Generation Skipping Trusts, also known as GSTs, are an excellent estate planning tool created to avoid double estate taxation at the death of a grantor and the subsequent death of their children. Considering the potential changes in estate tax exemptions coming soon, this type of trust may become an increasingly useful tool in planning for
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Preparing for the 2017 Tax Cuts and Jobs Act Sunset: Strategies for Wealthy Clients
Tax Cuts and Jobs Act Sunset For wealthy individuals and families, taxes are typically top of mind when it comes to managing their finances effectively. The 2017 Tax Cuts and Jobs Act (TCJA) provided significant relief by doubling the estate tax exemption, among other provisions. However, these favorable terms have a rapidly approaching expiration date
Corporate Transparency Act of 2021– Are You a Beneficial Owner?
Corporate Transparency Act of 2021 Congress passed the bipartisan Corporate Transparency Act in 2021 with the goal to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in the country’s marketplace. The law went into effect on January 1, 2024. Many companies
What is Probate?
What is probate? In California, when a person dies having assets in their name worth over $184,500, their estate is subject to probate whether they had a will or not. A will does not prevent probate. The only difference between having a will and not having a will is that with a will, the testator
The Three Types of California Franchise Tax Board FTB Audits
Three Types of FTB Audits As with all taxing authorities, the California Franchise Tax Board or FTB, conducts audits of tax returns. There are three types of FTB audits. This blog post will discuss the three types of FTB audits California Taxpayers may face. The first type of audit is a regular audit. This type
Strategies For Using U.S. Tax Credits
Keeping-Up with U.S. Tax-Savings for your U.S. Business! U.S. Tax Credits Are you operating or forming a U.S. business that can use U.S. tax-savings? Strategies for using U.S. tax credits and deductions may add substantial value to your business! Proposed U.S. tax benefits to watch You are probably aware of generous U.S. energy-related tax credits
Third Party Settlement Organizations (TPSOs) Will Need to Issue 1099-K forms Starting in 2024
1099-K forms Congress passed legislation in 2021 that required Third Party Settlement Organizations (TPSOs) such as Venmo, Zelle, and Cash App to issue 1099-K forms to payees who receive $600 or more in a tax year. While the IRS delayed implementation of the legislation for the 2022 and 2023 calendar years, it is not likely
The New 529 Rollover Provision: What It Means for Parents Saving for College
New 529 Rollover Provision For years, the 529 rollover has been a popular way for parents to save for their children’s education. These tax-advantaged accounts offer a variety of benefits, including tax-free growth and qualified withdrawals. However, one of the drawbacks of 529 plans has been that the funds may only be used for qualified
Free Tax Filing for Millions: A Guide to IRS Free File Program
IRS Free File Program Tax season is here and for many Americans, it is a time of stress and anxiety. Filing taxes can be complex and confusing, and the cost of hiring a tax preparer can add to the burden. But what if there was a way to file your taxes for free? Here is
Top 10 Overlooked Tax Deductions to Boost Refunds
Overlooked Tax Deductions Tax season is upon us, and taxpayers are diligently gathering W-2s, receipts and preparing their tax returns. And just like every other year, according to the IRS, millions of people will miss out on deductions to which they are eligible, that could significantly boost tax refunds. These hidden gems could substantially reduce