The prospect of a spouse needing nursing home care is one of the biggest financial worries for couples. With some facilities on Long Island now charging more than $600 a day, even with long-term care insurance policy benefits, the monthly out-of-pocket cost of a room in a nursing home can easily exceed $6,000. For couples […]
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Why it’s Time to Convert Mega-IRAs to Mega-Roth IRAs
Congress is in session, with Democrats working to create a social policy plan with a $3.5 trillion price tag. Where’s the money coming from? CNBC reports that a new type of required distribution from individual retirement plans, based on the account’s value and not the owner’s age, is on a discussion list. Specifics are meager, […]
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Tax Proposals in Real Time – What You Need to Know Right Now
On Monday, September 13, a tax bill was sent to the Ways and Means Committee. Notably, there was no proposal to kill basis step up or repeal the SALT deduction limitation. The contents are already shaking the IRA world. It’s only been 35 hours since this bill has been made public. Here are the headlines: […]
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IRS Extends Tax Deadline to May 17 – Note: New York State Deadlines Have Not Changed
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. It is important to note that this deadline change is only for federal taxes. As of this writing, New York […]
Continue reading…IRS STOPS ISSUING EINs – AT THE WORST POSSIBLE TIME
I’m outraged – and you should be too. In the busiest time of year for estate planning attorneys, bankers, business owners and financial services, the IRS began a planned outage from December 23, 2020 – January 4, 2021. If you need to have an EIN issued for a client or business that establishes a legal […]
Continue reading…IRS and Treasury Announce Intent to Issue Regulations: State and Local Income Taxes Will be Deductible for Businesses Structured as Passthrough Entities
Anyone who owns rental property and has not yet re-structured ownership into a passthrough entity now has another reason to make this change. We encourage you to call our office to get this done before year’s end to make the most out of this opportunity from the Treasury and the IRS. The $10,000 limit on […]
Continue reading…Legislative Update: Paycheck Protection Flexibility Act
The Paycheck Protection Flexibility Act was signed into law on June 5, 2020. The new legislation modifies the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are the details: Extension of loan utilization period. Originally, the PPP required borrowers to spend their full loan within eight (8) weeks after the loan originated. This was […]
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What Are The Benefits Of Naming A Corporate Fiduciary?
Many individuals who establish trusts choose to name a close friend or relative as trustee. However, there are many situations where naming a corporate fiduciary is a far better alternative. Acting as a trustee requires that the person have a good background in finance and tax. Failing that, the liability of making poor financial decisions […]
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Congress Waives Required Minimum Distributions
The CARES Act ( the “Act”) waives the required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020. This provision provides relief to individuals otherwise required to withdraw funds from such retirement accounts. This also includes individuals who turned 70 1/2 in 2019 but elected to defer their initial distribution […]
Continue reading…Personal Finance 101: What’s the Difference Between a Stockbroker and an Investment Advisor
Thank you to Blank Slate for publishing my recent article, “The Difference Between a Stockbroker and an Investment Advisor.” Far too many people don’t understand that there is a big difference between these two roles. A financial advisor must put their client’s interests first. They are a fiduciary, and have a legal and ethical obligation of primary loyalty to […]
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