You may have noticed that, unlike major appliances, lawyers don’t come with warnings or instructions. Whether you need a lawyer regularly for your business or only for specific tasks, the principles of this article should be helpful to you.
The SECURE Act is good news for many who seek to maximize retirement savings. Signed into law on December 23, 2019, its provisions generally favor tax deferred savings, recognizing changes in the workforce such as part-time employment and continuing work into what was traditionally retirement age.
Strauss Troy is pleased to announce that 16 of our attorneys have been recognized as The Best Lawyers in America 2020. Attorneys named to The Best Lawyers in America were recognized by their peers in the legal industry for their professional excellence in 145 different types of practice areas.
Strauss Troy congratulates attorneys Elizabeth M. Reeder and Stephen E. Schilling, who have been named Shareholders of the firm. Reeder is a member of the firm’s Corporate|Business and Tax Planning|Compliance groups; Schilling is a member of the Litigation group. Reeder focuses her practice on business and tax law, counseling individuals and businesses from start-ups to established, …Read More
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.
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.
A letter to Strauss Troy clients regarding year end tax planning. Dear Client: As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of a …Read More
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.
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
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.