If a trust is subject to high state income taxes, you may be able to change its residence to a state with low or no income taxes. While the advantages are many, it’s important to review both states’ laws for determining a trust’s “residence” for tax and other purposes. Typically, states make this determination based
Ellenbogen
Mar 19, 2019
Moving a trust over state lines can offer tax savings and other benefits
- By Ellenbogen
- Estate, Taxes
- 0 Comments
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Mar 14, 2019
The 2018 gift tax return deadline is almost here
- By Ellenbogen
- Taxes
- 0 Comments
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018
Mar 13, 2019
There’s still time for small business owners to set up a SEP retirement plan for LAST year
- By Ellenbogen
- Business, Retirement, Taxes
- 0 Comments
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution
Mar 12, 2019
Does your nonprofit adequately protect whistleblowers?
- By Ellenbogen
- Non-Profit
- 0 Comments
A formal whistleblower policy is critical to protecting your not-for-profit’s financial security and public reputation. Your policy should state which individuals (for example, staffers, volunteers and clients) and activities (such as fraud, conflicts of interest and discrimination) are covered. Also explain how reports will be investigated and what will happen when investigations end. It’s particularly
Mar 7, 2019
No, it’s not unusual to include your pet in your estate plan
- By Ellenbogen
- Estate
- 0 Comments
A pet trust is a legally sanctioned arrangement in all 50 states that allows you to set aside funds for your pet’s care in the event you die or become disabled. After the pet dies, any remaining funds are distributed among your heirs as directed by the trust terms. The basic guidelines are comparable to
Mar 6, 2019
Preventing phoenix companies from taking flight with your money
- By Ellenbogen
- Business, Fraud
- 0 Comments
Bankruptcy can be a valid business tool when used properly. Unfortunately, it can also enable less-than-honest business owners to profit at the expense of their creditors. Such is often the case with “phoenix” companies that rise from the ashes of businesses that were deliberately run into the ground. To avoid becoming the unpaid creditor of
Mar 5, 2019
D&O insurance: Some FAQs for nonprofits
- By Ellenbogen
- Non-Profit
- 0 Comments
Directors and officers (D&O) liability insurance enables board members to make decisions without fear that they’ll be personally responsible for any related litigation costs. Such coverage is common in the business world, but many not-for-profits incorrectly assume that their charitable mission and the volunteer status of their board insulate them from lawsuits. To determine whether
Feb 28, 2019
How to convince donors to remove “restricted” from their gifts
- By Ellenbogen
- Non-Profit
- 0 Comments
Restricted gifts can be difficult for not-for-profits to manage. Unlike unrestricted gifts, these donations can’t go into your general operating fund and be used where they’re most needed. Some donors will be determined to make restricted gifts, but you may be able to persuade others to remove restrictions if you explain how the money will
Feb 27, 2019
Beware the Ides of March — if you own a pass-through entity
- By Ellenbogen
- Business, Taxes
- 0 Comments
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until
Feb 26, 2019
The home office deduction: Actual expenses vs. the simplified method
- By Ellenbogen
- Business, Taxes
- 0 Comments
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods for claiming this deduction: the actual expenses method and the