In a landmark decision, the United States Tax Court sided with the Estate of Michael Jackson in its forceful disagreement with the IRS audit determination regarding the values of Jackson’s likeness/image and music at his date of death. Using the Income Approach to estate valuation, Jackson’s experts emphasized his tainted reputation, debt-encumbered music assets, and Read more about In the News: Wealth Management[…]
Breaking news of the Bill and Melinda Gates divorce. Rumor has it they did not have a prenuptial agreement but instead used a separation agreement to define and protect each of their interests. Harvey explains how assets are structured before, during, and after divorce in this fascinating article entitled “Bill and Melinda Gates are among Read more about In the News: MarketWatch[…]
The IRS is backlogged with recording certain tax payments and processing paper return filings due to coronavirus procedural changes at their nationwide mail receipt and processing centers. My best advice is to respond quickly when and inaccurate IRS notice is received. It may take a few phone calls and long on-hold wait times. However, the Read more about In the News: New York Post[…]
New Hampshire and Massachusetts are each asking the U.S. Supreme Court to rule in their favor regarding how New Hampshire residents are taxed on the wages they earn working remotely from home for their Massachusetts-based employers. This case could have widespread implications for many other states, including a direct benefit for the states of New Read more about In the News: NH Journal[…]
Once again, Harvey is asked to express his expert opinion on a breaking news interstate tax matter which is about to go before the Supreme Court of the United States. What happens when New Hampshire residents, who previously worked in Massachusetts office buildings, are forced to work from their New Hampshire homes due to the Read more about In the News: Forbes[…]
For certain taxpayers a deductible IRA contribution is not only an immediate tax savings, it also may qualify them for a third stimulus check under President Biden’s American Rescue Plan legislation. These $1,400 stimulus checks have already begun to arrive via direct deposit, and will continue to be issued over the coming days and weeks. Read more about In the News: Money[…]
Although 2020 unemployment benefits will not be taxed at the federal level for most unemployed Americans, 2021 unemployment payments received could likely be considered IRS taxable income. Harvey explains why it may be prudent to have 10% federal withholding taxes taken out in order to avoid the pressures of a tax bill at 2021 filing Read more about In the News: Fortune[…]
Holographic wills are allowed in the State of California. However, the mental capacity and state of mind of Larry King will play a vital role as to whether or not his previous attorney-drafted estate plan will hold up. Rumor has it that his estate is worth close to $100 million. More on this here: https://www.wealthmanagement.com/estate-planning/larry-king-s-handwritten-will-throws-estranged-wife-curveball
In 2019, I posted an article on How to Save Taxes by Moving From New York to Florida. When undertaking such a move from New York or another high-tax state, owners of LLCs and other corporate entities must pay careful attention to the steps required to conduct business in that new state. Doing things the Read more about Moving a Corporation or LLC to Florida[…]
How fascinating it is seeing a group of unrelated retail stock traders collaborate on a Reddit chat room (Wall Street Bets) to challenge the hedge funds who overly short-sold GameStop stock! America, the land of opportunity, allows anyone who works hard and studies (in this instance how stock trading works) to succeed and prosper. Please Read more about In the News: New York Post[…]