Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4
Ellenbogen
Sep 26, 2019
Sep 25, 2019
When nonprofits need to register in multiple states
- By Ellenbogen
- Non-Profit
- 0 Comments
Many not-for-profits use fundraising methods that cross state boundaries. If yours is one of them, it may need to register in multiple jurisdictions. But keep in mind that registration requirements vary, sometimes dramatically, from state to state. For example, some states exempt certain nonprofits from registering and others require them to register but drop annual
Sep 24, 2019
2019 Q4 tax calendar: Key deadlines for businesses and other employers
- By Ellenbogen
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October
Sep 19, 2019
Getting a divorce? There are tax issues you need to understand
- By Ellenbogen
- Taxes
- 0 Comments
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For
Sep 18, 2019
Protect your nonprofit from occupational fraud threats
- By Ellenbogen
- Fraud, Non-Profit
- 0 Comments
Many not-for-profits increase their occupational theft risk by devoting too little of their budget to internal controls, placing excessive trust in staffers and volunteers and failing to punish fraud perpetrators appropriately. Board members who lack the financial knowledge to spot irregularities are another risk. Because your organization likely can’t afford any fraud losses, you need
Sep 17, 2019
Control how your charitable gifts are used by adding restrictions
- By Ellenbogen
- Estate, Non-Profit
- 0 Comments
If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. One way to help preserve your charitable legacy is to place restrictions on the use of your gifts. For example, you might limit the use of your funds
Sep 12, 2019
The key to retirement security is picking the right plan for your business
- By Ellenbogen
- Business, Retirement
- 0 Comments
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made
Sep 11, 2019
The connection between fraud and geometry
- By Ellenbogen
- Fraud
- 0 Comments
Fraud experts have long suggested that the presence of three conditions (pressure, rationalization and opportunity) greatly increases the likelihood that an employee will commit fraud. This is known as the “fraud triangle.” Over the years, the original triangle framework has been expanded to add capability (generally fraud-prone personality characteristics) to define a “fraud diamond.” Other
Sep 10, 2019
The next estimated tax deadline is September 16: Do you have to make a payment?
- By Ellenbogen
- Taxes
- 0 Comments
If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The 3rd 2019 estimated tax payment deadline for individuals is Monday, Sept. 16. Even if you do have some withholding from paychecks or other payments, you may
Sep 5, 2019
The tax implications of being a winner
- By Ellenbogen
- Taxes
- 0 Comments
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! But be aware there are tax consequences. You must report 100% of your winnings as taxable income. If you itemize deductions, you can deduct losses but only up to the amount of winnings. You report lottery winnings as income in the