By Sidney Kess The CPA Journal October 2019 Making Social Security decisions is relatively simple for seniors filing single tax returns. Assuming modest or no earned income, retirement benefits can begin as early as age 62. By age 70, however, the waiting game must stop; seniors who begin then receive the maximum
By Sidney Kess, James R. Grimaldi, and James A.J. Revels The CPA Journal October 2019 The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of life. These changes require financial planners to reorient their thinking about
By Sidney Kess and James R. Grimaldi The CPA Journal August 2019 At first glance, the Tax Cuts and Jobs Act of 2017 (TCJA) had little direct impact on the tax treatment of charitable giving. Drilling down, however, it has significantly affected donation-related tax benefits. Many individuals might not be
By Sidney Kess and Edward Mendlowitz The CPA Journal August 2019 Financial planning services can be a separate service or an add-on to tax or other services. With the Tax Cuts and Jobs Act’s (TCJA) simplification of tax returns for many individuals, the CPA’s role as a preparer is being diminished;
By Sidney Kess and Edward Mendlowitz The CPA Journal June 2019 Trusts enable individuals to ensure the financial health of loved ones long after they are gone, but only if they are properly set up and administered. Trustees bear a great personal responsibility in ensuring that the trust is handled properly.
By Sidney Kess The CPA Journal May 2019 The tax impact on investment income can be mitigated through the transfer of assets into retirement accounts. Not all accounts and investments are taxed equally, however, and the most efficient strategy is not always immediately apparent. Sidney Kess compares the three broad
By Sidney Kess and James R. Grimaldi The CPA Journal February 2019 The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Sidney Kess and James R. Grimaldi, in their article titled “New Risks and Potential Rewards in Roth IRAs,” published in
By Sidney Kess, James A.J. Revels, James R. Grimaldi, and Thomas K. Lauletta The CPA Journal February 2019 Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don’t.” Aside from the emotional issues involved in divorce, there are also tax
By Sidney Kess, James A.J. Revels, James R. Grimaldi, and Thomas K. Lauletta The CPA Journal February 2019 The National Center for Health Statistics reports that more than 2.1 million couples get married in the United States each year. Few probably give any thought to the tax implications of their union.
By Sidney Kess The CPA Journal January 2019 Under the Tax Cuts and Jobs Act of 2017 (TCJA), the number of taxpayers that take the standard deduction on their federal income tax return may rise to over 90%, according to the White House Council of Economic Advisers. The TCJA made the
