With tax season right around the corner, we are happy to announce that Kara Sebastian is now an authorized Tax Preparer by the IRS! Kara is now accepting clients looking for preparation of individual, business (including s-corporations and c-corporations), partnership, LLC, trust or estate tax returns. Kara is also available for accounting and bookkeeping needs. […]
2020 has been a difficult year for all people. When our country was faced with a global pandemic at a level not seen since 1918, Congress went to work and passed a series of legislation aimed at helping Americans and the small business community. These legislative acts included the Families First Coronavirus Relief Act and […]
As it stands today, election night was approximately one month ago. We are beginning to see President-Elect Joe Biden naming cabinet members and contested states such as Michigan and Pennsylvania are certifying their results for Joe Biden. As a result, many are wondering how taxes will change under a Biden Presidency and how people will […]
As it stands today, states are beginning to certify their election results and it appears that the next President of the United States will be Joe Biden come January 2021. Although President Trump is still pursuing legal avenues regarding his claims, many legal scholars indicate that President Trump will run out of legal avenues, the […]
By Daniel A. Perry, Esq. A Family Limited Partnership (FLP) is a family-controlled business entity which provides liability protection and a manner to transfer business assets, and other assets, to the next generation without giving up control during the owner’s lifetime. When it comes to family businesses, this can be a very powerful estate planning tool. […]
By Daniel A. Perry, Esq. I was recently asked by a client whether putting their home into their kids’ names could make things easier when they pass away. This client wanted to make sure they established their estate plan correctly to make the home transfer simple for their children. This client had heard about Medicaid, the […]
By Daniel A. Perry, Esq. Like many of you, I have been working from home over the last several weeks as a result of the COVID-19 outbreak. A few nights ago, I was watching a television show about businesses which were not prepared for the 2008 economic contraction and recession. The show also highlighted the 1918 […]
What Does the Coronavirus Response Act Mean For You? By Daniel A. Perry, Esq. Updated — March 23, 2020: As of March 20, 2020, the Department of Treasury announced the following COVID-19 tax deadline guidelines, giving certain taxpayers and businesses an additional 90 days to file and pay their 2019 tax liability. Both the tax filing […]
By Daniel A. Perry, Esq.Benjamin Franklin once said that there are two things you can count on in this world, death and taxes. Unfortunately, nothing has changed since Benjamin Franklin uttered this famous phrase. Someday, all of us are going to die. Also, not a year will go by without each one of us having […]
By Daniel A. Perry, Esq.Today, I want to talk about the often-overlooked estate income tax filing requirement. I was speaking with a client recently regarding the settlement of her late father’s estate. We were reviewing the matter and she made the statement, “inheritances are not taxed so we do not need to worry about any tax […]