On November 19, 2020, Will Janoush, an associate with our firm, gave a seminar at the Mississippi Society of Certified Public Accountants. Will was asked to present on “The Future of Tax Laws as They Relate to Estate Planning & Business Valuation.” This letter more or less tracks Will’s presentation. While Will, like most of […]
In February of 2019, Barnes Law Firm, P.A., as counsel for the trustees, was successful in its arguments to have the children declared the proper beneficiaries of the trust based on the intent of the deceased. Subsequently, an opposing party appealed the chancery court’s decision. Not only was the chancery court’s decision unanimously affirmed, but […]
Federal. The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. […]
In May or June of just about every year I hear individuals complaining that their “CPA/Accountant either did a great job of getting them a refund or didn’t.” I am always fascinated by those statements, given the fact that people expect their financial accountants to work miracles after the fact. As I have told my […]
What is an Estate Plan? Many people think that when you talk about an Estate Plan, that means you have a large estate subject potentially to federal estate taxation. With the federal estate tax exemption now at $11,400,000 for each individual, less than 2% of the estates in the entire United States will ever have […]
Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades — the Tax Cuts and Jobs Act (TCJA) of 2017 — and pinpointing the optimal strategies. This monumental tax legislation includes a myriad of […]