Latest News

May 11 , 2018 | Posted by Julie Griswold |

Potential Tax Relief on 2017 Tax Returns in Federally-Declared Disaster Areas in Indiana, Ohio and West Virginia Occurring in 2018

The President recently declared federal disaster areas for numerous counties affected by the severe storms, flooding, landslides and mudslides which occurred in Indiana from February 14 to March 4, 2018, in Ohio during the period of February 14 to 25, 2018 and in West Virginia during the period of February 14 to 20, 2018.

The…

April 27 , 2018 | Posted by James McGrath |

Rough Seas Ahead, Should you Change Course?

As most everyone knows, the past few months have seen volatility return to the investment markets.  2017 was a historic year for the S&P 500 (500 largest US companies) where the index was positive every month of the year with the number of 1% moves experienced (up or down) only being eight. We’ve now had…

April 27 , 2018 | Posted by Andrew Green |

Know the Perils of Financial Testimony by Owners and Employees

Owners, executives and other key employees sometimes testify in litigation involving lost profits or valuation issues. But beware: Layperson testimony that crosses over into expert witness territory is at risk of being excluded from evidence.

Lay vs. expert testimony

Rule 701 of the Federal Rules of Evidence (FRE) governs opinion testimony by lay witnesses. A…

March 15 , 2018 | Posted by Brian Stautberg |

Tax Cuts and Jobs Act Impact on Retirement Plans and IRAs

The Tax Cuts and Jobs Act modifies several provisions related to retirement plans and IRAs. These include:

  • the repeal of the special rule permitting recharacterization of Roth IRA conversions,
  • an increase in the period during which a qualified plan loan offset amount may be rolled over,
  • relief for qualified 2016 disaster distributions, and
  • an…
March 12 , 2018 | Posted by Brian Stautberg |

Changes to Alternative Minimum Tax for Individuals

The Tax Cuts and Jobs Act temporarily increases the alternative minimum tax (AMT) exemption amounts for individuals for tax years 2018 through 2026 and significantly increases the point at which the exemption begins to phase out. The AMT system was originally enacted to ensure that all taxpayers, particularly higher-income taxpayers, pay at least a minimum…

March 8 , 2018 | Posted by Brian Stautberg |

Impact of the Tax Cuts and Jobs Act on Homeowners

Traditionally, tax law provides numerous incentives for home ownership by allowing the deduction for mortgage interest and real estate tax. The Tax Cuts and Jobs Act modifies these popular tax benefits as explained below.

Mortgage Interest

Home mortgage interest is generally deductible if it is paid or accrued on acquisition indebtedness or home equity indebtedness…

March 5 , 2018 | Posted by Brian Stautberg |

Estate, Gift, and GST Tax Exclusions Increased

The Tax Cuts and Jobs Act doubles the basic exclusion amount for federal estate and gift taxes and the exemption amount for the generation-skipping transfer (GST) tax. For the estates of decedents dying and gifts made after 2017 and before 2026, the amount increases from $5 million to $10 million, as adjusted for inflation.

Estate…

March 1 , 2018 | Posted by Brian Stautberg |

New Favorable Tax Depreciation Provisions

The Tax Cuts and Jobs Act modifies provisions related to depreciation and expensing of fixed assets. These changes extend and modify the additional first-year depreciation deduction through 2026 (through 2027 for longer production period property and certain aircraft), increase the Code Sec. 179 dollar and investment limitations, expand the definition of Code Sec. 179 property,…

February 27 , 2018 | Posted by Brian Stautberg |

Impact of Tax Cut and Jobs Act on Families

The Tax Cuts and Jobs Act made sweeping tax changes that impact virtually all taxpayers. For individual taxpayers and their families, changes include a decrease in the tax rates, repeal of the personal exemption, increase in the standard deduction, modification to itemized deductions, and doubling of the child tax credit.

Under the Tax Cuts and…

February 22 , 2018 | Posted by Brian Stautberg |

Corporate Tax Changes

The recently enacted Tax Cuts and Jobs Act calls for a 21-percent corporate tax rate beginning in 2018. The maximum corporate tax rate previously topped out at 35 percent. In addition, the 80-percent and 70-percent dividends-received deductions under previous law were reduced to 65 percent and 50 percent, respectively. The Tax Cuts and Jobs Act…