UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.
In This Issue:
Many people assume that a 529 plan is the ideal college savings tool. But other vehicles can help parents save for college expenses — for example, the Roth IRA. This article compares key features of the two account types. Read More
The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements. This brief article discusses two types of “subsequent events” that may need to be disclosed. Read More
Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of itemized deductions. A sidebar warns investors that capital gains can trigger the AMT. Read More
Generally, it’s recommended that individuals review their estate plans at year’s end. However, with a life shock as monumental as the COVID-19 pandemic, it might be a good idea to get an earlier start. This article provides examples of potential revisions and discusses wills and powers of attorney. Read More