The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Gift Tax Basics

By JAMES EMMA

Estate Administration

Sharing your wealth with family, friends, and loved ones may be easier said than done.

The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.

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Pay Attention to the Information Reported on Form 990 – It Could Alert You to the Fact That Something is Terribly Wrong

Nonprofits

The college admissions cheating scandal is all over the news, and rightfully so. This story involves the rich and famous, some of the most elite universities and colleges in the nation, and a nonprofit organization that allegedly engineered more than 800 bribes and other initiatives to benefit the children of its wealthy “donors.” The scandal involved everything from cheating on college admission tests to bribing athletic departments to giving students sports scholarships that they did not deserve.

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10 Advantages of Using a CPA in Estate Administration

Estate Administration

Most people hire a lawyer to administer a loved one’s estate after they pass. While having a lawyer involved is always advisable, there are many advantages to also working with a Certified Public Accountant (CPA) who specializes in estate planning and administration, even if the lawyer is a tax attorney.

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Protect Yourself From Tax-Identity Theft

By Alfred G. Mueller

Tax

The Internal Revenue Service (IRS) officially opened the 2019 tax season on January 28, 2019. This is the day that the IRS began accepting paper and electronic tax returns.

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