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Understanding New IRS Rule On Contractor Tax Compliance

By Megan L. Brackney Law360 January 2018 The U.S. Treasury Department recently issued an interim rule to improve the Internal Revenue Service’s ability to identify contractors who have delinquent federal tax liabilities. Contractors should review their filing histories and recent returns to make sure they are

Tax-Efficient Required Minimum Distributions

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal January 2018 Issue Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½, account holders must make required minimum

Planning for Charitable Giving by High-Income Taxpayers

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal November 2017 Issue For 2015, the most recent year for which statistics are available, the average charitable contribution deduction for those with adjusted gross income (AGI) of $200,000–$250,000 was $11,370 (Statistics of Income

Lifetime Planning with Life Insurance

By Sidney Kess and Edward Mendlowitz CPA Journal December 2017 Issue Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role to play in virtually all phases of the typical

Helping Business Owners Understand Valuation Approaches

By Sidney Kess and Edward Mendlowitz CPA Journal November 2017 Issue Individuals who own businesses frequently need to have the business valued. Sometimes it is for a specific purpose, such as for postsale retirement planning; other times, it might be because of estate tax planning,