JULY 2019
Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

Previous Issue


Portability allows a taxpayer’s estate to elect to permit his or her surviving spouse to use any available estate tax exclusion amount that’s unused at the taxpayer’s death. Fortunately, this functionality was preserved under the 2017 Tax Cuts and Jobs Act (TCJA). This article provides a brief history of the exclusion and explains how portability works in practice.

Whether it’s an impending ownership transfer or just a need to learn more about one’s company, every business owner needs to establish reasonable expectations of what a valuation provides. This article answers several insightful questions about the process and goes on to dig deeper into this important management tool.

Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. This article explains how a family limited partnership can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business.

This calendar notes important tax deadlines for the second and third quarters of 2019.

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). This brief article reviews the revisions to the tax brackets so readers can avoid unpleasant surprises next April.

Important Information: The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax—related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax—related matter addressed herein.

The Tax and Business Alert is designed to provide accurate information regarding the subject matter covered. However, before completing any significant transactions based on the information contained herein, please contact us for advice on how the information applies in your specific situation. Tax and Business Alert is a trademark used herein under license. © Copyright 2019.