Divorces by Older Folks – By John R. Bullis

Kim Pilant John's Articles

Divorce rates for folks over age 50 are increasing. That leaves less time to adjust and recover both financially and emotionally. Older folks may have decided they don’t want to live the next 20 or more years with someone they don’t love. Sometimes they have just “grown apart” and want to do life differently. It is estimated about 80% of …

Tax Burden Still High For Top Earners – By Kelly J. Bullis, CPA

Kim Pilant Kelly's Articles

Well, for us tax preparers, another “Tax Season” is finally in the bag. October 15th was the big day. We’ve had fun showing all our clients what to look forward to with the new Trump Tax Law for 2018. Most business owners are already planning on how to hire new employees, purchase new business equipment, expand their facilities, give out …

Miscellaneous Deductions for Non-Grantor Trusts and Estates – By John R. Bullis

Kim Pilant John's Articles

Beginning in 2018, individual taxpayers do NOT get deductions for miscellaneous itemized deductions on Schedule A of form 1040. The Tax Cuts and Jobs Act of Dec. 22, 2017 eliminated those deductions for individuals. However, Trusts that are not Grantor Trusts for an individual still living (known as Non Grantor Trusts-Trusts for after the grantor’s death) and Estates are allowed …

Planning a Successful Retirement – By John R. Bullis

Kim Pilant John's Articles

The traditional retirement planning is not helping folks develop a written plan for non-financial aspects according to Robert Laura. Traditional planning is getting the Will and Power of Attorney forms with Trusts in some cases, all to reduce taxes and plan for distribution of assets. What is also important is to do a written retirement plan for non-financial aspects. He …

Fraudulent Form 1099-Misc Damages – By John R. Bullis

Kim Pilant John's Articles

Dr. Nicholas Angelopoulos (Dr. Nick) received an IRS Notice in 2011 for additional income taxes in 2007 based on form 1099-MISC sent to him. The form showed $159,000 as taxable income to him, but it should have been about $38,000. Dr. Nick sued his former partners in district court for issuing a fraudulent form 1099-MISC with intent to cause him …