Congratulations, You Are Now a Law Firm Partner! What about Your New Tax Forms?
The following applies to partners in the local pre-jurisdictions of DC, Maryland and Virginia. When you first become a law firm partner, your federal taxes become very difficult and you can find them daunting. Prior to your partnership, your taxes probably revolved around a W-2 and tax return preparation was rather straight forward. As soon…
2015 Year-End Tax Planning Letter
At this point in 2015, with the end of the year and the income tax filing deadline on the horizon, tax planning presents more of a challenge than usual. So far, Congress has passed minimal tax legislation. However, the Senate Finance Committee at the end of July approved a two-year extension of the tax provisions…
2015 Mid-year Tax Planning Letter
Tax planning for 2015 is a venture in uncertainty. On April 16, 2015, the U.S. House of Representatives voted to repeal the estate tax, but this was seen as largely a symbolic gesture because the U.S. Senate does not appear to have enough votes to pass the legislation. Even if the bill were to survive…
2014 Year-End Tax Planning Letter
The country’s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with the November midterm election and its results – leaving legislation that could alter the current tax picture up in the air. Since the DC lawmakers are unlikely to…
Tax Considerations for Maryland Attorneys Who Become Partners
In addition to the many professional and personal requirements that come with achieving partner status, the individual federal, Maryland, and other state tax requirements and filings will now require additional time and attention. It becomes the responsibility of each partner to report his/her share of income and pay his/her corresponding federal, Maryland and other state…
2013 Year-End Tax Planning Seminar
In Gelman, Rosenberg & Freedman’s 2013 Year End Tax Planning Seminar, Director of Tax and Business Valuations Water Deyhle, CPA/ABV/CFF, MAFF discusses how best to strategize tax planning techniques that can be executed during the remainder of 2013. Topic covered include: Individual Income Tax rates Tax on Net Investment Income Limitation on itemized deductions Federal estate and…
2013 Year-End Tax Planning Letter
Tax planning is inherently complex, with the most powerful tax strategies often relying as much on clairvoyance as they do calculations. As 2013 begins to wind down, the need for a crystal ball lessens, and the ability to strategize with more certainty is upon us. This developing certainty provides us with an opportunity to better…
How Long Should Records Be Kept?
During the past decade, the way some businesses handled their business records made the wrong kind of headlines. As a result, the retention of business records is now subject to increased scrutiny and, in some cases, increased regulation. The trend is for records be kept longer than previously. Proper record retention is not only a…
Fiscal Cliff Tax Update – Learn What to Expect in 2013
GRF Tax and Business Valuations Director Walter Deyhle presents information on the American Taxpayer Relief Act of 2012, which was passed by Congress and signed into law by President Obama to avert the impact of significant tax hikes and federal spending cuts—commonly known as the “fiscal cliff”. This webinar addresses how the ATRA changed the…
Working Overseas: Individual Tax Impacts 2012
Gelman, Rosenberg & Freedman Principal Kate Fisken discusses the tax issues faced by staff on overseas assignments and their employers at 2012 InsideNGO Taxation Management of US Expats Seminar. Topics include types of expatriate assignments, exclusions and how to manage employer risk.