May Newsletter

There may be a silver lining in the recent uptick in interest rates: Higher rates allow people who set up charitable remainder trusts (CRTs) to take larger charitable contribution deductions than they could have taken when rates were lower. Here’s what you should know about using these split-interest trusts to achieve your financial, estate planning and philanthropic goals.

Your company’s current method of accounting may no longer be appropriate due to changes in market conditions or within your company. This article highlights two popular accounting methods — cash vs. accrual — and lists factors to consider when deciding how to report your company’s financial performance to lenders, investors and Uncle Sam.

Setting up branch operations can help expand your revenue, boost profits and get your company’s brand farther afield. But satellite operations can be disastrous if everyone is not on the same page. Here’s a checklist of steps you can consider taking to keep your branches on track.

Hobbies are typically fun and they may be expensive. In some cases, hobbies (including those involving horses) lead to net losses. Before the Tax Cuts and Jobs Act became law, you could claim itemized deductions for hobby-related expenses up to the amount of income — if your primary motivation was profit, not fun. Now, however, itemized deductions are no longer available.

A number of tasks must be completed after someone dies to ensure compliance with tax laws. This article outlines the tax-related duties that must be completed if you are named the executor of an estate or are appointed as the administrator by a probate court. Before you agree to take on these jobs, it’s a good idea to know what is involved.