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Top hobermanlesser.com News

Sec. 6166: Help For Family Businesses with Estate Tax Bills | Hoberman & Lesser
United States · United States

Sec. 6166: Help For Family Businesses with Estate Tax Bills | Hoberman & Lesser

Even though the current gift and estate tax exemption amounts are high, some families with wealth tied up in a closely held business could be forced to sell assets to meet tax obligations. However, Internal Revenue Code Section 6166 can provide relief. Let's take a look. Avoid Selling Assets An election to defer estate taxes under Sec.Read Article
Hiring independent contractors? Make sure you’re doing it right | Hoberman & Lesser
United States · United States

Hiring independent contractors? Make sure you’re doing it right | Hoberman & Lesser

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could leadRead Article

The tax rules for legal awards and settlements: What recipients should know | Hoberman & Lesser

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises. TaxableUnited States · United StatesRead Article

Growing Cyberthreats to the Internet of Things

100% Center coverage: 1 sources
Proactive cybersecurity is needed to address growing vulnerabilities in the connectivity of both the digital and physical ecosystems constituting the Internet of Things.InternetSee the Story

Still have tax questions? You’re not alone | Hoberman & Lesser

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready: Social Security number, Filing status, and ExactUnited States · United StatesRead Article

Why choosing the right trustee matters | Hoberman & Lesser

It’s not uncommon for an estate plan to contain multiple trusts. They can enable you to hold assets for and transfer them to beneficiaries, avoid probate, and possibly reduce estate tax exposure. When drafting a trust, you must appoint a trustee. This can be an individual or a financial institution. Before choosing a trustee, knowRead Article

Factor in GST tax when transferring assets to your grandchildren | Hoberman & Lesser

If you’re considering making asset transfers to your grandchildren or great grandchildren, be sure your estate plan addresses the federal generation-skipping transfer (GST) tax. This tax ensures that large estates can’t bypass a round of taxation that would normally apply if assets were transferred from parent to child, and then from child to grandchild. BecauseTaxes · United StatesRead Article

How companies can spot dangers by examining concentration | Hoberman & Lesser

At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations.United States · United StatesRead Article

What tax documents can you safely shred? And which ones should you keep? | Hoberman & Lesser

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and HelpingUnited States · United StatesRead Article

Need to modify an existing irrevocable trust? Decant it | Hoberman & Lesser

“Decanting” an irrevocable trust allows a trustee to use his or her distribution powers to transfer assets from one trust into another with different — often more favorable — terms. Much like decanting wine to separate it from sediment, trust decanting “pours” assets into a new vessel, potentially improving clarity and control. While the originalUnited States · United StatesRead Article

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