Wisconsin families received a significant boost with the recent signing of Assembly Bill 1023. The bill was signed into law by Governor Tony Evers on Monday, March 4, 2024. This groundbreaking legislation, effective immediately for the 2024 tax year,
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Important Update for PayPal and Venmo Users: IRS Postpones 1099-K Reporting Requirement!
The IRS recently made a significant decision that could impact users of platforms like PayPal’s Venmo and Etsy. It has chosen to delay a requirement set by a 2021 law, which mandates companies to send tax forms (1099-K) to customers…
Harmony of Legacy: A 12-Day Estate Planning Celebration (Days 5 to 8)
To continue our holiday series “Harmony of Legacy: A 12-Day Estate Planning Celebration,” we share with you four more days. In case you missed our first few verses, you can find them here.
Day 5: Five Golden Rings =…
Harmony of Legacy: A 12-Day Estate Planning Celebration (Days 1 to 4)
Day 1: A Partridge in a Pear Tree = The Foundation of Your Estate Plan
Welcome to our “12 Days of Christmas” Estate Planning Series. On the first day, let’s start with the basics of how to protect your family…
Tax & Wealth Advisor Alert–IRS Announces Changes to Estate and Gift Tax Exemptions for 2024
The IRS allowed amounts of the federal gift, estate, and generation-skipping transfer tax exemptions will materially increase in 2024. With exemptions reaching historically high levels, this presents a golden opportunity for strategic and tax-free gifting. In this post, we’ll explore…
IRS Preparing for Potential Government Shutdown: What You Need to Know
As we approach the end of September, the possibility of a government shutdown looms large, and the Internal Revenue Service is making preparations for the potential impact on its operations. Below is a summary of the IRS’s contingency plans and…
Tax & Wealth Advisor Alert–Understanding the “Step-Up in Tax Basis”: A Summary of IRC Section 1014 and Double Stepped-Up Basis for Marital Property in Wisconsin
When a loved one passes away, the emotional toll can be overwhelming, and dealing with the complexities of tax implications may not be a priority. However, understanding the concept of “step-up in tax basis” can significantly impact the tax burden…
Tax & Wealth Advisor Alert–Section 1202 Stock: An Attractive Tax Benefit for Investors in Small Businesses
Investors in small closely held businesses looking for ways to reduce their tax liability might want to consider taking advantage of Section 1202 stock, also known as Qualified Small Business Stock. Section 1202 of the Internal Revenue Code offers a…
Tax & Wealth Advisor Alert: The Pitfalls of Payable on Death Accounts
Payable on Death (POD) accounts are offered by banks and other financial institutions to permit an account owner to designate a beneficiary to receive the funds in a savings, checking, CD, or similar account, upon the account owner’s death. If…