Take advantage of a ‘stepped-up basis’ when you inherit property
If you are planning your estate or if you have inherited assets, it’s critical for you to understand how “basis” is determined for tax purposes.
‘Kiddie Tax’ reverts to old rules
The kiddie tax will revert to pre-TCJA rules for 2020, and affected taxpayers may benefit from filing amended returns for 2018 and 2019.
New Form 1099-NEC will report nonemployee compensation
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation – Form 1099-NEC.
Life Beyond Covid: Preparing for the ‘New Normal’
The Directors and Managers of GT Reilly & Company As businesses and public spaces reopen amid hopes that the Covid-19 pandemic is under control, a phrase has entered our everyday language that probably means different things to everyone who hears it. The “new...G.T. Reilly names Charles R. Kennedy Vice President & Shareholder
GT Reilly & Company is proud to announce it has named Charles R. Kennedy, CPA, MBA, Vice President and Shareholder of the firm. Charlie joined the firm in 2016 and was named Director of Tax Services in 2017. Charlie has built his career providing tax counsel and...Seniors can deduct Medicare premiums
Taxpayers age 65 and older may deduct costs for “Medigap” and Medicare Advantage plans, along with other healthcare costs.