Tax Archives - Mackenzie Hughes LLP.

New Tax Bill Drastically Changes Treatment Of Alimony

For the last seventy-five years, a spouse paying alimony (also known as “maintenance” or “spousal support” in New York and many other jurisdictions) has been able to deduct the alimony award from his or her tax return each year. Likewise, the spouse receiving the maintenance has the obligation to include the total amount of alimony…

Estate and Gift Law Changes under the 2017 Tax Cuts and Jobs Act

The new legislation signed into law on December 22, 2017 has significant estate planning changes. The federal estate, gift and generation skipping tax exemption amount is now doubled to $11.2 million per person. This exemption is portable between spouses. The new legislation also increased the annual gift exclusion amount from $14,000 to $15,000 as of…

The Best Gift To Your Family (and it doesn’t cost a thing)

There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.

Where Do The Presidential Candidates Stand On Estate Taxes?

Many Americans vote based on how a candidate’s position affects their wallets. Election 2016 has a wide range of proposals that may drastically impact the estate taxes of many citizens. This blog provides a brief overview.

Review Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018

In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership…

2015 Action Required To Maintain Qualified Status Of Prototype Defined Contribution Plans

Maintaining up to date documentation for your retirement plan is extremely important and not something employers should take lightly. During a plan audit the first thing the IRS auditor asks for is a signed copy of the Plan Document with all amendments. If these do not contain provisions timely reflecting the latest legislative and/or regulatory…

Good and Bad News for Non-residents owing New York Real Estate

The New York Department of Taxation has issued two new tax advisory opinions that have a significant impact on taxpayers who are non-residents of New York State. We have previously posted information for non-residents. See Ryan Emery’s posts of April 21, 2015 and March 19, 2014. This blog reports on very recent developments based on…

Bitcoin 101

Over the past year, Bitcoin, a new alternative virtual currency was in the news almost every week. Since its creation in 2009, Bitcoin use has grown exponentially. It now has a presence in nearly every country in the world. Mainstream businesses including Overstock.com and Microsoft have also begun to accept Bitcoin for ordinary transactions. 1.…

Another Reason to Move South – Creditor Protection of Retirement Plan Benefits for Floridians

In the fall of 2014, my colleague Betsy wrote an informative blog regarding a recent U.S. Supreme Court decision that held that under federal law, an IRA that is inherited by an individual (i.e. the beneficiary) is not protected in bankruptcy.

Should you have a Top Hat Plan?

A top hat plan is an unfunded non-qualified deferred compensation agreement for a select group of management or highly compensated employees.