The Build Back Better Act is inching closer to a vote. While we anticipate the final version will have some compromises, the opportunities for tax planning are beginning to take shape. Here we review the current version of the proposed tax legislation and interpret what it means for you and your estate tax planning.
Potential Changes to Estate Taxes
The release of the Treasury’s “Green Book” on May 28th offers insight into the Biden administration’s proposals for changes to income and estate taxes. Here we focus on the estate tax proposals, as specified in the Green Book and referred to in other Administration communications.
Tax Preparation for 2020 Redeposited Required Minimum Distributions (RMDs)
The CARES Act of 2020 allowed taxpayers who were subject to Required Minimum Distributions (“RMD”s) from their retirement accounts to waive those distributions for the 2020 tax year.
Tax Planning and the November Election
The November election is less than two months away. The Parkside team wants to briefly summarize the tax platforms of the two candidates and recommend actions for clients to consider depending on the election outcome.
Update: CARES Act - Changes to Required Minimum Distributions
On June 23rd, the IRS updated details of the CARES Act waiver related to required minimum distributions (RMDs) already taken in 2020. Read on for our summary of the key updates and considerations for redepositing RMDs taken earlier in the year.
Income Tax Filing and Payment Deadline Changes
To help ease burdens associated with the Coronavirus (COVID-19) pandemic, the Internal Revenue Service (IRS) announced some changes to tax filing and payments in 2020. Read on to find a summary of major points of interest for Parkside Advisors clients.
The SECURE Act Just Became Law — How Will It Impact You?
“Setting Every Community Up for Retirement Enhancement Act” The SECURE Act was signed into law on December 20, 2019. Here is a summary of some of the major changes included in this new law that may affect Parkside Advisors clients. We plan to incorporate these changes into our financial and tax planning discussions with clients based on their individual situations. Should you have any more immediate questions or concerns, please don’t hesitate to contact the firm to schedule a call or meeting. Required Minimum Distributions (RMDs) from retirement accounts will start at age 72 now, rather than age 70½ IfRead More
Making the Most of Equity Compensation, the Qualified Small Business Stock Exclusion and Economic Opportunity Zones
This month the Parkside blog comes in the form of a podcast. In this recent episode of Founders and Friends, Scott Orn of Kruze Consulting interviews Parkside’s Audrey Grubman and Christina Kramlich on relevant financial topics for startup employees, founders, and investors. As many of our clients know, Audrey has worked with startup employees since establishing the firm in the mid-90s. The podcast reviews various forms of equity compensation and discusses the reasons to understand the details of one’s compensation very early on and make a plan. There are also some common pitfalls that founders and startup execs should keepRead More
Reviewing Tax Returns: 7 Opportunities for Tax Reduction
When we sit down with new clients to review their recent federal and state tax returns, we often find opportunities for tax reduction.
Are you withholding for taxes at the proper level in 2018?
Are you withholding for taxes at the proper level in 2018? The Tax Cuts and Jobs Act (TCJA) made significant changes to the tax rules and double checking may avoid possible penalties.