Many Americans acknowledge the importance of having their estate plans in place; however, it can be difficult to determine how to get started. Creating a will or a living trust may seem overwhelming and onerous, but taking the time to outline and organize your plans will ensure you provide for your heirs and your wishes […]

On April 26th, 2017, President Donald Trump released his tax reform proposal entitled “2017 Tax Reform for Economic Growth and American Jobs.” The proposal provides a series of bullet points aimed at the President’s  four stated goals: i) growing the US economy and creating jobs, ii) simplifying the tax code, iii) providing tax-relief, and iv) […]

Pursuant to Section 457A of the Internal Revenue Code, hedge fund managers who hold offshore incentive fees earned prior to 2009 must recognize those fees as compensation income for U.S. income tax purposes by December 31, 2017. This may lead to a spike in income tax liability for those managers in the 2017 tax year. […]

While most gifts to charities like Duke are tax deductible, other gifts–like those to family and friends–may actually increase your tax liability. The IRS recently released this Tax Tip to help taxpayers determine whether gifts of money or property are subject to federal gift tax. As one example, generally speaking, gifts to another person are not […]

Charity touches all of us in different ways. If we want to teach our children about the power of philanthropy, there’s no better way than by sharing personal stories from the heart. Every family has a story about being helped. Sharing these stories with your children not only allows them to better understand your family’s […]

As much benefit as technology brings into the world (like this blog!), there is a darker side: con artists and thieves are getting increasingly skilled at bending the web, email and even the telephone to criminal ends.  Recognizing that many schemes involve criminals posing as the Internal Revenue Service, the IRS recently posted a series […]

When it comes to estate planning, there is often confusion about the treatment of retirement plans—such as individual retirement accounts, employment stock ownership plans, pension plans, 401(k) plans, or 403(b) plans. You may not be clear on how your retirement plans will get transferred to your heirs or favorite charity. Failure to properly understand and […]

Common benefits companies offer employees include paid vacation, health insurance, and retirement plans. Many employers also provide a lesser-known benefit to its employees: a matching gift program to support charity. For donors looking to increase their charitable donations, a matching gift program is an ideal way to support their favorite nonprofits. A recent Thousand Oaks […]

As you may recall, last December President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015, which also made the charitable individual retirement account (IRA) rollover permanent.  This provision allows IRA owners age 70 ½ or older to make a direct, tax-free transfer of up to $100,000 a year from […]

According to a report released on June 14, 2016 by the Giving USA Foundation, Americans are making more charitable contributions than ever before.  Donations from individuals, estates, foundations, and corporations rose around 4% in 2015, to $373.25 billion, setting a record for the second year in a row. What’s more, the report indicates that Americans […]