handle on their financial situation. As a CPA and Certified Financial Planner, I work with high net worth clients who have family offices. I apply some of the principles behind family offices to my other clients. Let’s look at family offices, their purpose and how we can apply their benefits to the financial matters of everyday folks.