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Erroneous and Malicious Information Returns W-2 and 1099 As a CPA and attorney who concentrates in tax law, I receive calls from individuals from January through April who explain that they received either a W-2 or Form 1099 from someone that they either did not work for or that the form was false, malicious and…

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The Tax Cuts and Jobs Act and Retirees By Mark A. Krohn, Tax Attorney & CPA, Jacobowitz and Gubits LLP Most retirees will not be affected by the provisions of the new 2017 Tax Cuts and Jobs Act (the”Act”). Those that are affected, however, may benefit by discussing their options with an experienced tax advisor….

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Are IRAS Protected from Creditors? As an estate planner and elder law attorney I have discovered that an Individual Retirement Account (“IRA”) is often one of my client’s largest retirement assets. If you own an IRA are you concerned whether your creditors can take away your IRA to pay your bills? Here are some useful…

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False, Fraudulent, or Erroneous Information Returns Taxpayer-clients sometimes complain that they received either a Form W-2 or a Form 1099 that is either false, fraudulent or erroneous. If you believe you have received an incorrect informational return, you should start out by calling the sender for the purpose of trying to informally resolve the matter….

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The Tax Implications of Transferring Your Farm  You and your family have worked hard to protect and preserve your equity in your farm. Now that you have decided to sell, you need to work smart to preserve that equity. The strategies listed below are designed to save tax on your proposed sale of your farm…

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Update on Department of Labor’s Fiduciary Rule The United States Department of Labor (“DOL”) has proposed a new rule that would expand the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act 1974 (ERISA).  This legislation, which was scheduled to be phased in April 10, 2017, will automatically elevate all financial professionals…

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Estate Planning for the Non-US Citizen Spouse:   Transfers of Assets from a Deceased Spouse at Death. At death, assets you leave to a surviving spouse who is a United States citizen are not subject to federal estate tax. This is true notwithstanding how much the assets are worth. Lawyers and accountants call this rule…

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Can You Cancel the New York Durable Power of Attorney? A durable power of attorney is a document by which you give to another person (your “agent”) the authority to take legal and financial actions for you, on your behalf. Powers of attorney are commonly used in elder law and estate planning to enable children…

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New York Paid Family Leave…Finally! Until recently, individuals in the workforce in the State of New York had to choose between caring for family members – such as new babies and elderly parents – and not getting paid.  But not anymore.  In April 2016, Governor Cuomo signed into law a bill that makes New York…

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Trump Tax Proposals The following is an overview of President-Elect Trump’s (“Trump”) tax plan based upon the tax proposals put forth during his candidacy. Congress must approve the trump tax proposals before they become law and, thus, the final outcome of these proposals are quite likely to be different then the original plan suggested by…

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