IRS

By ELPO Law Partner Nathan Vinson The IRS announced on Wednesday that it will push back the tax return filing and payment deadlines for individuals to May 17 from April 15 partly due to the new $1.9 trillion relief law and its impacts on 2020 individual income taxes. We… Read More

Believe it or not, the end of 2020 is quickly approaching (insert collective sigh of relief). While I think most of us are ready to start looking forward to 2021 and would prefer to not even have to utter the words 2020 anymore, now is the time to finish off the year strong by reviewing simple, yet important, year-end tax planning and wealth transfer tips. When most people think of tax planning and wealth transfer, they may have in mind complex estate planning documents and an overload of legal and accounting advice.  But that doesn’t have to be the case.  Here are three simple tips that you can implement with relative ease, though you will want to consult your tax advisor first. Read More

By Nathan Vinson, Partner English, Lucas, Priest and Owsley, LLP Recently, a colleague asked me what I thought was a simple question about the required minimum distributions that those over 70 ½ must take each year from their retirement accounts. In the course of doing the research to… Read More

By Nathan Vinson, Attorney and Partner English, Lucas, Priest and Owsley, LLPWe’ve had lots and lots of questions about the new tax law passed by Congress and signed into law by President Donald Trump in late 2017. It is a large, complicated and sweeping bill that the average person may have some trouble deciphering, which is understandable. We wanted to tackle here what we see as one of the major benefits for those planning their estates: doubling the exemption for estate taxes.If you’re looking to a solid guide to all of the tax law changes, read The Motley Fool’s take on it here.In 2011, this base was set at $5 million, and it was indexed for inflation, meaning that you could leave up to $5 million (plus the adjustment for inflation) to your heirs and your estate would pay no estate tax. For tax year 2017, that amount was $5.49 million once adjusted for inflation. Read More

Each year, the Treasury Department examines the cost of living in the U.S. and adjusts limitations for retirement plans and many other similar items that affect taxpayers throughout the U.S. As has happened previously, the Treasury raised the limits for contributions to pensions and other retirement plans such as 401(k)s, 403(b)s and most 457 plans.  All of this helps today’s workers save for retirement with pre-tax dollars, which is a tremendous benefit.Our tax code requires the Secretary of the Treasury to make this adjustment.The biggest news is that the contribution limit to employer-sponsored retirement plans, such as the above-mentioned 401(k)s, etc., has gone from $18,000 for calendar 2017 to $18,500 for calendar 2018. If you were bumping up against this limit in 2017, you can now adjust and put in just a little bit more, which is always good news. Read More

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLPImprovements to tax law and reducing taxes are a very popular item on most politicians’ platforms. You won’t find anyone who openly says people should pay more. At least, not anyone currently serving in office.They’re right, by the way – our tax code is far too cumbersome and it changes constantly. (And no, I’m not running for office.)President Trump has indicated he wants to reform the tax code and change the way people pay taxes. Lawmakers are reportedly discussing how to do that while paying for expensive new initiatives. How can you do it all? Read More

By Nathan Vinson, attorney English, Lucas, Priest and Owsley, LLPThis time of year is nice, isn’t it? It’s warm and pleasant out, and maybe a little bit more laid back at work. Tax time is behind you (yes!) and it’s not time to think about next year’s taxes.OR IS IT?Well, we hate to break it to you, but yeah, it is time to think about it NOW. It’s July. More than half of the year is gone. If you haven’t set up a good filing system for your receipts and other tax-related information, you need to – and soon. If you’ve got a giant pile of paperwork and receipts, hey, you’re not alone – but don’t let this linger. Read More

By Nathan VinsonBetween our phones and our e-mail, everyone in America (and likely around the world) is hit with scams every day. We’re promised millions by the wife of a dead African dictator, or told that the caller is from the IRS and needs payment of back taxes immediately. Door-to-door sales people tell us there is something wrong with our roof. Insurance flyers attempt to scare us into thinking that something horrible will happen if we don’t buy their insurance.Most of us brush this stuff off without a thought. We hang up on the scammers, delete those spam e-mails and move on. But for the elderly, it’s hard to tell the difference between a genuine offer that needs our attention and fraud.While we all fear looking stupid or gullible, what’s truly frightening for an elderly person is the prospect of looking dumb in front of someone we love and trust. Asking for help as you get older is difficult. Scammers know this – and push the elderly into it by insisting their offer is for a limited time or that dire consequences can result if they don’t act right now. Read More

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLPWe’ve written previously about gambling taxes, highlighting this issue mainly because of the affection Kentucky has for horse racing. And as you well know, we’re in the midst of horse racing season. Keeneland had its spring meet, and Churchill Downs is now open for the season, with the Kentucky Derby set for May 7. This will be followed by the Preakness in Baltimore and the Belmont Stakes in New York, and the Breeder’s Cup in November in California.Lots of us love to put a little dough (or a lot!) down on a horse at the track. There was some talk earlier this year of lowering the threshold at which tracks were required to report winnings to the IRS, but that never moved forward, so far as we can tell. Read More

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLPWe’ve heard more than one report of people getting called by scammers pretending to be the IRS, wanting money for back taxes or claiming that the IRS is going to sue you. Make no mistake: the IRS will not call you.This time of year, as many people are working on tax filings, anticipating returns and otherwise crunching numbers, the IRS is top of mind, and the scammers know it. Read More