Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Estate planning’ Category

Shifting Capital Gains to Your Children

If you’re an investor looking to save tax dollars, your kids might be able to help you out. Giving appreciated stock or other investments to your children can minimize the impact of capital gains taxes. (more…)

Watch for IRD Issues When Inheriting Money

Once a relatively obscure concept, income in respect of a decedent (IRD) can create a surprisingly high tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there are ways to minimize or even eliminate the IRD tax bite. (more…)

ABLE Accounts Can Help Support the Disabled

The Achieving a Better Life Experience (ABLE) Act of 2014 created a tax-advantaged savings account for people who have a qualifying disability (or are blind) before age 26. Modeled after the well-known Section 529 college savings plan, ABLE accounts offer many benefits. But it’s important to understand their limitations. (more…)

DAFs Bring an Investment Angle to Charitable Giving

If you’re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is right. (more…)

The Benefits of Hiring a Professional Accountant

tax returnAccounting Professional software

According to New Jersey CPA officers at Vernoia, Enterline + Brewer, LLC, accountants pay up to $35,000 for their accounting software, which is far more sophisticated than consumer-based products such as TurboTax. An accountant’s more advanced software has the ability to quickly scan your information and organize line items and forms correctly. While the software automates data entry and organization to minimize the potential for human error on your return, what is most important is the education and experience of your Certified Public Accountants and the tax planning they might offer. (more…)

IRS provides guidance to retirement plans following approval of same-sex marriage

The IRS has issued guidance (Notice 2015-86) for retirement plans and health and welfare plans following the Supreme Court’s approval of same-sex marriage nationwide in Obergefell, 2015-1 ustc ¶50,357.Obergefell requires that a state must license a marriage between two people of the same sex and must recognize same sex marriages performed out of state. (more…)

IRS proposes new tax on gifts and bequests from expatriates

giftThe IRS has issued proposed regulations under Code Sec. 2801 to implement a new tax on transfers of property from individuals who abandon U.S. citizenship or residency (a “covered expatriate”) and who later make a gift or bequest to a U.S. taxpayer (individual or U.S. trust). The tax applies to transfers of property on or after June 17, 2008 from an individual who expatriated on or after that same date. (more…)