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TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses With 401(h) Plans
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COVID-19 Relief in 2021: What Small Businesses Need to Know
The Biden Tax Plan
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NOWOTNY KNOWS SQUAT! Helping Financial Advisors Build a Clientele and Asset Under Management (AUM)!
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The Freeman Law Project – Episode 21 – The New York Times and President Trump's Taxes
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On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (OBBBA). While OBBBA contains various provisions that impact high-net-worth individuals, this alert focuses on OBBBA provisions...more
Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more
Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes...more
The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted...more
By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more
Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations...more
As spring arrives, it is time for a look at the latest tax changes and their effects on individuals and nonprofits making gifts and receiving contributions. 2021 presents an opportunity to take advantage of increased...more
Last year brought with it several unexpected challenges due to the COVID-19 pandemic, including economic, social, and financial hardships that have left many in a position of extraordinary need. ...more
Business owners who work hard to grow a business and sell it (hopefully, with a substantial windfall) oftentimes focus on philanthropy and making a difference with their new-found wealth. Successful sellers usually recognize...more
On December 27, 2020, “The Consolidated Appropriations Act of 2021” (H.R. 133) (the “CAA”) was signed into law by the President. The CAA includes various updates to, and additional funding for, programs established under the...more
Special Tax Deduction for Cash Donations to Charities in 2020 - In the latest post on A Closer Look, Tax Exempt and Government Entities Commissioner Edward Killen reminds taxpayers there’s a special deduction for cash...more
Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more
Among the many forms of relief included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, certain “limited-time only” enhanced tax benefits for charitable giving are of particular note as we head into the end...more
For charitably inclined individuals, there is a significant amount of uncertainty brought on by possible policy shifts that may occur if former Vice President Joe Biden is elected and Democrats take a majority in the Senate....more
For many businesses and individuals, charitable giving is a way to give back to the organizations or communities of their choosing while allowing them to qualify for tax deductions. Starting in 2020, the Coronavirus Aid,...more
The CARES Act made a number of well publicized revisions to the tax code, including as to the payment of employee wages and the deduction of interest and net operating losses. Perhaps lesser known are the revisions in the...more
With all the economic uncertainty caused by COVID-19 this year, charitable organizations are facing financial shortfalls, just as some families and businesses also continue to struggle. Many donors may be looking to...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”) provides emergency assistance and health care response for individuals, families, and businesses affected by COVID-19. The CARES Act also includes...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a wide array of temporary tax benefits designed to encourage charitable giving during the 2020 calendar year. The most significant tax benefit is the...more
It is no secret the Coronavirus has impacted the way Americans live their day-to-day lives. The virus has negatively affected many Americans’ jobs, livelihood, and finances. In such an uncertain time, it may be difficult to...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes four changes to the rules for charitable income tax deductions: 1. $300 Above-the-Line Charitable Income Deduction (Section 2204 of the CARES Act) ...more
The CARES Act, which, notably, provides for coronavirus aid and economic security provisions, has also expanded the deduction for charitable contributions for both individuals and corporate taxpayers under specific...more
The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020. Charitable...more
To date, there have been three separate legislative acts designed to lessen the hardship created by the coronavirus pandemic. The Coronavirus Preparedness and Response Supplemental Appropriations Act provided emergency...more
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The act, which provides assistance to individuals and businesses in response to the COVID-19 pandemic, increases the...more