Category: News 2020

Federal Income Tax Filing & Payment Deadline Extended

In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax filing and payment deadline until July 15, 2020. [1] [2] [3]  Federal income tax payments due on April 15 2020 are now due July 15, 2020 without penalties and interest regardless of the amount owed (up to $1,000,000 for individuals). Taxpayers do not need to file an extension unless they need additional time beyond the July 15, 2020 deadline.

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The ABCs of Proactive Tax Planning

Although not common for most, the start of the new year reminds me of one thing… tax season! With our second post-2018 tax reform around the corner, it’s important to identify and take advantage of proactive tax strategies available. There is never a bad time to prepare for future tax liability. As you begin the start of 2020, consider my “ABCs” of common tax planning tips explained…

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Managing Between the Headlines

As we move toward the end of the first quarter of 2020, it can be difficult to ignore the dramatic headlines that seem to change on a daily basis.  Election, impeachment (now in the rearview mirror), tariffs, coronavirus.  They all compete for our attention.  But, does any of this really make any difference when it comes to managing your portfolio and planning for your financial future?  Let’s look at some facts.

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Radical Generosity, a Growing Family Ambition

For young and growing families, it can be hard at times to justify a commitment to charitable giving. But philanthropy can take on several forms when it comes down to it. I’ve heard it referred to as the “three T’s of giving”- time, talent and treasure. All three are clearly very valuable aspects of our lives because each are finite in their own respect. As a wealth manager, I obviously see a great deal of focus placed on the monetary side of philanthropy and my professional experience tells me that our individual perspective on personal wealth is often a driver for assessing whether it is (or feels) appropriate to give away our money or things. The more you feel as though you have yet to achieve your own financial security, the more difficult it is to be motivated to give financially. Furthermore, when having a family to provide for, the decision can be increasingly difficult but arguably more important.

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Is There “Life” after the Stretch IRA for Your Estate Plan?

In the last addition of our newsletter, my colleague Chris Blackmon covered some of the tax implications of the newly-enacted SECURE Act. As you may know, the SECURE Act (which stands for “Setting Every Community Up for Retirement Enhancement Act”) was signed into law in late December and became effective January 1st of this year. As Chris outlined, the Act makes significant changes to how retirement accounts can be funded, drawn down, and passed on to the next generation. While many of these changes have obvious tax ramifications, in this article we want to explore further the less obvious estate planning impact of these changes.

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