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New Tax Procedures for Expatriates

The IRS has announced new tax relief for expatriates who meet certain requirements (IR-2019-151, 9/6/19). This relief only applies to individuals who have not filed federal tax returns as U.S. citizens or residents, owe a limited amount of back taxes and have net assets of less than $2 million. Also, past compliance failures must have [...]

By |2020-01-07T21:00:49+00:00January 3rd, 2020|Individual Tax, International|0 Comments

2019 Year-End Tax Planning Letter

FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]

Six Year-End Tax Moves for Businesses

Many small business owners are still sorting through the massive changes included in the Tax Cuts and Jobs Act (TCJA). Generally, as opposed to the provisions for individuals, the rules affecting businesses are permanent in nature. Keeping that in mind, following are six year-end planning strategies to consider in 2019. Maximize Section 179 deductions. The [...]

Six 2019 Year-End Tax Moves for Individuals

The Tax Cuts and Jobs Act (TCJA) of 2017—passed almost two years ago—continues to have a significant impact on year-end planning in 2019. Many of the changes in the TCJA for individuals are effective for 2018 through 2025. Accordingly, consider these six strategies for reducing your personal tax bill this year. Manage securities transactions. Depending [...]

By |2019-11-14T19:52:40+00:00November 14th, 2019|Individual Tax, News & Events|0 Comments

2020 Retirement Plan Limits Announced

The retirement plan limits for 2020 have been released.  The 401(k) and SIMPLE IRA deferral limits increased, along with the catch-up contributions for 401(k), maximum plan compensation, the annual addition limit and the taxable wage base. Other limits, such as the contribution limit for personal IRAs, catch-up contributions for both SIMPLE IRAs and personal [...]

Explaining Required Minimum Distributions aka RMDs

We get asked a lot of questions about IRAs, and their required minimum distributions or RMDs.  So Mindy Norton with our JMF Pension Consulting group provided the following synopsis to help explain. As an individual, you are required to begin taking minimum distributions from your traditional IRA in the year in which you turn [...]