Fairman Group Family Office Archives - Page 2 of 6

Fairman Group Discusses Tax Planning Opportunities Related to the Inflation Reduction Act

Written on November 3, 2022. Posted in Fairman Group Family Office.

With the passing of the Inflation Reduction Act of 2022, there are some possible tax planning opportunities relating to Green Energy Credits. The majority of the spending in the Act is for tax credits encouraging renewable energy and reducing emissions. This includes an expansion of energy credits available to individual taxpayers: however, one source of funding for the Act that will affect individual taxpayers is the stated goal of increasing Internal Revenue Service audit rates. This has raised concerns of increased audit rates for individuals.

Fairman Group Highlights Senior Tax Associate, Eriona Howard, CPA, EA, MST

Written on November 2, 2022. Posted in Employee Spotlight, Fairman Group Family Office.

Fairman Group releases another video in their Employee Spotlight series. Watch the video to learn more about Eriona and what it’s like to work at Fairman Group.

Fairman Group Highlights Investment Associate, Nathan Fullmer

Written on October 12, 2022. Posted in Employee Spotlight, Fairman Group Family Office.

Fairman Group releases the second video in their new Employee Spotlight series. Watch the video to learn more about Nate and what it’s like to work at Fairman Group.

The Asset Allocation Balancing Act by Fairman Group

Written on October 6, 2022. Posted in Fairman Group Family Office.

You see and hear it everywhere: Individual stock or fund performance is the most important element of investing. To Fairman Group, this approach is counterproductive to long-term financial success because study after study has concluded that the critical factor is the ‘mix’ of stocks, bonds, and other assets owned. This mix, called asset allocation, is vital to the success or failure of your investment plan.

Fairman Group Highlights Employees In New Employee Video Series

Written on September 14, 2022. Posted in Employee Spotlight, Fairman Group Family Office.

Fairman Group releases its first video of its new Employee Spotlight series. Watch the video to learn more about what it’s like to work at Fairman Group.

Fairman Group Discusses Tax Proposals in the Build Back Better Plan

Written on November 30, 2021. Posted in Fairman Group Family Office.

The House has passed the Build Back Better Plan. The Bill now goes to the Senate, where additional compromises and changes could be made. Learn more about what is included in the Build Back Better Plan by clicking ‘Read More’ below.

What IS NOT Included

Increasing the Top Rate to 39.6%
Increasing the Capital Gain Rates to 25%
Limitations on Qualified Business Income (QBI) Deduction
Decreasing the Estate Tax Unified Credit
Eliminating Step-up in Basis Upon Death
Changing Grantor Trust Rules
Limiting Use of Valuation Discounts

What IS Included

5%/3% ‘Surcharge’
Application of Net Investment Income Tax to Trade or Business Income
Increase SALT Cap
Limit Certain Section 1202 Gain Exclusion
Modification of Rules Relating to Retirement Plans
Audit More Taxpayers with Income over $400,000

Fairman Group Discusses Recent Tax Proposals & Associated Tax Law Changes

Written on October 22, 2021. Posted in Blog, Fairman Group Family Office.

The Democratic Majority of the House Ways and Means committee has released tax proposals. These proposals present several new spending initiatives in the areas of infrastructure, green energy, social safety net, and prescription drugs. To raise revenue, the tax proposals include additional tax law changes. Linked below is an article by Fairman Group’s Julia Ziechmann, explaining the plan’s tax provisions and how they could affect you.

Fairman Group Explains the New Child Tax Credit Update

Written on July 8, 2021. Posted in Blog, Fairman Group Family Office.

The American Rescue Plan Act changed the way that the Child Tax Credit is paid to eligible parents for 2021. Instead of being claimed as a credit on your income tax return as was previously the case, starting July of 2021, one-half of the amount of the credit will be paid monthly via a direct deposit to your checking account or a physical check mailed to you. If you decide to opt out of receiving the advanced Child Tax Credit, the IRS has created a portal you can use to indicate that change.

Fairman Group Explains the American Families Plan & Its Potential Effects

Written on May 27, 2021. Posted in Fairman Group Family Office.

President Biden recently proposed the American Families Plan which calls for an increased audit rate and higher income taxes. The proposed changes could require proactive tax planning now to determine the best timing of income recognition. The Plan includes several new spending initiatives in the areas of education, childcare, paid leave, nutrition, unemployment insurance, and tax credits. To raise revenue, the President’s proposals include additional tax law changes.

Fairman Group Explains Recent Estate & Gift Tax Proposal & Bills

Written on May 19, 2021. Posted in Fairman Group Family Office.

Senator Bernie Sanders has proposed a bill that would change the current estate and gift tax system. Representative Bill Pascrell and Senator Chris Van Hollen have introduced bills that would eliminate the step-up in basis at death. Given the magnitude of potential changes, Fairman Group urges you to reassess your estate planning as soon as possible. Learn more about the 99.5% Act, H.R.2286 and STEP Act.