Dec 5, 2019 | News, Personal Finance, Tax
The Tax Cuts & Jobs Act (TJCA) repealed the deduction for business entertainment beginning in 2018. This includes expenditures for taking clients to sporting events and shows, and paying for season tickets for various sporting events. Generally, any dues for...
Dec 5, 2019 | Personal Finance, Retirement, Social Security
Social Security is a valuable resource for older and disabled workers as well as the worker’s survivors and dependents. It provides 90% of the cash flow for one-third of retirees. It delivers 28% of the cash flow for high income retirees. A mistake in claiming these...
Dec 5, 2019 | Charitable Giving, Personal Finance, Tax
While there may be a lot of wisdom in the proverb “May your charity increase as much as your wealth,” there can also be wealth in properly planning your charitable giving. This wealth is derived from the economic benefit that can result from tax savings achieved by...
Dec 5, 2019 | Estate Planning, Personal Finance, Retirement
I am often asked whether it is a good idea for elderly parents to transfer their home to their children. I always ask: “Why do you want to do this?” The most common reason is to protect the house in the event one or both of the parents need nursing home care. First, I...
Dec 5, 2019 | Personal Finance, Social Security
There are a many different benefits offered by the Social Security Administration, and knowing your options and requirements is essential. Don’t expect the Social Security Administration to know who you married, who you divorced, whether your spouse or ex-spouse died,...
Dec 5, 2019 | Personal Finance, Tax, Uncategorized
by Patrick J. McCormick When clients admit to a retroactive failure to meet filing requirements involving their offshore assets, the overarching question is typically the proper route for making a disclosure to the U.S. IRS. For a multitude of reasons, ‘‘quiet’’...
