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June 2018 Archives

IRS Recommends a paycheck checkup

Paying taxes is something we all do. While it is never fun to go through an entire year of pay stubs, receipts, bills and other financial paperwork, it is even worse when you have to do it and then unexpectedly pay a lot of money. The IRS has now sent a reminder to taxpayers to plan ahead with a “paycheck checkup” to avoid having to pay unexpected amounts again next year.

Worried about estate taxes? Consider an ILIT

You, like many other Ohio residents, likely have a life insurance policy. You may have taken out this policy to better ensure that your surviving family will have the financial means to carry on without you in the event of your demise. Taking such a proactive step could have many benefits.

New York Attorney General investigates Trump foundation

The New York State Attorney General Barbara D. Underwood has filed a lawsuit on June 14 against the Donald J. Trump Foundation and its directors, including the president and his three eldest children, Donald Jr., Eric and Ivanka. According to the New York Times, the state attorney general has concerns involving the charity and the family violating campaign finance laws, illegal coordination with a presidential campaign and self-dealing. The suit asks for restitution and that Donald Trump be prohibited from leading a non-profit in New York for 10 years. The action does not seek criminal penalties.

Supreme Court upholds baker’s civil rights

The Supreme Court overturned a decision by Colorado’s Civil Rights Commission, ruling 7-2 that it violated the free exercise of rights by a Christian baker. The baker and owner of Masterpiece Cake Shop refused to bake a cake for a gay couple getting married in Massachusetts.

Biggest beneficiaries to tax overhaul not yet born

The overhaul of the tax system has lowered the rates on some and raised rates on others. It’s much too complex to give sweeping thumbs up or thumbs down for many groups. But an article in Bloomberg has pointed out that a new law doubles the amount of wealth that can be passed to an heir, raising it to $22 million without having to pay estate or gift taxes. As of now, however, there is a window until 2025 where this can be done.

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