The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth's 2016 Cost of Care Survey (http://bit.ly/2ngymTT), the…
Moving to Another State
Financial, Legal, and Tax Issues
Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job,…
In Brief Illness and injury can happen to anyone at any time, though they are more common for older persons. In the worst case they…
In Brief Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide…
First Look at the Tax Cuts and Jobs Act
Questions and Answers about International Taxation
Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has…
The Impact of the Tax Cuts and Jobs Act on Life Insurance
Increased Exclusions, Reduced Rates, and Rule Changes
In Brief The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no…
First Look at the Tax Cuts and Jobs Act
The Impact on Individuals at Different Stages of Life
The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of…
The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families.…
First Look at the Tax Cuts and Jobs Act
Questions and Answers on the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced a new write-off for owners of pass-through entities that runs from 2018 through 2025. This…
I read with interest the November 2017 article issue, “Helping Business Owners Understand Valuation Approaches” (Sidney Kess and Edward Mendlowitz, http://bit.ly/2BmvfQv). I congratulate the authors on…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…
Collectibles, such as art, wine, jewelry, and coins and stamps, have long been important assets to individuals, particularly high-net-worth individuals. Art collectors say that the…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Investors
The year 2017 was a dramatic time for investors. The stock market rose by about 40%, swelling most investor portfolios and retirement savings. The Tax…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Businesses
On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…
Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½,…
ICYMI | Identity Theft
Tax and Financial Considerations
Identity theft continues to be a serious issue for individuals and businesses. According to Javelin Research's 2016 Identity Theft Study, $15 billion was stolen from…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Individuals
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role…
The Equifax Data Breach
What CPAs and Firms Need to Know Now
In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone…
Individuals who own businesses frequently need to have the business valued. Sometimes it is for a specific purpose, such as for postsale retirement planning; other…
(http://bit.ly/2yMsBi1), individuals gave $281.86 billion in 2016, nearly 4% more than the prior year. How do high-income taxpayers—defined here as income of $200,000 or more—fit…
Windfalls can come from good fortune, such as winning the lottery—or bad fortune, such as a legal settlement for medical malpractice. Whatever the cause, the…
Planning and Tax Considerations for Collectibles
Assisting Hobbyists, Dealers, and Investors
Many individuals have substantial investments in collectibles, such as art, stamps, coins, autographs, books, maps, baseball cards, glassware, antiques, gems, jewelry, or wine. The category…
Most people have risk management needs that go beyond life and health insurance. For familiar coverage, they may be price-conscious, looking for the least expensive…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
Birthdays can be important milestones for legal, financial, and tax purposes. For tax purposes, some rules apply on the date of a birthday, some apply…
With the recent devastation caused by Hurricane Harvey, the editors of The CPA Journal thought it appropriate to re-present this article from December 2016…
As the unemployment rate continues to drop and some visa programs are put on hold, an increasing number of younger people may find it easier…
Starting a Business from Home
Legal, Tax, and Financial Concerns
It is easy for just about anyone to start a business from home. Whether people have left an office job because of downsizing or retirement,…
Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…