Every business wonders how they can pay less in taxes. Or at least that’s what the firm’s managing partner, David Goldner told me when we sat down on the set of Next Level to chat about tax challenges that growing businesses often face.
With the holidays over, tax-minded individuals are now focused on gathering their paperwork to file 2019 returns and project what their tax situation will look like in 2020. Each year, Congress decides to extend or let expire various provisions of the tax law. This article summarizes some of the more commonly-used “extenders” so individuals and business owners may understand the impact of various courses of action.
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The IRS recently publicized that it will be cracking down on taxpayers for not properly reporting cryptocurrency transactions. In this article, we’ll summarize different types of transactions and how the IRS has recommended they be reported.
In the recent Tax Court opinion in Estate of Aaron U. Jones v. Commissioner of Internal Revenue (T.C. Memo 2019-101), the court came to some surprising opinions that benefit taxpayers valuing businesses for gift and estate tax purposes.
When the Tax Cuts and Jobs Act (TCJA) passed in December 2017, many taxpayers couldn’t foresee the implications of the legislation on their individual withholding for the coming year.
A recent Blackbaud Institute charitable giving report confirmed nationally what we have seen in the Baltimore/Washington, DC area market: charitable giving increased slightly, by 1.5%, from 2017 to 2018. This increase occurred not just among the super wealthy, but also among a larger population of high net worth charitably inclined individuals and families. This uptick in charitable giving is, of course, excellent news for nonprofits. A nonprofit can benefit even more, however, when its staff is able to educate potential donors about several tax benefits of charitable giving – beyond a simple cash donation. To understand the big picture, let’s first step back and take a look at the reason behind the increase in giving.