Author Archives: Lawrence Katz, CPA, CFP®, PFS

New Day for New York Non-Profits: Law Modernizes and Clarifies Many Issues

The New York Non-Profit Revitalization Act of 2013 (“the Act”) will significantly impact the way most non-profits and charitable trusts handle a variety of issues. The law’s provisions, most of which go into effect July 1, 2014, cover three broad … Continue reading

Posted in Bulletins, News

Taking Leave: New NYC Law Impacts All Employers

Two laws recently passed by the New York City Council mandate that employers provide sick leave to most employees. Here is an overview of what you should know about these laws and how they might affect your organization. Continue reading

Posted in Bulletins, News

New Cost Basis Reporting Rules Require New Attention from Investors

Beginning in 2011, brokers will be required to report the cost basis of securities acquired and sold after January 1, 2011 to the Internal Revenue Service for taxable accounts (not retirement accounts). Up until that date, brokers were required to report only the gross proceeds on sales for taxable accounts. Cost basis is the original purchase price you paid for an investment, plus commissions and fees. Continue reading

Posted in Alerts, News

2010 Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law. Continue reading

Posted in Bulletins, News

Estate Tax Repeal – Practical Implications

Under legislation passed in 2001, the federal estate tax was repealed for one year, effective January 1, 2010 and ending December 31, 2010. It is widely expected that Congress will reinstate the estate tax for tax year 2010, perhaps even retroactively. Needless to say, this may present problems for the heirs of people dying during 2010. Continue reading

Posted in Alerts, News

Keeping Your Balance: A Systematic Approach to Monitoring Your Investments

When it comes to monitoring portfolio performance, most people belong to one of two schools. The first takes the old maxim “buy and hold” to an extreme. People who belong to this school tend to do nothing at all about their portfolios, trusting that market forces will eventually work in their favor. The second is sort of like an ER nurse, constantly scrutinizing vital signs and rushing to “fix” the latest crisis. People who belong to this school are likely to buy and sell frequently, with no clear sense of the bigger, longer-term picture. Continue reading

Posted in Bulletins, News

Little Known Tax Strategies

As you get ready to file your 2008 tax return, take a quick look at the list that follows. It’s a summary of little-known tax strategies that may save you money when you file your tax return. It pays to take a look. You may wind up owing Uncle Sam less than you thought, or get a bigger refund than you expected, even if only one of these strategies applies to you. Continue reading

Posted in Bulletins, News

Have Your Cake, Eat It and Leave Some for the Next Guy

In the world of financial planning, few things are “no-brainers.” Most approaches have obvious major drawbacks or contingencies. However, there’s one strategy that we have found consistently useful. If you want to ensure that your heirs get the maximum benefit from an asset – such as a marketable security or real estate – you intend to leave them, you might consider forming a Grantor Retained Annuity Trust (GRAT) or a similar instrument. Continue reading

Posted in Bulletins, News

Do You Know What Happens to the Estate Plans You Create?

You might have to struggle to get your clients to update their estates in the first place. Then there’s all the work that goes into creating air-tight documents of all sorts: wills, trusts, durable powers of attorney and health proxies come immediately to mind. But in spite of your best efforts, your client – and his or her designated beneficiaries – may still not be protected from exposure to even some of the most mundane risks. Why? Continue reading

Posted in Bulletins, News