The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the “Act”) was enacted as part of the massive December 2019 appropriations bill. The inclusion of the Act was a surprise, since most thought that it had...
Read MoreIf property is held by someone at their death, the “basis” in the property used by the seller to determine taxable gain on its sale is re-set to the fair market value at the date of death. Income and capital gain tax rates have...
Read MoreBeginning in 2018 new Section 199A permits the owner of a non-C corporation business to deduct up to 20% of the owner’s share of the company’s qualified business income (QBI) from taxable income. For example, if an owner of an...
Read MoreBy: Les Raatz In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or...
Read MoreBy Les Raatz Thirty years ago, Congress passed the Tax Reform Act of 1986. Within the Act, the Passive Activity Loss (PAL) rules limited the ability of taxpayers to take income tax loss deductions from business or rental real...
Read MoreBy Les RaatzContributions to an IRA – Deadline April 15, 2016. Individuals can make annual contributions to Individual Retirement Accounts as late as April 15, 2016 and still treat them as made for the tax year 2015. Wealthier...
Read MoreBy Les RaatzFor many people, IRAs and qualified plan interests may be their most significant financial asset. Except for Roth IRAs, there will be significant ordinary taxable income when distributions are made from inherited...
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