New Law Eases the Individual Alternative Minimum Tax
The individual Alternative Minimum Tax (AMT) is unfortunately retained by the Tax Cuts and Jobs Act (TCJA). However, here’s the silver lining: The AMT rules now reduce the odds that you'll owe the AMT for 2018 through 2025. Plus, even if you're still in the AMT zone,...
Damages Calculation Admissible Under Facts Available to PI Expert
Berman v. Unimin Corp., 2016 U.S. Dist. LEXIS 172769 (Dec. 14, 2016) How deeply must a damages expert research a personal injury case to produce an admissible report? This was the overriding question in a Daubert case involving an injured railroad worker. The...
AMT Calculations: It’s Showtime
Back in 1969 the alternative minimum tax (AMT) was enacted to ensure that high-income individuals don't take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers....
Rift in Prominent Maine Business Family Exposed by $6 Million Award in Lawsuit
Mark Filler, CPA, of Filler & Associates was the plaintiff’s damages expert for the following Portland, Maine court case. Tucker Cianchette won a nearly $6 million dollar settlement in a lawsuit first filed in June 2016 against his father, Eric Cianchette, a...
How the New Tax Law Affects Rental Real Estate Owners
If you own commercial or residential rental real estate in Maine, the Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. Rental property owners, in general, will enjoy lower ordinary income tax rates and...
Value of IP Mash-Up Takes Spotlight in Michael Jackson Case
The trial involving the Michael Jackson estate has started in Tax Court in California. One of the issues in the case is the fair market value of Jackson’s posthumous right of publicity, which includes his name and image. The estate valued this at $2,105 because the...
Are Roth IRAs Still Beneficial under the New Tax Law?
For many individuals, the Roth IRA remains an attractive retirement planning vehicle for after the changes made by the Tax Cuts and Jobs Act (TCJA). Here's what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages There are...
Court: Company President Is Liable for Unpaid Employment Taxes
A recent ruling by the U.S. District court recently stated that a company president was a "responsible person" who was liable for the trust fund recovery penalty. The court found that the president's failure to pay over employment taxes was willful despite the fact...
Congress Raises 401(k) Hardship Withdrawal Limits
Hardship withdrawals are permitted by most 401(k) plans, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited to the funds they contributed to the accounts themselves, and only...
Survey: Employers Adapt Quickly to Withholding Tax Changes
The deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA) was February 15, 2018. Although most Maine employers had no problems meeting the deadline, many employees question how the TCJA...