2020 New “Universal” Deduction for Charitable Contributions

As clients look for last-minute tax-saving strategies in 2020, one area that should be considered involves the changes to the charitable giving rules made by the 2020 CARES Act. The CARES Act established a ‘universal’ provision that allows you to deduct non-itemized, above-the-line

“Financial interest” or “Signature Authority” in a Foreign Account

Any United States person with a “financial interest” in or “signature authority” over a foreign financial account, where the aggregate value of all foreign financial accounts exceeds $10,000 at any point during the year, must file a Foreign Bank Account

Smart Planning for Expected Capital Gains Tax Increases

One of the most likely changes in the tax law will be an increase in tax rates. For example, the Biden campaign has proposed increasing long-term capital gains and qualified dividends currently at 20% up to ordinary income rates at