Returning Value Blog

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders.

Protection under annual gift-tax exclusion

Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not budged in five years, is finally going up in 2018.

How to boost the impact of charitable gifts and save more on taxes.

You may need to report your foreign investments to the IRS.

With the 2017 tax season fast approaching, I wanted to pass along a few tips and timelines to any executor or trustee who will be filing Form 1041 income tax filings for trust and estates, as well as Form 709 gift tax. Filing Fiduciaries of estates and complex trusts have the option to treat certain distributions as having occurred last year. An election can be made with respect to distributions made within 65 days after the end of a tax year.

Issued August 24, 2016, Rev. Proc. 2016-47 simplifies the process for correcting late rollovers from one tax-qualified retirement account to another. The guidance provides plan administrators and IRA trustees with an additional basis for accepting rollover contributions after the 60-day deadline.

Understanding the Challenge

“When should I begin to collect Social Security benefits?”

It’s a question we hear often—and that’s understandable. People who are nearing the retirement age face this very difficult decision, and the actions they take can have profound implications.

 8 No-Cost Transaction Cycles Available for Complimentary Evaluation

As business advisors to our clients, we take a comprehensive approach to assessing and serving your needs.  Through the core accounting and financial services we provide, we are uniquely positioned to identify additional opportunities to improve the overall operational effectiveness of your organization.