Gifts - Now or Later?

About a year ago, we shared with you the changes made by Congress through the 2010 Tax Relief Act.  Among these changes was the passage of a top gift and estate tax rate of 35%.  The changes also included a $5,120,000 standard lifetime exemption for gift, estate and generation skipping transfer taxes for 2012.  However, on January 1, 2013, the standard lifetime exemption is set to revert to $1 million accompanied by a top tax rate of 55%.

The Electronic Age, the IRS and YOU!

In our daily lives, we have become accustomed to on-line banking, electronic filing of tax returns, and even direct deposit of refunds from the IRS. When it comes to your business, you may have already registered with the Electronic Federal Tax Payment System (EFTPS). This allows your company to remit corporate income tax, payroll taxes, and other tax payments electronically to the IRS. As technology has made it easier for you to do all of the above, technology also allows people with less than good intentions the same ease to accomplish their evil.

Unclaimed Property: Who does it belong to?

When we hear about Unclaimed Property many of us naturally think of ourselves and wonder what new found treasure may be available for us on the State’s website,  And rightfully so, you should be checking to ensure the State of Indiana is not holding property on your behalf.  But have you ever checked to see if your business has unclaimed funds?  Or have you considered what requirements

IRA Contributions - Deductible or Non-deductible?

Many people establish and fund 401(k) accounts, IRAs, SEPs, and other types of retirement plans throughout their working years in order to provide financial security.  IRAs are one of the most common ways to plan for retirement.  Do you know the various funding opportunities available to you?

BGBC Partners, LLP Tax Update: Cost Basis Reporting Requirements

How many times has your CPA contacted you and asked for your cost basis for the securities you sold during the year?  How many times have you had to look back through 20 years of paperwork, and still did not find the answer?  So, you and your accountant agree to use an estimate based on the approximate price around the date you remember purchasing the stock.  Cost basis for security sales reported on tax returns has rarely been challenged by the IRS, until now. 


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