Jul 19, 2021 | Advisory, Blog, Tax
Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. However, using virtual currency has federal income tax...
Jun 22, 2021 | Blog, Closely Held Businesses, Exit Planning, Tax
Economic fallout from the COVID-19 pandemic has caused some small businesses to permanently close. No owner plans to close when entering into business, so the tax implications may not be front of mind when it comes time to shut operations down. The following provides...
Jun 21, 2021 | Blog, Closely Held Businesses, Exit Planning, Tax
Closing a business has important federal income tax implications that owners should understand. The following provides tax information owners of sole proprietorships and single-member (one-owner) limited liability companies (SMLLCs) need to know. Reporting Gains,...
Apr 26, 2021 | Blog, Estate Planning, Tax
While estate planning can have complexities for all families, additional complications may exist for those who remarry. On top of considering your spouse and children in your current marriage, you may have children from prior marriages and stepchildren. Ensuring that...
Apr 5, 2021 | Blog, Family Administrative Services, Tax
The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to set up ABLE account programs, which function similarly to state-run Section 529 college savings programs. You can establish a tax-favored ABLE account to cover qualified disability expenses of...
