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
By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the
By Jerald David August Journal of Passthrough Entities September – October 2017 Edition In McKelvey, the executor of the taxpayer’s estate petitioned for a redetermination of the $41.26M deficiency in income tax for 2008, processed by the IRS, attributable to his entering into various variable prepaid forward contracts (“VPFCs”) with respect to
By Jerald David August The CPA Journal October 2017 Edition Tax advisors of estates are generally aware that the executor or personal representative of the estate is personally liable for the payment of federal estate taxes not only with respect to the probate estate, but also for estate taxes attributable to
By Sidney Kess, James R. Grimaldi, and James A.J. Revels The CPA Journal March 2016 More than 2.1 million couples get married in the U.S. each year according to the National Center for Health Statistics. Few probably give any thought to the tax implications of their union. But taxes can have
