For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]
The U.S. Department of Labor (DOL) recently announced the 2020 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. The 2020 adjustments are effective for penalties assessed after January 15, 2020, with respect to violations occurring […]
The shortage of skilled labor available for hire is bad — and it’s worldwide. New research conducted by the Manpower Group for the 2020 World Economic Forum in Davos revealed that 54% of employers surveyed globally were struggling with skilled labor shortages. Organizations in 36 of 44 countries surveyed reported that it was harder to attract […]
____________________________________ We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]
The word “concentration” is usually associated with a strong ability to pay attention, but the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A common problem among many companies is customer concentration. This is when a business relies on only a few customers to […]
If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding the […]
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. […]
If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying. […]
Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but you can’t […]
____________________________________ We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.
____________________________________ We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.