The Kernutt Stokes Advisor

2017 Tax Filing Deadlines

Income Tax Return Deadlines Individual tax returns will be due April 18, 2017. The regular filing deadline is April 15. However, due to April 15 being on a Saturday and the Washington D.C. Emancipation Day holiday being observed on April 17 instead of April 16, Tax Day is on the following Tuesday, April 18. New tax return deadlines for tax…

Year-End Tax Planning Guide

This year-end planning guide aims to provide you with information and planning tips to assist you in understanding and making the most of the laws affecting your tax situation. Using the guidance in this article will help ensure that you retain the tax benefits to which you are entitled and protect the wealth you have created. Below we look at…

Proposed IRS Regulations to Increase Tax Burden on Family Business Transfers

by John Mlynczyk The IRS has recently issued proposed regulations that may eliminate or significantly limit the ability to apply valuation discounts on transfers of business interests (such as corporations, partnerships, or LLCs) to family members. By way of background, a time-tested tax and estate planning strategy has been for family business owners to transfer interests to the next generation…

Stock Market: Trump’s Election Creates Ups and Downs

Long before Donald Trump’s election victory, individual investors were already concerned about market uncertainties, Europe and the global economy. Prior to Trump’s surprise election, stocks declined only to surge again once the results were in. It’s safe to say that the election’s outcome took the markets by surprise. Conventional Wall Street wisdom was that Hillary Clinton would win the presidency….

Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?

President-elect Donald Trump’s agenda places tax changes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both individuals and businesses. Keep in mind that the proposals outlined below are just that – proposals. They will probably change in substance and scope as they make…