Planning for your family’s future: Is your life insurance sufficient?

It is important to periodically review your life insurance to make sure that you have a policy that will stay in-force long enough to accomplish your estate planning objectives. Recent actions by the life insurance industry to increase costs associated with some policies make it very important to have your insurance reviewed.

Consider if you really need life insurance or if your policy is in danger of imploding. Strauss Troy attorneys can review your current life insurance and assist you if there is a problem with your policy. We can also assist you in evaluating how your policy fits into your current estate plan to ensure that your objectives in providing for your family are met.

Increase your IRA contributions in 2019

Strauss Troy Attorney Claudia Allen

While Congress has not acted on any of the myriad proposals to increase opportunities for retirement savings, the Internal Revenue Service has announced that it will allow a bit more to be deposited into existing plans in 2019.

Next year, contribution limits for salary deferrals in into 401(k), 403(b) and 457(b) plans will increase from $18,500 to $19,000. Catch-up contributions (allowing participants age 50 or over to contribute an additional amount to 401(k) and 403(b) plans and Governmental 457(b) plans) remain limited to $6,000.

IRS issues guidance on changes to business expense deductions for meals and entertainment

On October 3, The Internal Revenue Service issued guidance on the business deduction for meals and entertainment following changes in the Tax Cuts and Jobs Act (TCJA).

While the act allows a deduction for expenses incurred during the tax year in carrying on trade or business, in 2017, the deduction of expenses related to entertainment, amusement or recreation was eliminated. However, the act does little to explain the tax treatment of business meals and there has been virtually no guidance from the IRS since the enactment of the TJCA until now. 

Liz Reeder Presents Estate Planning Seminar to Northern Ky. Bar Association

Strauss Troy Attorney Liz Reeder

Strauss Troy attorney Liz Reeder was recently invited to present a seminar to the Estate Planning and Probate Section of the Northern Kentucky Bar Association.  Liz presented on the 2017 Tax Act and its effect on estate plans as well as provided an update on estate planning trends from the most recent Heckerling Institute on …Read More

New Partnership Representative Rules May Increase Audit Activity

IRS Logo

With a new year comes new tax rules that have significant impacts on your operating agreements and LLCs.  If you haven’t updated your operating agreement for some time or if you are entering or exiting an LLC, the Bipartisan Budget Act of 2015 (the “BBA”) has significant impact for the former “tax matter partner” provisions.  These BBA provisions took effect January 1, 2018 and repeal the TEFRA and ELP procedures and applies to all partnerships that file a Form 1065 return.  In implementing these rules, IRS hopes to increase audit activity and make it easier to assess deficiencies for unpaid taxes to your partnerships.  It is critical to understand the new rules in order to better protect yourself and your partnership in future audit.

Strauss Troy’s Award-Winning Attorneys

Our nationally recognized attorneys work together as a team to be your legal partner, whether you need an attorney to handle a personal or a corporate matter. Strauss Troy has been recognized by U.S. News – Best Lawyers as a Best Law Firm in the following practice areas: Commercial Litigation Mass Tort/Class Actions – Plaintiffs Real Estate …Read More