The Return of the Estate Tax

As Connections was going to press, the federal estate tax system doesn’t exist for citizens dying in 2010. Thus late billionaire owner of the New York Yankees and numerous other businesses and investments, George Steinbrenner, passed his megae state to his family members and other beneficiaries free of federal estate tax. Had he died in…

Tax Law Changes: Stay Current to Maximize Benefits

While the core of the “Bush Era” tax cuts was extended for two more years, it’s just one of this year’s features on the tax-planning landscape. The string of tax-related legislation that cleared Congress in 2010 included, among other things, the Hiring Incentives to Restore Employment (HIRE) Act, the Health Care Act as Amended by…

Saving with Cost Segregation: Don’t Overpay Your Taxes

Countless commercial property owners overpay federal taxes every year and miss allowable depreciation expense deductions. Under existing IRS tax law, accelerated depreciation expense deductions are available to all federal taxpayers; however, without an engineering-based cost segregation analysis, the taxpayer is unable to take full advantage of the tax law and surrenders significant cash flow to…

Are You Up to Par with Tax Return Documentation Standards?

Every year around this time, CPAs usually receive many questions regarding records retention. For those who share these concerns, below is a quick summary you can use for reference. When concerned with what the requirements are for maintaining records in support of a tax return, it’s a good idea to consult the entity that will…