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    Home > Blog > Estate Planning Tax

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT

    The federal exemption from gift and estate tax for 2023 is $12.92 million ($25.84 million for married couples). However, if...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Five steps to take if you’re audited by the IRS

    Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Reminder: Now is the time to make your estimated tax payment

    If you have not already done so, now is the time to review your tax situation. The second quarter due...

    Potential Tax Legislation: Fiscal Responsibility Act
    Posts

    What’s in the Fiscal Responsibility Act?

    The new debt ceiling agreement that President Biden and Speaker of the House Kevin McCarthy (R-CA) struck has been signed...

    College Savings
    Posts

    New College Savings Option: How to get more money without reducing need awards

    There is a new way to save money for college that won't impact your student's ability to qualify for financial...

    Maximize Your HSA limits
    Posts

    Understanding tax terms: Health Savings Accounts (HSA)

    If Benjamin Franklin were alive today, his famous quote, "Nothing is certain, except death and taxes," might include a third...

    Increase and Maximize Your Social Security Benefits
    Posts

    Social Security’s future: The problem and the proposals part II

    Recent studies have rekindled fears about the Social Security program's approaching insolvency without congressional action. Social Security reform has long...

    Increase and Maximize Your Social Security Benefits
    Posts

    Social Security’s future: The problem and the proposals part I

    Over 6 million people currently receive Social Security benefits. But, according to the Congressional Budget Office (CBO), in 2032, the...

    Tax Break for Elderly Caregiver(s) Receiving an Inheritance
    Posts

    You’ve received a sizable inheritance: Now what?

    It may be tempting to think of a sizeable inheritance you've recently received or will soon receive as "found money"...

    Maximize the Child and Dependent Care Credit to Deduct Summer Activity Expenses
    Posts

    Make your child’s summer break a tax break

    As a busy working parent, you are probably concerned about what activities are available for your kids this summer. However,...

    Moving a trust to another state qualifying for the home gain exclusion and your tax benefits
    Posts

    The home gain exclusion: make sure you qualify

    The home gain exclusion is one of the most generous tax breaks available to taxpayers, providing the ability to exclude...

    The Kiddie Tax - Child Credits for 2021 Gift Return
    Posts

    Replacing lost tax breaks for your growing children

    Your children are getting older. They'll soon be dating, driving, and starting college, if they haven't already begun. Unfortunately, as...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    Calling all taxpayers: Plan now or pay later

    Procrastination is easy, especially when it comes to summertime tax planning. But waiting to implement these planning strategies to reduce...

    Start using your tax refund and tips for marriage planning
    Posts

    Put your tax refund to good use

    Every year, three-fourths of tax filers receive a refund, with the typical check so far this filing season coming in...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    How to reduce your property taxes

    Home values are increasing, which may result in additional property tax bills. So get ready to reduce your property taxes...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part two

    The IRS will be releasing new rules to make it more straightforward how "clean vehicles," which include EVs, plug-in hybrids,...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part one

    The Section 30D Clean Vehicle (CV) Credit, formerly known as the Electric Vehicle (EV) Credit, was extended and enhanced by...

    Plan for GST Tax or cash in on zero percent capital gains rate
    Posts

    Plan carefully to avoid GST tax surprises

    It's crucial to consider and plan for the generation-skipping transfer (GST) tax if you wish to pass along some of...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Where is my refund?

    You can check the status of your refund after filing your income tax return using the "Where's My Refund" function...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

    President Biden’s proposed budget includes notable tax provisions for businesses

    The federal government's planned budget for the fiscal year 2024 has been made public by President Biden. They intend to...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

    President Biden’s proposed budget includes notable tax provisions for individuals

    The federal government's planned budget for the fiscal year 2024 has been made public by President Biden. The budget intends...

    FBAR issue
    Posts

    U.S. Supreme Court rules against the IRS on critical FBAR issue

    The Bank Secrecy Act (BSA) clause that has divided two federal courts of appeal received fresh guidance from the U.S....

    Tax Break for Elderly Caregiver(s) Receiving an Inheritance
    Posts

    3 tax break tips for caregivers

    If you've ever had to provide care for a sick, elderly, or disabled person, you are aware of the financial...

    mutual fund tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    What to do if your e-filed tax return is rejected by the IRS

    Nowadays, more than 90% of individual tax returns are submitted electronically, and the procedure is usually simple. But e-filing can...

    Potential Tax Legislation: Fiscal Responsibility Act
    Posts

    Potential tax legislation in the new Congress

    As a result of the 2022 midterm elections, the Democrats no longer hold control of both chambers of Congress, tipping...

    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Your most important defense against an IRS audit

    A tax court judge determined that a joint tax return that both spouses do not sign is ineligible to be...

    financial distress debt in business
    Posts

    Tax ramifications can be good or bad

    Few things are as upsetting as not getting paid what you are due. However, if the debt isn't paid, you...

    correct your reporting online payment on 1099-Ks
    Posts

    A recent IRS change regarding 1099-Ks

    The IRS will no longer require third-party payment processors to submit 1099-Ks to anyone receiving payments of more than $600...

    What is unearned income on tax forms
    Posts

    How to handle all those forms

    Over the past few weeks, tax forms have begun to pile up in your mailbox, and more are probably on...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    Tips to make sure your tax return doesn’t get stuck

    Here are five tips to ensure your tax return is prepared and filed as quickly (and accurately!) as possible. Tax...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    Reasons to file early

    When the IRS receives its first tax return in late January or early February, the 2022 tax filing season officially...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for businesses

    Here is a breakdown of the due dates for different tax-related documents, payments, and other actions. We provide this information...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for individuals

    This breakdown of the due dates for different tax-related documents, payments, and other actions is offered to assist you in...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Reminder: Fourth quarter estimated taxes now due

    If you haven't already, you should assess your tax situation and file Form 1040-ES to make an estimated quarterly tax...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    Consider donating appreciated stock and mutual funds

    If you donate appreciated stock to a charity of your choice rather than cash, it could lower your tax bill...

    2022 Year-End Tax deadlines
    Posts

    5 Year-End Tax Essentials

    Before 2022 comes to a close, take some time to review these essential year-end items to ensure you are not...

    Annual Gift Tax Exclusion Amount Increases for 2023
    Posts

    Annual gift tax exclusion amount increases for 2023

    Did you know that one of the easiest and most convenient ways to avoid paying estate taxes is also one...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Take advantage of your income, expenses, and debts to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Leverage your startup expenses and retirement plan to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Accelerate depreciation to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    Maximize Your QBI Deduction to Reduce Your Business’s 2022 Tax Bill
    Posts

    Maximize your QBI deduction to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    Business forecasting and harvesting your capital losses
    Posts

    5 steps to take now to cut your 2022 tax liability: Harvest your capital losses

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    5 steps to take now to cut your 2022 tax liability: Give to charity

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    managing your itemized deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Manage your itemized deductions wisely

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Deferring or Accelerating Income and Tax Deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Defer or accelerate income and deductions

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Roth IRA tax-free retirement savings
    Posts

    5 steps to take now to cut your 2022 tax liability: Convert your traditional IRA to a Roth IRA

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Should you file a joint tax return for the year of your spouse’s death?
    Posts

    Should you file a joint tax return for the year of your spouse’s death?

    A sad, traumatic event is the death of a spouse. Dealing with taxes and other financial and legal duties is...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part three: retirement plans

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part two: estate planning

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part one: individual tax

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    IRA energy-efficient construction
    Posts

    Inflation Reduction Act expands deductions for energy-efficient construction – part two

    Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

    IRA energy-efficient construction
    Posts

    Inflation Reduction Act expands deductions for energy-efficient construction – part one

    Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

    GST tax
    Posts

    The GST tax and your estate plan: What you need to know

    A not-so-fun truth is this: the generation-skipping transfer (GST) tax is one of the toughest and most complicated in the...

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part two

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part one

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    Common Tax Myth
    Posts

    Effective and Marginal Tax: Understanding the difference

    The tax code contains several terms we rarely use in everyday conversation. Two of the more common are Marginal Tax...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part two

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part one

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    IRS Letter for Penalty Relief Notices and Rebate Payments
    Posts

    IRS offers penalty relief for the 2019 and 2020 tax years

    Although the recently announced student loan debt relief has garnered much attention, another federal relief program from the same announcement...

    Posts

    Does your business barter? Here are some facts you should know

    Many small businesses are cash-strapped in the current economy. Instead of paying cash, they can find it advantageous to barter...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part two

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be signed into law...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part one

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be...

    Posts

    Hidden back-to-school tax deductions

    As the summer draws to a close, back-to-school advertising is ramping up. Parents, guardians, and teachers can take advantage of...

    Tech and Biotech Startups
    Posts

    CHIPS Act poised to boost U.S. businesses

    The CHIPS and Science Act of 2022, which includes the Creating Helpful Incentives to Produce Semiconductors for America Act, just...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part two

    The potential business value of bonus depreciation for taxpayers rose significantly with the Tax Cuts and Jobs Act (TCJA), but...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part one

    There have been different levels of bonus depreciation available for some time. For example, taxpayers could often claim a bonus...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    Deciding between cash and accrual accounting methods

    Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

    Selling Business or Trade Property Results in Tax Consequences
    Posts

    The tax mechanics involved in the sale of trade or business property

    What tax consequences result from selling a piece of the property employed in your trade or business? A variety of...

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Opening up to SLAT opportunities

    Planning for estate taxes can get challenging when there are several parties. For instance, you might worry about supporting your...

    new business partner
    Posts

    Tax considerations when adding a new partner at your business

    The business decision to add a new partner has several financial and legal repercussions. Imagine that you and your existing...

    from C corporation to S corporation
    Posts

    Tax issues to assess when converting from a C corporation to an S corporation

    In the correct situations, operating as an S company may assist small firms in lowering federal employment taxes. However, before...

    buy-sell agreements
    Posts

    Add estate planning flexibility with a power of appointment

    Even the most well-laid plans can go wrong. Events may occur after your death that you did not anticipate or...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

    Businesses typically desire to defer the recording of taxable income to future years while attempting to accelerate deductions in the...

    Defined-value gifts
    Posts

    Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

    An increase in the federal gift and estate tax exemption for 2022 makes it at its most significant level ever....

    deduct business meals
    Posts

    Fully deduct business meals this year

    The federal government is now subsidizing corporate meals. One of the COVID-19 relief laws doubles the typical deduction for 50% of...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    After tax day: Take these action steps

    The April deadline for filing taxes has passed, but that doesn’t mean you should forget about them until next year....

    research tax credit for small business payroll taxes
    Posts

    The election to apply the research tax credit against payroll taxes

    The research and development (R&D) credit is a substantial tax break provided to eligible businesses. Claiming the credit requires intricate...

    deduct business trip costs
    Posts

    Can you deduct the costs of a spouse on a business trip?

    If you own a business and often travel for it, you may wonder if you can deduct the costs of...

    Withdraw Cash at Minimum Tax Cost From Your Closely Held Corporation
    Posts

    Making withdrawals from your closely held corporation that aren’t taxed as dividends

    Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is...

    Reduce Gift Tax Rate
    Posts

    Use the net gift technique to reduce your gift tax rate

    If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones....

    Tax Deadlines
    Posts

    2022 Q2 tax calendar: Key deadlines for businesses and other employers

    Is this year’s April 18 filing deadline applicable to your company? What additional tax deadlines are there for businesses and...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Important tax aspects of operating your business as a sole proprietor

    If you’re in business for yourself as a sole proprietor or plan to start a business, you need to know...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Keeping meticulous records is the key to tax deductions and painless IRS audits

    If you operate a business or are starting a new one, you know you need to keep records of your...

    IRS tax return filing requirements to avoid court cases
    Posts

    The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

    The IRS announced additional relief for pass-through entities required to file two new tax forms for the 2021 tax year....

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Entrepreneurs and taxes: How expenses are claimed on tax returns

    While some businesses have closed since the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited several reasons they...

    The Kiddie Tax - Child Credits for 2021 Gift Return
    Posts

    The 2021 gift tax return deadline is almost here, too

    April 18, 2022, is the deadline for filing your federal income tax return. However, keep in mind that the 2021gifttax...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Numerous tax limits affecting businesses have increased for 2022

    Many tax limits that affect businesses get indexed annually for inflation. However, a number of them have increased for 2022....

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    New tax reporting requirements for payment apps could affect you

    Do you run a business and accept payment through third-party apps such as Zelle, Venmo, Square, or PayPal? The new...

    Health Care Reporting Deadlines
    Posts

    2022 deadlines for reporting health care coverage information

    Before we talk about reporting deadlines, let's first discuss who actually needs to report that health care coverage information? Since...

    2022 Year-End Tax deadlines
    Posts

    2022 calendar of tax deadlines

    We want to help make sure you don’t miss any important 2022 tax deadlines. So, we’ve provided this summary of...

    Section 1031 like-kind exchange
    Posts

    Defer tax with a like-kind exchange

    Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax...

    2022 Cost-Of-Living
    Posts

    Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

    The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year,...

    Posts

    Get your piece of the depreciation pie now with a cost segregation study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation,...

    Posts

    Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

    There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a...

    Posts

    Here come the child tax credit payments: What you need to know

    The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million...

    Posts

    Hiring your minor children this summer? Reap tax and nontax benefits

    If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax...

    Posts

    An S corporation could cut your self-employment tax

    If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject...

    Posts

    Claiming the business energy credit for using alternative energy

    Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a...

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    “RRBB,” an independent member of the Crete Professionals Alliance, is the brand name under which Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (including subsidiary entities) provide professional services. Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. Rosenberg Rich Baker Berman, P.A. is a licensed independent CPA firm that provides attest services to its clients, and RRBB Advisors, LLC (and its subsidiary entities) provide tax and business consulting services to their clients. RRBB Advisors, LLC (including subsidiary entities) and Crete Professionals Alliance are not licensed CPA firms. The entities falling under the RRBB brand are independently owned and are not liable for the services provided by any other entity providing the services under the RRBB brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC.

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