With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment house. To make matters worse, a sale could result in significant tax consequences for real estate property … Continue reading →

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a special federal estate tax break for married couples. Under the recently enacted legislation, the estate tax exemption may effectively be transferred between spouses. A new IRS … Continue reading →

Have you designated beneficiaries for all your retirement plans, life insurance policies and other assets? It is often not as cut-and-dried as it first seems. Here are seven suggestions to consider. Do not leave the beneficiary lines blank. If you … Continue reading →

A 401(k) plan is a well-established retirement savings vehicle. But can an employee tap into the 401(k) plan account if he or she needs to do so before retirement? It depends. A typical plan may permit employees to make hardship … Continue reading →

In the not-so-distant past, it was relatively easy for the loved ones of a deceased person to retrieve vital information from a “letter of instructions” held by an attorney. But technology has complicated the process. In fact, certain computerized data … Continue reading →

By Frank DeFrancesco, CPA – KOS Staff     fdefrancesco@koscpa.com  It seems lately that more people are open to the idea of donating their used cars to charity.  To most of us it seems like a no brainer: donate your car, avoid … Continue reading →

For many businesspeople, retirement is the “last frontier.” Will you have saved enough to live comfortably on a fixed income? Will you be forced to make drastic changes in your lifestyle? How will your health impact retirement? Will you happily … Continue reading →

What is your small business currently worth? It is difficult to put a price tag on a business that is not publicly traded. Typically, the value of a family-owned business will exceed the total value of the hard assets, such … Continue reading →

The bill for dinner at the restaurant is presented, and you have graciously offered to pay. Should you use a credit card or a debit card? You may think that it does not matter, but there are some important differences. … Continue reading →

The alternative minimum tax (AMT) could be out to get you. This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to 4 million taxpayers on 2011 returns, according to the Tax Policy Center. … Continue reading →