Now’s the Time to Organize Your Tax Records
The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something most taxpayers relish doing. But tackling this now can save headaches later. This article explains the IRS guidelines for tax-record retention, as well as some important exceptions to consider.
Are You Aware of the Global Intangible Low-taxed Income (“GILTI”) Requirements?
Did you know that starting in 2018, US shareholders face a new US tax on the annual active earnings of certain foreign corporations, whether or not the earnings are distributed? This is known as the tax on Global Intangible Low-taxed Income (“GILTI”), which was enacted as part of the Tax Cuts & Jobs Act of 2017. This article provides an overview and captures what actions should be taken before year end.
We are thankful for having clients and friends like you!
Happy Thanksgiving from your friends at MBAF!
MBAF Hosts 2018 Giving Guide Reception
MBAF, with the South Florida Business Journal, hosted the 2018 Giving Guide VIP reception. Our event celebrated all those honored on the 2018 Top Corporate Giving/Corporate Foundations list as well as all the dedicated and passionate community and business leaders who truly make a difference in South Florida.
Don’t Get Taxed Twice on Nondeductible IRA Contributions
Taxpayers who make nondeductible contributions to a traditional IRA need to understand the tax treatment of distributions to ensure they’re not taxed twice on the same income. This article explains the risk and how to mitigate it.
5 Things to Know about Substantiating Donations
There are virtually countless charitable organizations to which one might donate. No matter what is donated, the donor will need documentation in order to claim a tax deduction. This article provides five important points about substantiating donations.
For Unmarried Couples, Estate Planning is Indispensable
Estate planning is important for everyone, but even more so for unmarried couples. State intestacy laws don’t protect the relationships of these folks. Learn more about what steps unmarried couples can take to ensure their estates are settled as they wish.
2 Ways to Transfer a Family Business
Trusts can achieve a wide variety of estate planning goals. If a large portion of your estate is tied to a family-owned business, an intentionally defective grantor trust or an estate defective trust may be beneficial.