The IRS has recently announced many 2020 Tax Updates. The inflation adjustment announcement can be found in Revenue Procedure 2019-44. This includes increases to the federal estate and gift tax exemption limits and increases to the contribution limits to retirement plans. The 2020 Tax Update also increases the income threshold for a small business to […]
As I gaze outside at yet another major snowstorm here in Mercer County, NJ and contemplate how nice it would be if I were visiting my folks near my Boca Raton, Florida office, I am reminded of a tax savings idea that I heard was gaining traction amongst wealthy children whose parents are still living. […]
If you live in the United States and receive a gift from a family member who lives overseas who is not a US citizen, you should be aware that the IRS requires the US beneficiary to file Form 3520to report the gift. You are also required to file Form 3520 if you are receiving money […]