14 THE QUEENS COURIER • JANUARY 26, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM Tax tips What to expect when you’re filing this year BY JOHN SAVIGNANO If the estate, gift and generation-skipping taxes become a thing of the past, where do estate and gift tax advisors focus their efforts? That all depends upon what fills the void in the event of repeal. If Congress also eliminates the step-up basis for inherited assets, then there may be a new regime of carryover basis rules or year-of-death income tax assessment on unrealized gains. In any event, such a significant transition will require both the IRS and family wealth planning professionals to prepare for a serious shift in focus over the coming years. Flow-through Entities It is unclear whether President Trump’s proposed 15% business “Over Two Decades Of Personalized Service” [email protected] Call Now & End Your Tax Nightmare! • Owe the IRS more than $10,000? • Being Audited? • Unfi led Tax Returns? • Wage & Bank Levies? Co-Author of the best selling book “Breaking the Tax Code” (T) 877-TAX-1040 (F) 718-894-4476 Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor [email protected] www.thetaxadvocategroup.com ARE YOU DOWNSIZING, MOVING OR JUST NEED SOME EXTRA CASH? We specialize in purchasing entire estates or individual pieces of furniture, lighting or art. If you have Mid-Century modern, Art Deco or items from the 30’s to the 70’s, call us for a free appraisal and immediate payment. Family owned business. We are insured and bonded. tax rate will apply to flowthrough income, guaranteed payments, and compensation from businesses to their owners. If any distinction is drawn that might favor the retention of earnings within the business entity, tax advisors will have to focus more on reasonable compensation and debt/equity issues involving businesses and their owners. Greater IRS scrutiny should also be expected. More Streamlined Audits It’s expected that Congress will thin out the number of available business deductions and credits, such as those for historic preservation, research, energy, conservation easements, and local economic development. These trends will likely result in IRS audits that are narrower in scope but more focused and detailed on the issues targeted. Please contact us if you have any further questions. John Savignano is a partner with Savignano Accountants & Advisors located at 47-46 Vernon Blvd., Second Floor, in Long Island City. For questions, dial 718-707-0955.
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