Qualified Opportunity Zones (QOZ) is a new benefit created with the new tax reform legislation and is one of the largest incentives to taxpayers that we’ve seen in a long time. Although fairly complex in terms of timing, they are simple to set up and maintain—absolutely worth the effort in terms of tax savings. (View…
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A number of years ago I had my purse and wallet stolen. If you’ve ever experienced a theft like this, you’re familiar with the flood of unnerving thoughts that seen to haunt you for a while. Will the person misuse my identity? What risks does this now expose me to? A few months ago I wrote…
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I recently attended a class held by the IRS which focused on many issues that we face as taxpayers and practitioners but the most alarming was the current epidemic, Identity Theft, and identity theft scams. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. It’s…
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There are two common ways you may discover you are a victim of the ever-growing identity theft epidemic. When your tax preparer goes to e-file your tax return, it may get rejected with an error message saying another return has already been filed under your SSN, or you receive a notice from the IRS…
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My wife and I have been actively planning for our kids’ college educations for a while. As for many people, creating a plan to efficiently save enough for our kids’ college careers is a difficult task. We found that creating and maintaining a 529 savings plan can help. In fact, it’s one of the most…
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The Limited Partnership (LP) business entity type is an interesting one and is useful in the right situation. To compare and contrast, an LP is valuable because it offers many of the same tax planning benefits as a general partnership or LLC, but also many of the same limited liability protections as a corporation. This post is…
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