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Mutual funds: Handle With Care at Year End

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 13, 2018 / No comments

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.

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Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 12, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability

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Review and Revise Your Estate Plan to Reflect Life Changes During the Past Year

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 9, 2018 / No comments

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan. And the plan should be reviewed periodically anyway to ensure that it

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Offering COBRA to a terminated employee’s domestic partner

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 9, 2018 / No comments

Many employers offer coverage to employees’ domestic partners under their health care plans. If your organization does so, you need to determine what rights domestic partners have regarding COBRA insurance. General principles One common question for employers is whether terminated employees may elect to continue COBRA coverage for their domestic partners. The answer is yes;

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LIFO Lessons Learned

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 8, 2018 / No comments

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most recent costs to the cost of sales. Although this method is often preferred for tax

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Time for NQDC plan deferral elections

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 6, 2018 / No comments

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans

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Intellectual Property Requires Careful Estate Planning

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 5, 2018 / No comments

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises two

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Tighe, Kress & Orr, PC recognized by the Illinois CPA Society

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 2, 2018 / No comments

The Illinois CPA Society formally recognized Tighe, Kress, & Orr PC as being one of the first participating firms in the state of Illinois to have 100% of their fulltime CPA staff as members of the Society. This demonstrates Tighe, Kress & Orr, PC’s commitment to both their staff and clients as they value the

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Donate Appreciated Stock For Twice The Tax Benefits

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 31, 2018 / No comments

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded

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Research Credit Available To Some Businesses For The First Time

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 30, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time. AMT reform Previously, corporations subject to alternative minimum tax (AMT) couldn’t

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