Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership vs. management succession One reason
Victor Dozzi
Jul 8, 2020
Business succession and estate planning: It can be complicated
- By Victor Dozzi
- Estate
- 0 Comments
Read More
Jul 2, 2020
Concealing a trust could run afoul of state law
- By Victor Dozzi
- Estate
- 0 Comments
If your estate plan includes trusts, you may want to keep them a secret from the beneficiaries, such as your children. But, don’t run afoul of state law, which may require trustees to disclose information to beneficiaries. For example, the Uniform Trust Code adopted by many states requires a trustee to provide trust details to
Jun 30, 2020
Is there a fraud perpetrator behind those behavioral issues?
- By Victor Dozzi
- Fraud
- 0 Comments
The most common behavioral red flag exhibited by occupational fraud perpetrators is living beyond their means. This may be tough to spot if you don’t work closely with a fraud suspect. But as the Association of Certified Fraud Examiners has found, more obvious non-fraud offenses may correlate with criminal actions. For example, many perpetrators had
Jun 23, 2020
Nonprofits: Carefully navigate the upcoming election
- By Victor Dozzi
- Non-Profit
- 0 Comments
The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean your organization is free to participate in campaign activities. In general, Section 501(c)(3)s risk losing their tax-exempt status if they participate in campaigning. However, there’s more nuance in the rules than you might suspect. 5
Jun 17, 2020
When nonprofit contributions are quid pro quo
- By Victor Dozzi
- Non-Profit
- 0 Comments
Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment.
Jun 11, 2020
Do you have tax questions related to COVID-19? Here are some answers
- By Victor Dozzi
- Taxes
- 0 Comments
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can
Jun 9, 2020
Build flexibility into your estate plan with powers of appointment
- By Victor Dozzi
- Estate
- 0 Comments
There are several tools to build flexibility into your estate plan. One tool is a power of appointment. It’s simply a provision in your estate plan that permits another person, such as a beneficiary, to determine how, when and to whom certain assets in your estate or trust will be distributed. The person who receives
May 28, 2020
There’s still time to make a deductible IRA contribution for 2019
- By Victor Dozzi
- Taxes
- 0 Comments
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA
May 21, 2020
Business charitable contribution rules have changed under the CARES Act
- By Victor Dozzi
- Business
- 0 Comments
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has
May 19, 2020
Now may be the time to forgive intrafamily loans
- By Victor Dozzi
- Estate
- 0 Comments
An intrafamily loan may be an attractive estate planning tool if you’ve already used up your gift and estate tax exemption or if you wish to save it for future transfers. But if you have exemption to spare, forgiving an intrafamily loan allows you to transfer the entire loan principal plus any accrued interest tax-free,