Firm News, Blog & Whitepapers

Imminent estate planning should be a worry for wealthy clients as the tax landscape changes with the Biden administration. The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul. “There are legitimate concerns that the exemption will be ... possibly as low as $3 million,” said Mike Winn, managing partner, business succession and planning, at Audent Family Wealth Advisors

We are all familiar with the platitudes about trusts: great things if used right, offering potential solutions to asset protection, probate, tax and family issues. The concept of moving the legal ownership of an asset to an unrelated party while still retaining the benefit of it is useful in many contexts.We are seeing trusts growing increasingly popular in non-traditional regions such as Asia and Latin America, where clients may take some getting used to the idea.

Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipientsWASHINGTON − The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021.Redesigned Form 1099-MISCThe IRS revised Form 1099-MISC for the 2020 tax year to accommodate the creation of a new Form 1099-NEC. The redesigned 1099-MISC has diff