Year-End Tax Planning

Year-End Tax Planning refers to the process of structuring assets to ensure an individual or entity receives the most favorable tax treatment under the law. Some aspects of Year-End Tax Planning include... more +
Year-End Tax Planning refers to the process of structuring assets to ensure an individual or entity receives the most favorable tax treatment under the law. Some aspects of Year-End Tax Planning include strategies to maximize deductions, defer income to a future date, take advantage of current laws before they expire at year's end, and establish certain types of specialized trusts, to name a few.  less -
News & Analysis as of

Great Tax Planning Opportunity

Undoubtedly, right before the end of the year, you were inundated with information about steps you could take as part of the year-end tax planning for your practice. While the end of the year does offer great tax planning...more

Tax Law Blog: Sharing Financial Responsibility at Tax Time

It's the end of January, and I imagine all of those tax documents are starting to arrive, including W2's and 1099's. For couples, maybe just one spouse handles the finances and taxes, whether by actually preparing them, or by...more

End of 2014 Tax Law Changes

ABLE Accounts: A new law titled “Achieving a Better Life Experience” (ABLE) allows the establishment of tax-free accounts that can be used to save for disability-related expenses. ABLE accounts can be created by individuals...more

‘Tis the Season

Beginning in mid-December, the holiday season in the U.S. really starts to run on all cylinders. Whether you’re celebrating Hanukkah (beginning December 16), Winter Solstice (December 21), Festivus (December 23 – see...more

IRA Charitable Rollover Extended

For some, the end of the calendar year means more than just the deadline for charitable contributions for the tax year. December 31 is also the deadline to take certain mandatory distributions from individual retirement...more

Deferral Elections for 2015 Compensation

As reported in Part 3 of our 2014 End of Year Plan Sponsor “To Do” List, employers that sponsor deferred compensation programs should take action to ensure that deferral elections that apply to compensation that will be...more

Six IRS Rules to Follow for Year-End Gifts to Charity

The holiday season is often a time for charitable gift giving. Here is a list of tax rules to follow to ensure your charitable deduction is respected by the IRS: - Qualified Charities. You can only deduct gifts to...more

'Tis the Season for Year-End Charitable Gifts

As you are making your list and checking it twice, you might want to consider whether you want to make any year-end gifts to your favorite charities. If you do, you will be in good company. According to the National...more

Tax Blog: Tax Tips for Gifts to Charity

As the holidays approach and the end of the year draws near, the IRS has again released its list of tips for giving to charity. Of course, these rules apply to obtaining a legitimate tax-deduction for the donation. If that is...more

Personal Planning Strategies - December 2014

2015 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following...more

2014 Year-End Estate Planning Advisory

In 2014, we continued to experience a period of relative stasis in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

McNees Insights - Estate Planning - Fall 2014

In This Issue: - Year-End Tax Planning 2014 - Pennsylvania Makes Significant Changes to Power of Attorney Law - Have You Reviewed Your Estate Plan Recently? - Excerpt from Year-End Tax...more

Year-End Tax Planning 2014

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but...more

Year-End Tax Planning and Scholarship Tax Credits

The Alabama Accountability Act of 2013 provides state income tax credits to certain donors who make contributions to a qualified scholarship granting organization operating within Alabama, including our client, the Alabama...more

Year-End Health and Retirement Plan Guidance Grab Bag

Following Hawaii’s enactment of legislation recognizing same-sex marriage as of and after December 2, 2013 a number of additional pieces of guidance were also issued. Internal Revenue Service’s Frequently Asked Questions...more

Some Year End Charitable Giving Reminders

The ability to make direct charitable contributions from IRAs is due to expire at the end of the year. Under present law, an IRA owner, age 70 or over, may directly transfer tax-free up to $100,000 per year to an eligible...more

Direct Sellers, Be Prepared for Tax Season! Understand Network Marketing and Taxes for 2013!

Tax season is right around the corner for direct sellers. Are you prepared? Consultants, have you kept track of your IRS tax deductions? Did you know that you can deduct such expenditures as meals, entertainment, home...more

100 Percent Tax Exemption for Gain on Certain Qualified Small Business Stock Expiring at Year End

In January 2013, Congress enacted legislation that could provide certain investors who acquire qualified small business stock (“QSBS”) before the end of 2013 with a significant tax benefit. In effect, the gains realized from...more

Employee Benefits Alert: New Developments Impact Retirement Plans & More

Year-End Amendments - The month of December is a bit different in 2013. Typically, we mark this time scrambling to amend 401(k), profit sharing, and money purchase plans in order to maintain their tax-qualified status....more

Year-End Checklist for California Nonprofits

As 2013 comes to a close, officers and directors are well advised to take a few moments to confirm that important year-end responsibilities have not been overlooked. Even if your organization has a fiscal year end other than...more

3 Things Small Business Owners Don't Include in Their Year-End Planning, But Should

When it comes to year-end planning, what's the one thing most small business owners don't do but should? That's the question we put to attorneys writing on JD Supra, knowing that the diversity of insights would make...more

Looking for Ways to Improve Your Business? A List of Things Every Business Owner Should Do At the End of the Year

As a business owner, all year you have likely been running around acting as manager, capital raiser, developer, business generator, marketer, human resource manager and administrative assistant. Given the numerous roles, it...more

McNees Insights - Asset Planning & Federal Taxation: Fall 2013

In This Issue: Timely Year-End Tax Planning Can Reduce Taxes; Income Tax Cost Basis Planning; and Marriage and Taxes in 2013. Excerpt from Timely Year-End Tax Planning Can Reduce Taxes - Year-end tax...more

2013 Year-End Estate Planning Advisory

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

2014 Annual Inflation Adjustments for Tax Provisions

The inflation adjustments for tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts....more

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