Friedman + Huey is committed to keeping our clients up-to-date on the issues that impact them the most. From general accounting news, to regulatory updates that affect high net worth individuals and estates, we’ve got you covered.
Is a Pass-through Entity Tax Election Right For You? The Deadline to Decide is Fast Approaching!
If you are a partner in a partnership or a shareholder in an S Corporation, did your entity consider a pass-through entity tax (PTET) election as part of its 2021...
How Strategic Is Your Estimated Tax Payment Game Plan?
Many people mistakenly believe tax withholding will be adequate and possibly guess at a “cushion” for estimated quarterly tax payments. A second mistake is thinking the IRS means what they say in using the term “quarterly.” If only it were that straightforward.
Lost Property: The Unintended Tax Consequences
Many people are fortunate enough to have their valuable collections (whether it be art, coins, baseball cards, etc.) covered by insurance; however, they need to consider the unintended tax consequences of how they spend their insurance proceeds.
New Pass-Through Entity Tax Legislation
Pass-Through Entity Tax A bill proposing significant changes to the Illinois tax code, including the creation of a pass-through entity tax, has been passed by Illinois...
What’s Up With Wealth Tax Legislation?
US Senator Elizabeth Warren is circling back on one of her key presidential campaign pledges that targets the wealthiest of the wealthy. Instead of...
The Importance of A Family-Owned Business Succession Plan
Discussions about succession planning in family-owned corporations often focus on ways to groom heirs to eventually lead. It may be true that the next generation can...
Medicare Premiums Are On the Up and Up In 2021 and Here’s Why.
Have you looked at your Medicare premiums and deductibles and thought, "Hmm...these seem more expensive than I thought." You're not alone. Others are scratching their...
The Only Sure Things In Life Are Death and Taxes. Too Bad They Aren’t In That Order!
Got an extra $11.7 million laying around? Listen up! It's time to get your checkbooks ready, because estate tax restrictions for the 2021 tax year...
A statement on donut holes, and not the kind you eat.
Imagine you’re holding your favorite donut right now. You close your eyes and take the first bite; warm, gooey dough. Then you bite again; nothing. One more time; you...