Category: Uncategorized

The answer is, surprisingly, yes, you can have taxes in your IRA. Normally, IRAs invest in stocks, bonds, mutual funds, and ETFs and receive interest, dividends and gains from these. Congress felt that non-taxable entities shouldn’t unfairly compete with taxable […]

Twelve million workers will pay more this year because of the automatic adjustment in their payroll taxes for the taxable maximum amount of Social Security.  The increase in 2017 is 7.3 percent, the most in 34 years. It can cost […]

Nursing homes are known for various nefarious practices such as getting a relative to unknowingly sign to become financially responsible on check in and forcing disputes into arbitration where the issues can be kept from the public eye and the […]

New regulations have been proposed by the IRS which would eliminate, or severely restrict, one of the primary tools estate planners have used to transfer family businesses and assets for estate tax purposes. The IRS is planning to eliminate or […]

The CT legislature just passed the Uniform Fiduciary Access to Digital Assets Act or HB 5606 and it should be signed into law soon. Essentially, it gives your executor, Attorney by Power, Trustee, or conservator the power to control your […]

The new Connecticut Uniform Power of Attorney Act was enacted last year (Public Act No. 15-240).  This legislation was a major update for Connecticut law bringing it up to date for powers of attorney. Essentially, the form is much more […]

Many states have enacted the legislation for ABLE accounts including NY and CT and the federal legislation is in place too.  However, as of 4-16 no state has the account operational so you can’t open one. In addition, Congress changed […]

The IRS just issued Rev Proc 2015-53 which adjusts various items for inflation for 2016. INDIVIDUAL TAX RATES The individual income tax rate of 39.6% now applies for single taxpayers with income above $415,050 (up from $413,200) and $466,950 for married […]

Some 50 tax breaks expired at the end of December 2013 without being extended….and don’t call them a do nothing Congress. While most of them are incomprehensible business tax deductions (research and development credit and bonus depreciation), some directly affect […]

The tax games available for Family Limited Partnerships are about to be severely limited.   FLP’s are often used for tax limiting purposes in estate planning and the transfer of business ownership. On August 6, 2015, the Department of the […]