Generated by All in One SEO v4.9.10, this is an llms.txt file, used by LLMs to index the site. # Hoffman & Associates - Attorneys at Law, LLC Atlanta Estate Planning | Atlanta Tax Planning | Atlanta Business ## Sitemaps - [XML Sitemap](https://hoffmanestatelaw.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [IRA Income Tax Savings Opportunities After Death](https://hoffmanestatelaw.com/ira-income-tax-savings-opportunities-after-death/) - Individual Retirement Accounts (IRAs) require special attention in estate planning. Without proper planning, beneficiaries may face accelerated income taxes on inherited IRA assets. While many clients want their beneficiaries to defer taxes as long as possible, accomplishing this can be challenging due to the complex IRS rules that govern inherited IRAs. Several factors influence how - [If You Own a Business and Die Tomorrow, What Happens?](https://hoffmanestatelaw.com/if-you-own-a-business-and-die-tomorrow-what-happens/) - It is one of the most important questions you can ask. And the reality is simple: your business doesn't automatically "know" what to do if something happens to you. - [Estate Planning after the One Big Beautiful Bill Act (OBBBA)](https://hoffmanestatelaw.com/estate-planning-after-the-one-big-beautiful-bill-act-obbba/) - Over the last decades, the focus of estate planning has been to minimize the federal estate tax. The estate tax rate has varied from 70% down to 35%, but has always been a significant amount to avoid. In an era where the federal estate tax was 40% or 50%, and the capital gains rate was - [Are You Maximizing Your Tax Savings?](https://hoffmanestatelaw.com/are-you-maximizing-your-tax-savings/) - Year-end tax planning is upon us! As we approach the new year, many clients are looking to optimize their 2025 tax savings. One common avenue for maximizing your tax break is year-end gifts to charity. For taxpayers over 70½, one option to take advantage of is to make a Qualified Charitable Distribution (QCD). A QCD - [Taxpayers do not have to face IRS and/or state tax problems alone](https://hoffmanestatelaw.com/taxpayers-do-not-have-to-face-irs-and-or-state-tax-problems-alone/) - Filing of tax returns, payment of tax liabilities and potential IRS and/or state tax problems can be very intimidating to most taxpayers. Taxpayers may find it difficult to understand the complexities of tax law and its applicability to their individual tax situations. Taxpayers may benefit greatly from hiring a tax professional to help understand their - [Frozen Futures: Estate Planning Considerations for IVF and Fertility Treatments](https://hoffmanestatelaw.com/frozen-futures-estate-planning-considerations-for-ivf-and-fertility-treatments/) - Breakthroughs in IVF bring unique legal and estate planning questions that must be addressed to protect your wishes – and your family. - [What Divorce Really Does to Your Estate Plan (Hint: Not Enough)](https://hoffmanestatelaw.com/what-divorce-really-does-to-your-estate-plan-hint-not-enough/) - Think your divorce automatically updates your estate plan? Think again. Learn what really changes — and what you must update to protect your wishes. - [Changes Coming For Tax Refunds and Payments](https://hoffmanestatelaw.com/changes-coming-for-tax-refunds-and-payments/) - Starting September 30, 2025, the IRS will stop issuing paper refund checks. Learn how to make secure electronic tax payments and stay compliant. - [Are You A Digital Nomad?](https://hoffmanestatelaw.com/are-you-a-digital-nomad/) - Living the digital nomad life? Learn how to protect your assets, manage taxes, and plan your estate across borders with confidence. - [Unmarried? Estate Planning is Even More Important for You](https://hoffmanestatelaw.com/unmarried-estate-planning-is-even-more-important-for-you/) - Unmarried? Learn why estate planning is crucial to protect your wishes, partner, and loved ones — before state laws decide for you. - [Recent H&A Tax Controversy Wins](https://hoffmanestatelaw.com/recent-ha-tax-controversy-wins/) - Hoffman & Associates Tax team not only offers tax preparation and planning specialists, but also accountants and IRS Enrolled Agents who focus on tax controversy. We represent clients at every level of tax dispute, including assessments, audits, and appeals. Our clients include: Individuals under income tax audit or assessment; Businesses in disputes over corporate taxes; - [One Big Beautiful Bill: Major Tax Changes](https://hoffmanestatelaw.com/one-big-beautiful-bill-major-tax-changes/) - The One Big Beautiful Bill was signed into law on July 4, 2025 and introduces sweeping tax changes affecting individuals, businesses, trusts, estates, and gifting strategies. We detail everything below and want to be clear that planning will be critical. To adequately maximize new SALT (state and local tax) limitations, accelerate or defer income, or bunch - [How Urgent is 2025 Exemption Gifting?](https://hoffmanestatelaw.com/how-urgent-is-2025-exemption-gifting/) - As a result of the 2017 Tax Cuts and Job Act, an individual’s exemption from gift, estate and generation skipping transfer tax has now reached approximately $14M dollars. For our married clients, that reaches nearly $28M dollars. These totals represent the amount of property that can be gifted from your estate(s) before the confiscatory federal - [Paying Your Taxes Safely: Leveraging IRS Direct Pay to Mitigate Fraud Risks](https://hoffmanestatelaw.com/paying-your-taxes-safely-leveraging-irs-direct-pay-to-mitigate-fraud-risks/) - Tax season can be stressful, but navigating the payment process shouldn't add to your worries. In a recent opinion piece in the Wall Street Journal (linked below), the author provides real-life insight into the insidiousness of bank fraud and check tampering, as well as the difficulty in chasing down answers – and money – after - [Did you Contribute to a Syndicated Conservation Easement?](https://hoffmanestatelaw.com/did-you-contribute-to-a-syndicated-conservation-easement/) - The IRS issued final regulations in October 2024 regarding contributions to syndicated conservation easements. The IRS now considers contributions to conservation easements a listed transaction. When the IRS takes the step to label certain tax positions a “listed transaction”, it results in more taxpayer requirements to claim these potential tax benefits. This may mean higher The IRS issued final regulations in October 2024 regarding contributions to syndicated conservation easements. The IRS now considers contributions to conservation easements a listed transaction. When the IRS takes the step to label certain tax positions a “listed transaction”, it results in more taxpayer requirements to claim these potential tax benefits. This may mean higher - [What The IRS Budget Increase Means To You](https://hoffmanestatelaw.com/what-the-irs-budget-increase-means-to-you/) - We want to keep you informed about significant changes at the IRS that may impact taxpayers in the coming years. With the Inflation Reduction Act providing the IRS an increased budget to work with, the IRS is expanding its resources, technology, and collection enforcement capabilities. Here's what you should know: Increased IRS Correspondence and Tax - [Year End Estate Planning Tips](https://hoffmanestatelaw.com/year-end-estate-planning-tips/) - Before we all get wrapped up in December’s holiday hustle, take a moment to consider some very important year-end reminders: Dust off your Core Estate Planning Documents! We recommend reviewing your Estate Plan (Wills, Living Trusts, Healthcare Directives, Powers of Attorney, etc.) every 5-10 years, but especially in election years when there is a major - [Happy Scammer Season!](https://hoffmanestatelaw.com/happy-scammer-season/) - ‘Tis the season to remind everyone to be wary of scammers trying to ruin your holidays. This week kicks off the ninth annual National Tax Security Awareness Week, a joint effort between the IRS, states, the tax industry and tax professionals. “Taxpayers should use extra caution this holiday season to protect their valuable personal and - [USDA Hurricane Relief](https://hoffmanestatelaw.com/usda-hurricane-relief/) - Along with relief announced by the IRS, in the form of postponed tax deadlines for those in disaster areas following Helene and Milton, separate relief programs have been announced by the United States Department of Agriculture (USDA). We have provided links below for farmers and timber growers to access some of these programs: The main - [Irrevocable Trusts](https://hoffmanestatelaw.com/irrevocable-trusts/) - Irrevocable trusts are important and useful tools for estate planning. An irrevocable trust is a financial arrangement in which the grantor relinquishes ownership and control of some property, assets or other funds and transfers them to the trust. An irrevocable trust cannot be revoked, modified, or terminated by the grantor once created; and, once transferred - [How Could The Proposed American Housing and Economic Mobility Act of 2024 Affect Estate Planning](https://hoffmanestatelaw.com/how-could-the-proposed-american-housing-and-economic-mobility-act-of-2024-affect-estate-planning/) - Are You Prepared for the Potential End of the Escalated $13.6 Million Estate and Gift Tax Exemption? And, what might a Kamala Harris presidency do to the estate and gift tax area? With the 2024 presidential election looming, and the outcome of the race a virtual toss up, high wealth individuals have begun asking - [Hurricane Helene And Relief Efforts](https://hoffmanestatelaw.com/hurricane-helene-and-relief-efforts/) - Everyone here at Hoffman & Associates continues to think about our clients and friends who have been impacted by the tremendous damage caused by Hurricane Helene, especially those who live in the Southeast. While we have heard from clients who incurred minimal damage, we know there are others who have sustained severe hardship and significant - [Federal Estate Tax Laws that May Affect Your Will in a Second Marriage](https://hoffmanestatelaw.com/federal-estate-tax-laws-that-may-affect-your-will-in-a-second-marriage/) - By Hoffman & Associates As a result of the 2001 tax legislation, the Federal Estate Tax has been repealed for 2010. While Congress is still debating the issue, as it stands now if a person were to die in 2010 there might be no federal estate tax on their estate. There could be an issue - [Federal Estate Tax Laws that May Affect your Will](https://hoffmanestatelaw.com/federal-estate-tax-laws-that-may-affect-your-will/) - By Hoffman & Associates As a result of the 2001 tax legislation, the Federal Estate Tax has purportedly been repealed for 2010. While Congress is still debating the issue, as it stands now if a person were to die in 2010 there might be no federal estate tax on their estate. Additionally, step up in - [Georgia Senate Bill 461 and Funding of the Marital Trusts](https://hoffmanestatelaw.com/georgia-senate-bill-461-and-funding-of-the-marital-trusts/) - By Hoffman & Associates As a previous article stated, the Federal Estate Tax purported repeal and the new carryover basis rules could cause problems for older Wills of married persons where the Will is drafted to maximize the Federal Estate Tax Exclusion. The Georgia legislature is in the process of passing a bill that would - [Governor Signs Senate Bill 461](https://hoffmanestatelaw.com/governor-signs-senate-bill-461/) - By Hoffman & Associates Governor Perdue signed Senate Bill 461 in law on May 28, 2010, making the provisions thereof retroactive to January 1, 2010. As discussed, the law allows married Georgia residents to utilize the entire step up in basis provided under the current estate tax laws without modification to current documents. If you - [Generation Skipping Transfer Tax Notice for 2010](https://hoffmanestatelaw.com/generation-skipping-transfer-tax-notice-for-2010/) - By Hoffman & Associates Many of our clients gift life insurance premiums to their life insurance trusts on an annual basis. Prior to passage of the 2010 Tax Relief Act, there was uncertainty and risk around these gifts with regard to allocation of generation skipping transfer tax exemption. As a result, our advice to clients was - [Update - 2011/2012 Federal Estate, Gift and Generation Skipping Transfer Tax](https://hoffmanestatelaw.com/20112012-federal-estate-gift-and-generation-skipping-transfer-tax-update-2/) - By Hoffman & Associates December 2010 turned out to be an exciting month for estate and gift tax laws. On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “Act”). The Act sets forth an exemption amount of $5,000,000 for federal gift, estate and generation - [New Immigration Bill Impacts Georgia Employers](https://hoffmanestatelaw.com/new-immigration-bill-impacts-georgia-employers/) - By Hoffman & Associates ***UPDATE: The United States Supreme Court has upheld an Arizona statute requiring that business use the federal E-Verify database to screen new hires similar to Georgia's HB87!*** On May 13, 2011, Georgia Governor Nathan Deal signed House Bill 87 into law. HB 87 is designed to tackle a litany of immigration - [Summer 2011 Status Wealth Transfer Taxes](https://hoffmanestatelaw.com/735-2/) - By Mike Hoffman. Esq., CPA The 2010 Compromise Act changes everything in the estate planning arena. The $5,000,000 exclusion level was adopted for 2011 and 2012. The last time Congress reduced an exclusion was in 1936, and only once before that, in 1932. It is estimated that the estate tax will now only apply to 1.4 - [Planificación Patrimonial Es Importante Para Los Pequeños Negocios](https://hoffmanestatelaw.com/planificacion-patrimonial-una-necesidad-para-la-pequenos-negocios/) - By Hoffman & Associates "[La planificación] no es tan común como debería ser", dijo Michael Hoffman, fundador de Hoffman & Associates, Attorney-at-Law, LLC. Hoffman le pregunta a clientes dueños de empresas que empiezan la planificación de bienes personales si han pensado en los planes para sus entidades. "Alrededor del 70 por ciento dicen, 'no'", dijo Hoffman. - [Estate Planning Awareness Week, October 17-23, 2011](https://hoffmanestatelaw.com/estate-planning-awareness-week-october-17-23-2011/) - Hoffman & Associates, Attorneys-at-Law, LLC joins its Colleagues in Promoting National Estate Planning Awareness Week, October 17-23, 2011 According to a 2010 industry trends survey of estate planners, nearly 70% of the respondents indicated that Americans fail to plan because they lack awareness as to why they should. Hoffman & Associates is passionate about building - [Be Careful With Independent Contractors](https://hoffmanestatelaw.com/be-careful-with-independent-contractors/) - We recently faced an issue with a Client who used independent contractors for a temporary job in another state and was assessed severe per-day penalties for misclassifying workers that the state considered employees. The issue was settled to the Client’s satisfaction. While that state has stricter independent contractor restrictions than Georgia, many states are looking - [Now Is The Best Time to Do Estate Planning!](https://hoffmanestatelaw.com/there-has-never-been-a-better-time-for-estate-planning/) - Did you know that now is the best time to do estate planning? In 2012, taxpayers have five compelling reasons to take advantage of a unique tax climate and real estate market enabling them to potentially secure tremendous estate tax savings. Taking advantage of the current favorable estate and gift tax exemptions, historically low property values and - [Are You Prepared? How to protect and preserve your wealth for generations to come.](https://hoffmanestatelaw.com/are-you-prepared-how-to-protect-and-preserve-your-wealth-for-generations-to-come/) - Hoffman & Associates Attorney Kim Hoipkemier will present an Estate Planning Seminar at the Georgia Hispanic Chamber of Commerce on June 19, 2012 at noon. The topics to be discussed are lifetime planning techniques to ensure you and your family are prepared as well as other wealth preservation methods to protect your legacy for future generations. - [Annual Legislative Update](https://hoffmanestatelaw.com/legislative-update/) - HB 100 - Georgia Tax Courts This bill creates the Georgia Tax Courts. These Courts will provide a low-cost mechanism for citizens to resolve tax disputes with the Department of Revenue. These courts will not have the ability to rule on the constitutionality of statutes and decisions will be subject to appeals to the Superior - [Charitable Lead Annuity Trust (CLAT)](https://hoffmanestatelaw.com/charitable-lead-annuity-trust-clat/) - Current economic conditions have presented intriguing options for charitably oriented individuals looking to transfer wealth tax free. A Charitable Lead Annuity Trust (CLAT) is an alternative trust structure that transfers wealth free of gift tax to an heir and a charity. In a CLAT the donor creates a charitable trust that pays an annuity to - [A Sole Remedy Charging Order Statute May Not Offer Debtors the Protection It Once Did](https://hoffmanestatelaw.com/a-charging-order-may-not-offer-the-protection-it-once-did/) - A charging order is a mechanism that allows a creditor to place a lien on a debtor's interest in a partnership or LLC. When the partnership or LLC makes any distributions to the debtor, the creditor gets paid instead. If the debtor sells their interest, the creditor receives the sale proceeds. Ordinarily, the creditor cannot - [Charitable Deductions Gone Awry](https://hoffmanestatelaw.com/charitable-deductions-gone-awry/) - Charitable deductions can be confusing and mistakes can be expensive. Recently, a California couple found this out the hard way. On May 29, 2012, a case from the U.S. Tax Court denied the couple an $18.5 million charitable deduction because of a technicality on the deduction form. The couple donated a valuable piece of real - [GRAT Examples](https://hoffmanestatelaw.com/grat-examples/) - Example of GRAT valuation: $1,000,000 trust with grantor receiving a $50,000 annuity for 10 years. If the section 7520 rate is 3.2%, the value of the grantor’s retained interest is $396,260 and the remainder is valued at $609,740. So the right to receive the $50,000 annuity for 10 years is worth $396,260 and the right - [Hoffman Extended Family Services](https://hoffmanestatelaw.com/hoffman-extended-family-services/) - At Hoffman & Associates, we strive to provide excellent service to our clients by ensuring they preserve and protect their legacy for generations to come. By having a proper estate plan in place, you can be certain that loved ones are well taken care of, the risk of paying high taxes is minimized, and the - [The 2013 Medicare Surtax: What You Need to Know](https://hoffmanestatelaw.com/the-2013-medicare-surtax-what-you-need-to-know/) - The American Taxpayer Relief Act of 2012 and the Patient Protection and Affordable Care Act of 2010 have ushered in new income tax provisions which become effective in 2013. One of the new provisions is the 3.8% Medicare surtax on an individual’s Net Investment Income. This tax is one of the funding provisions for the - [Understanding the DOMA Ruling](https://hoffmanestatelaw.com/understanding-the-doma-ruling/) - On June 26, 2013 the Supreme Court of the United States held Section 3 of the Defense of Marriage Act (“DOMA”) unconstitutional “as a deprivation of the liberty of the person protected by the Fifth Amendment” in United States v. Windsor, an estate tax case. As a result, the federal government must henceforth recognize same-sex - [Obamacare Delay of Employer Mandate Provisions](https://hoffmanestatelaw.com/obamacare-delay-of-employer-mandate/) - Have over 50 employees and worried about providing healthcare by 2014? You’ll have some extra time. Last Tuesday, the Obama administration announced that it will delay implementation of the employer mandate provisions of the Affordable Care Act (the “ACA”, also known as “Obamacare”) until January 1, 2015. The requirement would have required any employer with more than - [Legal Matters in Starting Your Business](https://hoffmanestatelaw.com/legal-matters-with-your-business/) - Join Mike Hoffman in this 74 minute audio as he hosts the 11th session of the 24 hour MBA in discussing how to get your business off the ground. There are many different legal options in starting a business, and in this audio session, you will understand the best way to start your business and - [Sopranos Star’s Will Creates Windfall for IRS](https://hoffmanestatelaw.com/sopranos-stars-will-creates-windfall-for-irs/) - James Gandolfini, the actor best known for his years as Mob boss, Tony Soprano, on HBO’s The Sopranos, died of a massive heart attack at age 51 in June. The actor’s unexpected death leaves estate planners wondering if Mr. Gandolfini had any legal advice when making his Last Will and Testament, as the largest stakeholder - [UNCLAIMED PROPERTY](https://hoffmanestatelaw.com/unclaimed-property/) - State governments in the U.S. have between $35 and $400 billion dollars of unclaimed assets sitting in state funds awaiting retrieval. A non-profit organization called the National Association of Unclaimed Property Administrators (“NAUPA”) has members from every state in the U.S. helping oversee unclaimed property. The databases that house the unclaimed property records are maintained - [Update to the "DOMA" Ruling](https://hoffmanestatelaw.com/update-to-the-doma-ruling/) - The Treasury Department announced on August 29th that legally married same-sex couples will be treated as married for federal tax purposes regardless of what state they live in starting Sept. 16th, 2013. Any same-sex couple legally married in a jurisdiction that allows it has the freedom to move to other states that don’t allow it and - [Wealth Transfer Strategies](https://hoffmanestatelaw.com/wealth-transfer-strategies/) - Wealth transfer strategies are at the core of our business. This recent article featured in Business Week is an excellent example of various wealth transfer strategies used by billionaire families. You don't have to be the Waltons to benefit from such strategies, so let us help you incorporate these strategies into your estate plan today. - [Conservation Easements - Easy Tax Savings](https://hoffmanestatelaw.com/conservation-easements-easy-tax-savings-2/) - You may not be able to have your cake and eat it too, but you can own your land and donate it too. Conservation easements allow a property owner to maintain ownership of their land while also ensuring that it will be preserved in perpetuity. This allows a land owner to maintain private ownership of their land - [2013 Year-End Tax Planning: Personal Tax Considerations](https://hoffmanestatelaw.com/2013-year-end-tax-planning-personal-tax-considerations-2/) - As January 1, 2014 gets closer, year-end tax planning considerations should be starting to take shape. New tax legislation has brought greater certainty to year-end planning, but has also created new challenges. The number of changes made to the Tax Code and the opportunities these changes bring may seem overwhelming. However, early planning will help - [Hoffman & Associates Expands 2013](https://hoffmanestatelaw.com/hoffman-associates-expands-2013/) - ATLANTA - Dec. 26, 2013 - PRLog -- Hoffman & Associates, Attorneys-at-Law, LLC, Sandy Springs welcomed 2 new attorneys this fall, Doug McAlpine and Rhiannon Brusco. Doug brings with him a wealth of experience having founded and managed his own firm for over 20 years. He is a welcome addition to H&A bringing over 30 - [Georgia Education Expense Tax Credit - Do Not Wait, Apply for Approval Now](https://hoffmanestatelaw.com/georgia-education-expense-tax-credit-do-not-wait-apply-for-approval-now-2/) - The Georgia Department of Revenue has already approved 50% of the $58M education expense tax credits allowed for 2014. Last year all of the credit cap was approved by May 9, 2013. It is expected that the entire 2014 credit cap will be met by the end of January 2014. This tax credit is for - [Conservation Easements – Easy Tax Savings (Update)](https://hoffmanestatelaw.com/conservation-easements-easy-tax-savings-updated-31814-2/) - You may not be able to have your cake and eat it too, but you can own your land and donate it too. Conservation easements allow a property owner to maintain ownership of his land while ensuring it will be preserved in perpetuity. This allows a land owner to maintain private ownership of the land while also limiting - [Specialized Estate Planning Techniques](https://hoffmanestatelaw.com/specialized-estate-planning-techniques-2/) - There are several areas of estate planning that provide unique opportunities to enhance tax and succession planning, while ensuring proper dissemination of net worth to appropriate individuals and/or entities. Below are summaries of some of these specialized estate planning techniques: INSURANCE People should be aware that many estate planning situations involve the strategic use of - [Wills – Don’t Be “Penny-Wise and Pound-Foolish”](https://hoffmanestatelaw.com/wills-dont-be-penny-wise-and-pound-foolish-2/) - We are all self-sufficient and believe we have the answers to everything. Why hire a lawyer to draft your Will when you can just do it online and save some money? Oh, the caution from the courts! A recent decision (just a month ago) from the Florida Supreme Court, Aldrich v. Basile, No. SC11-2147 (Fla., - [Hoffman & Associates Helps Students from West End Academy in Atlanta](https://hoffmanestatelaw.com/hoffman-associates-helps-students-from-west-end-academy-in-atlanta/) - Hoffman & Associates recently participated in a leadership luncheon with several high school students from West End Academy in Atlanta. West End Academy serves eleventh and twelfth graders from Atlanta Public High Schools with a non-traditional program addressing the needs of at risk students. This program, designed to expose graduating students to real world success, helps - [Obamacare Implementation Update](https://hoffmanestatelaw.com/obamacare-implementation-update-2/) - For many small business owners, dozens of questions have loomed about the implementation of the Affordable Care Act (the “ACA”). Good news for them: the Obama administration has extended ACA transition deadlines to give small business owners a longer time to become compliant with ACA regulations. When the ACA was first passed, all employers with - [VP of Administration Celebrates 20 Years of Service with Hoffman & Associates](https://hoffmanestatelaw.com/vp-of-administration-celebrates-20-years-of-service-with-hoffman-associates/) - Hoffman & Associates celebrated Trish Kennedy's 20 year anniversary on Monday December 1, 2014 with a staff luncheon. Trish started working for H&A back in 1994 managing the day-to-day operations of the firm. She has been instrumental in the firm's success and growth through her unparalleled work ethic and commitment, her can-do attitude, her organization, - [Tax Advantages of the Georgia Path2College 529 Plan](https://hoffmanestatelaw.com/benefits-and-tax-advantages-of-the-georgia-path2college-529-plan/) - The Path2College 529 plan is an education savings plan operated by the state of Georgia and designed to help families set aside funds for future college costs. The are several tax advantages to this plan; first, the earnings portion of any distributions used to pay for qualified higher education expenses are free from federal and Georgia income tax. Also, Georgia - [Tax Planning for Families with College Students](https://hoffmanestatelaw.com/tax-planning-for-families-with-college-students/) - It's no secret that tuition rates for college have been increasing at a staggering rate; the average yearly rate for in-state tuition is $8,244 and $20,770 for out-of-state. These figures do not include room and board, books, or supplies. Parents are wisely advised to be prudent and start saving for these expenses while their children - [Advance Directive for Healthcare](https://hoffmanestatelaw.com/advance-directive-for-healthcare/) - An Advance Directive for Healthcare is a written document authorizing someone you name (an “agent” or “attorney-in-fact”) to make healthcare-related decisions for you in the event you are unable to make those decisions for yourself. It places medical decisions in the hands of a person you name to act as your agent. It also includes - [College Savings Plans](https://hoffmanestatelaw.com/college-savings-plans/) - Section 529 college savings plans are a great way for anyone to both save for college and reduce his or her taxable estate without losing control over the account. You have the right to ask for the money back at any time (with earnings subject to both income taxes and a 10% federal penalty). No - [Family Limited Partnership (FLP) and Limited Liablity Company (LLC)](https://hoffmanestatelaw.com/family-limited-partnership-flp-and-family-limited-liablity-company-fllc/) - A family limited partnership or a limited liability company can provide important tax and non-tax benefits. From a non-tax standpoint, these entities are important in that they can provide a vehicle for managing family assets and can protect you from liabilities arising in connection with the assets held in the FLP or LLC. It can - [Federal Estate Tax Planning](https://hoffmanestatelaw.com/federal-estate-tax-planning/) - In order to keep the estate tax burden from continually growing in your estate with further appreciation, you may want to do what many other clients have done: introduce some discounting and freezing techniques to your overall estate plan. Gifting is also important, as each individual can make annual and lifetime gifts tax-free and decrease - [General Power of Attorney](https://hoffmanestatelaw.com/general-power-of-attorney/) - A General Power of Attorney is a written document that grants a broad range of specific powers over your financial and personal affairs to someone you trust (referred to as your “agent” or “attorney-in-fact”). Specific provisions can establish when and how the appointment of the Power of Attorney takes effect, the duration and the manner in - [Grantor Retained Annuity Trust (GRAT)](https://hoffmanestatelaw.com/grantor-retained-annuity-trust-grat/) - Another advanced estate planning technique is known as a grantor retained annuity trust (a “GRAT”). GRATs are created by transferring one or more high yield assets into an irrevocable trust and retaining the right to an annuity interest for a fixed term of years or for the shorter of a fixed term or life. When the retention - [SELF-CANCELING INSTALLMENT NOTE (SCIN)](https://hoffmanestatelaw.com/self-canceling-installment-note-scin/) - The Self-Canceling Installment Note (“SCIN”) is a planning technique usually used in a sale of an asset to either a trust or directly from an older family member to a member or members of a younger generation. Basically, the older generation sells the asset in exchange for an installment note with a term shorter than - [Last Will and Testament](https://hoffmanestatelaw.com/last-will-and-testament/) - A Will is a basic estate planning document that provides for the distribution and disposition of property and personal assets of an individual after death. A Will becomes effective upon death; therefore, it may be changed at any time prior to death. It should also be periodically reviewed to be sure it applies to the - [Procrastination: What Are The Consequences?](https://hoffmanestatelaw.com/procrastination-what-are-the-consequences/) - Currently, there are approximately 70% of Americans without a Will. Without this basic estate planning document, your loved ones may pay the highest possible taxes upon your death, lose some of the assets you have earned during your lifetime, and will have to handle a much more complex administration of your estate. By way of - [The New Tax Law: Does Your Estate Plan Need to be Updated?](https://hoffmanestatelaw.com/the-new-tax-law-does-your-estate-plan-need-to-be-updated/) - Congress passed the American Taxpayer Relief Act of 2012 (the 2012 Tax Act) in the final hours of 2012. The 2012 Tax Act means big changes for gifts, trusts and estates tax laws from what was scheduled to occur without any congressional action – something better known as the Fiscal Cliff. We now have a - [Estate Planning for Women](https://hoffmanestatelaw.com/estate-planning-for-women/) - Women are a powerful financial force in today's economy as they independently earn, manage, and distribute more wealth than ever before. That's why at Hoffman & Associates we feel it's important for women to take control of their long term financial security and develop a proper estate plan. A successful estate plan is one that - [Hoffman Family Office](https://hoffmanestatelaw.com/hoffman-family-office/) - Hoffman & Associates is now offering Hoffman Family Office (HFO) services to promote the investment, legacy, and personal success of wealthy individuals and their families. These new HFO services deliver accounting, bookkeeping, and consulting to help clients manage their complex financial lifestyle across generations. What these services do not provide is investment advice. Our menu of HFO - [The Life Insurance Question](https://hoffmanestatelaw.com/the-life-insurance-questions/) - As Estate Planners, we often get asked about life insurance. Do I need it? How much should I buy? Should I buy term or permanent coverage? Which is better: whole life, variable life or universal life? Life Insurance is valuable for many reasons, and in our practice, we very often see it used (and recommend - [Georgia Private School Tax Credit - Time Is Running Out!](https://hoffmanestatelaw.com/georgia-private-school-tax-credit-time-is-running-out/) - Time is running out for one of the easiest ways to save on your state and federal income taxes! The Georgia Private School Tax Credit law is very close to hitting its maximum funding, so don’t get locked out! Out of $58 million approved for this program, less than $4 million in contributions may be - [AT&T Class Action Lawsuit – Are you entitled to recover money from AT&T?](https://hoffmanestatelaw.com/att-class-action-lawsuit-are-you-entitled-to-recover-money-from-att/) - If you had landline telephone service through AT&T between January 1, 2005 and January 14, 2013, you could be eligible for money through a Class Action lawsuit. During the period between January 1, 2005 and January 14, 2013, AT&T billing statements included third-party charges that you may have incurred and paid, but did not authorize. - [Why Purchase a Film Tax Credit?](https://hoffmanestatelaw.com/georgia-entertainment-tax-credit/) - By Ian M. Fisher, Esq., LLM Perhaps you’ve seen movie cameras, crews, and even movie stars around town. Maybe you’ve wondered why so many studios would choose Georgia to film. It all comes down to one of life’s certainties: taxes. Georgia began offering a tax credit for film studios in 2005 to bring jobs and - [Even Young People Need Estate Planning](https://hoffmanestatelaw.com/even-young-people-need-estate-planning-2/) - “If I don’t have any assets, and I would want everything to go back to my parents anyway, why in the world do I need a Will at 20?” As they pack their bags and stock up on under-bed boxes for college, the last thing on your college-age kids’ mind is an estate plan. Even - [H&A Helps Clients "Step-Up"!](https://hoffmanestatelaw.com/ha-helps-clients-step-up-2/) - Clients of Hoffman & Associates truly "step-up" as part of the firm's ongoing Codicil Project. This initiative is helping clients save a substantial amount of money in taxes by offering them the opportunity to amend their Wills and achieve a second "step- up" in basis on assets in the estate of the surviving spouse. "Due - [Georgia Education Expense Tax Credit](https://hoffmanestatelaw.com/georgia-education-expense-tax-credit-2/) - APPLY NOW FOR 2015 PRE-REGISTRATION This tax credit is for contributions made to Georgia Student Scholarship Organizations. These organizations provide scholarships for students to attend primary and secondary private schools. The contribution is deductible on your individual federal income tax return as a charitable contribution, and a dollar for dollar tax credit is allowed to - [Hoffman & Associates Promotes Estate Planning Awareness Week, October 20-26, 2014](https://hoffmanestatelaw.com/hoffman-associates-promotes-estate-planning-awareness-week-october-20-26-2014/) - Hoffman & Associates announced today that they are joining their colleagues at WealthCounsel in a public relations campaign to showcase National Estate Planning Awareness Week, October 20-26, 2014. According to a 2014 industry trends survey of estate planners conducted by WealthCounsel, one of the most common reasons clients engage in estate planning is to spare - [Donald Sterling and the L.A. Clippers: There’s Even More to the Story](https://hoffmanestatelaw.com/donald-sterling-and-the-l-a-clippers-theres-even-more-to-the-story-2/) - Donald Sterling was the controlling owner of the L.A. Clippers who made racially insensitive comments that went viral earlier this year. After a hefty fine from the NBA, a lifetime ban, and a threat to force him to sell his controlling interest, Mr. Sterling, at age 80, still refused to sell his ownership interest in - [Hoffman & Associates, Proud Sponsor of the Footprints for the Future 5K](https://hoffmanestatelaw.com/hoffman-associates-proud-sponsor-of-the-footprints-for-the-future-5k-2/) - Team Hoffman & Associates Running for Education in Sandy Springs Hoffman & Associates (H&A) was a proud sponsor and supporter of the recent Footprints for the Future 5K held on Saturday November 8, 2014. Runners took to the streets in Sandy Springs hoping to make a difference in the lives of students in the 11 - [Why YOU should have a BDIT](https://hoffmanestatelaw.com/why-you-should-have-a-bdit-2/) - As a business owner, does anything sound better than having your business protected from creditors and having it grow completely outside of your estate while still having full control over it? The Beneficiary Defective Inheritor’s Trust (the “BDIT”) technique allows all of that. Essentially, a trust beneficiary, the business owner, YOU, can grow your business - [Revocable Living Trust](https://hoffmanestatelaw.com/revocable-living-trust-2/) - As Georgia based attorneys, we are very comfortable with the Will-based Estate plan. Georgia probate courts are friendly and easy to work with, and Georgia law allows a Testator to waive the requirements of a bond, inventory and reporting to the court. We cannot overlook the importance of a Revocable Living Trust, however, for those - [SINGLE MEMBER LLCS FOR ASSET PROTECTION](https://hoffmanestatelaw.com/single-member-llcs-for-asset-protection/) - At Hoffman & Associates, we advise many of our clients to form limited liability companies, known as LLCs, to hold and protect their assets. In general, an owner of an LLC interest, or a “member” of the LLC, will not be responsible for any debts of the LLC, which is a win-win situation for the - [Single Member LLCs for Asset Protection](https://hoffmanestatelaw.com/single-member-llcs-for-asset-protection-2/) - At Hoffman & Associates, we advise many of our clients to form limited liability companies, known as LLCs, to hold and protect their assets. In general, an owner of an LLC interest, or a “member” of the LLC, will not be responsible for any debts of the LLC, which is a win-win situation for - [Can You Afford $91,000 a Year for a Nursing Home?](https://hoffmanestatelaw.com/can-you-afford-91000-a-year-for-a-nursing-home-2/) - Genworth, an insurance company that sells long-term care insurance, recently concluded their annual report surveying over 15,000 assisted living facilities, nursing homes and other long-term providers across the country. The report found that the median cost for a private nursing home room has risen from $87,600 in 2014 to just over $91,000 per year. While - [Planning for Farming and Agriculture](https://hoffmanestatelaw.com/planning-for-farming-and-agriculture-2/) - WealthCounsel Quarterly Q2 2015_ Planning for Farming and Agriculture - [Hoffman & Associates Announces its Newest Associate](https://hoffmanestatelaw.com/hoffman-associates-announces-its-newest-associate/) - Atlanta, GA, Oct 15, 2015 – Hoffman & Associates is proud to announce its newest associate, Cassandra Ceron. Cassandra joined the firm in May 2015 and specializes in the areas of wills, trusts, estate administration and probate, and guardianship/conservatorship of incapacitated adults. Cassandra’s past experience in family and domestic law enables her to assist blended - [Doug McAlpine Elected as President of the Georgia Chapter of the AAA-CPA](https://hoffmanestatelaw.com/doug-mcalpine-elected-as-president-of-the-georgia-chapter-of-the-aaa-cpa/) - SANDY SPRINGS, Ga. - Nov. 12, 2015 - PRLog -- Doug McAlpine, Of Counsel for Hoffman & Associates, was recently elected as President of the Georgia Chapter of the AAA-CPA. He will serve as president of the organization for a two-year term. Founded in 1964, the AAA-CPA’s purpose is to protect the rights of those - [Hoffman & Associates Sponsors the Second Annual Footprints for the Future 5K Race in Sandy Springs](https://hoffmanestatelaw.com/hoffman-associates-sponsors-the-second-annual-footprints-for-the-future-5k-race-in-sandy-springs/) - SANDY SPRINGS, Ga. - Nov. 17, 2015 - PRLog -- On Saturday November 14, several Hoffman & Associates staff members along with their families and friends, took to the streets for the second annual 5K race in support of the Sandy Springs Education Force (SSEF). The mission of the SSEF is to inspire and support - [Georgia Education Expense Tax Credit - 2016 Pre-Registration](https://hoffmanestatelaw.com/georgia-education-expense-tax-credit-2016-pre-registration-2/) - GEORGIA EDUCATION EXPENSE TAX CREDIT APPLY NOW FOR 2016 PRE-REGISTRATION This tax credit is for contributions made to Georgia Student Scholarship Organizations. These organizations provide scholarships for students to attend primary and secondary private schools. The contribution is deductible on your individual federal income tax return as a charitable contribution, and a dollar for dollar - [2015 YEAR-END TAX PLANNING](https://hoffmanestatelaw.com/2015-year-end-tax-planning-2/) - Year-end tax planning for individuals, trusts and businesses provides not only the opportunity to review the activities of the past year, it also generates an invaluable opportunity to leverage tax planning techniques as they relate to new developments. As in past years, individuals and businesses need to question the status quo, explore new strategies, and - [Estate Planning with Retirement Accounts](https://hoffmanestatelaw.com/estate-planning-with-retirement-accounts-2/) - One estate planning nuance is “beneficiary designation assets.” These are assets that are distributed at death to the person named on a beneficiary designation form, and do not follow the direction of the will. These assets may be life insurance, joint or pay-on-death bank accounts, joint or pay-on-death investment accounts and retirement accounts. During the - [No Kids? An Estate Plan is Still Important](https://hoffmanestatelaw.com/no-kids-an-estate-plan-is-still-important-2/) - There are certain times in life where the need for a proper estate plan is so clear, its like the wail of a newborn at 3AM. How will that child be cared for if something happened to you? But what if you do not have children? The answer may not be as clear, but it - [Year-End Trust Planning](https://hoffmanestatelaw.com/year-end-trust-planning-2/) - Year-end tax planning for individuals, trusts and businesses provides not only the opportunity to review the activities of the past year, it also generates an invaluable opportunity to leverage tax planning techniques as they relate to new developments. Many of the tax planning strategies for individual taxpayers are also applicable to trusts. As with individuals, - [Educational Savings Plans](https://hoffmanestatelaw.com/educational-savings-plans-2/) - As a parent with young children, you are faced with many rewards and challenges. One of which may be saving for the high cost of a college education. However, there are two tax-favored options that might be beneficial: a qualified tuition program and a Coverdell education savings account. In addition, you might also want to - [Tax Extender Deal Signed](https://hoffmanestatelaw.com/tax-extender-deal-signed/) - By Ian M. Fisher, Esq., LLM Christmas came a week early for many taxpayers in 2015. On Friday, December 18, President Barack Obama signed into law a tax and spending package containing numerous tax breaks for individuals and businesses. Of particular interest to many Hoffman & Associates clients may be the Conservation Easement Enhanced Incentive. In - [A Lesson Learned from the Bobbi Kristina Tragedy](https://hoffmanestatelaw.com/a-lesson-learned-from-the-bobbi-kristina-tragedy/) - We have all seen the headlines about Bobbi Kristina Brown, the daughter of the illustrious Whitney Houston, and her tragic death. After being found unconscious in the bathtub of her Roswell, Georgia townhome, she was admitted to the hospital and placed in a medically induced coma for months before being transferred to hospice and subsequently - [Changes in Overtime Pay Regulations](https://hoffmanestatelaw.com/changes-in-overtime-pay-regulations/) - Small business owners may be in for a shock later this year when new Department of Labor Regulations governing overtime go into effect. On December 1, 2016, a Final Rule by the Wage and Hour Division will go into effect, causing approximately 4.2 million currently exempt workers to have a right to time and a - [Planning 2016: Sophisticated Charitable Giving](https://hoffmanestatelaw.com/planning-2016-sophisticated-charitable-giving/) - By Mary G. Daugherty Significant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Charitable giving can be divided into two general categories. First, there are - [Tax Law Changes Make Estate Planning Tougher](https://hoffmanestatelaw.com/tax-law-changes-make-estate-planning-tougher/) - By Kimberly R. Hoipkemier, Esq. If the IRS has its way, one of our prime estate planning techniques will soon be obsolete. Earlier this month, the Treasury Department released proposed regulations under Section 2704 of the Internal Revenue Code that will severely undermine valuation discounts, which are commonly used by us and other estate planners - [2016 Post-Election Tax Update](https://hoffmanestatelaw.com/2016-post-election-tax-update/) - By Mary G. Daugherty Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This article highlights some - [Overtime Law Update](https://hoffmanestatelaw.com/overtime-law-update/) - By Hoffman & Associates In June, we warned business clients that new regulations governing overtime laws would take effect on December 1, 2016. However, a number of states sued the Department of Labor and on November 23, the United States District Court for the Eastern District of Texas issued an injunction blocking the implementation from taking - [Planning With Uncertainty](https://hoffmanestatelaw.com/planning-with-uncertainty/) - By Hoffman & Associates With the election of Donald Trump as President, many income, estate, and gift tax issues are in a state of uncertainty. President-Elect Trump has mentioned eliminating the Estate Tax, but it’s unclear if he will make that a priority, or if Congress is interested in such a change. There are a - [What Assets Pass Under My Will?](https://hoffmanestatelaw.com/assets-pass-will/) - By Hoffman & Associates The foundation of most Georgia estate plans is a Will. Your Will is the legal document that dictates how your probate assets are distributed upon your death. But what are your probate assets? The easiest way to answer this question is to first define non-probate assets. Non-probate assets are assets that pass - [Bitcoin (and Other Cryptocurrency!) Taxation](https://hoffmanestatelaw.com/bitcoin-cryptocurrency-taxation/) - By Hoffman & Associates Unless you’ve been living under a rock, you’ve probably heard about Bitcoin and how more and more people are jumping into it. But what is a Bitcoin? What is cryptocurrency? And more importantly for our purposes, how is it all taxed? Bitcoin is a form of virtual currency that is created, traded, - [Estate, Gift and Generation Skipping Transfer Tax Changes in the New Tax Law](https://hoffmanestatelaw.com/estate-gift-generation-skipping-transfer-tax-changes-new-tax-law/) - By Hoffman & Associates The sweeping tax reform legislation that just passed is making waves throughout the county. Of particular interest to our practice is the future of gift, estate and generation-skipping transfer (GST) taxes under this legislation. Under current law, the combined federal gift and estate tax exemption, and the GST tax exemption is $5.49 - [What if (almost) No One Pays Estate Taxes?](https://hoffmanestatelaw.com/almost-no-one-pays-estate-taxes/) - By Hoffman & Associates Estate planning and estate taxes have gone hand in hand for decades. When a client met with an estate planning attorney, the avoidance of estate taxes at death was key to driving the format of the estate plan, and this generally meant Trusts were key to an effective estate plan. Our current - [New Opportunities Under Tax Cuts and Jobs Act](https://hoffmanestatelaw.com/new-opportunities-tax-cuts-jobs-act/) - By Hoffman & Associates As you are likely aware, Congress has passed and President Trump has signed into law the Tax Cuts and Jobs Act, effective January 1, 2018. Although continued study of the new provisions will undoubtedly reveal additional opportunities that we can share with you and your family, we wanted to provide some of our - [Why You Need to Review Your Estate Plan This Year](https://hoffmanestatelaw.com/need-review-estate-plan-year/) - By Hoffman & Associates In addition to reviewing what impact the significant changes to the tax code may have on your estate, reviewing your estate plan should be on your to-do list for 2018. The Disposition of your Assets. Your will serves as the primary means for communicating your wishes to your loved ones, so it just - [Georgia’s New Trust Law](https://hoffmanestatelaw.com/georgias-new-trust-law/) - By Hoffman & Associates Irrevocable trusts just got a lot more flexible in the State of Georgia. On May 3, 2018, Governor Nathan Deal signed Georgia House Bill 121, which amends Georgia’s Trust Code in a number of ways which will be beneficial to numerous Hoffman & Associates clients as well as anyone else with an - [Timber Tax Credits - HB 4EX](https://hoffmanestatelaw.com/timber-tax-credits-hb-4ex/) - By Hoffman & Associates The Georgia General Assembly has recognized Hurricane Michael’s catastrophic impact on the citizens and economy of southwest Georgia, an area of the state heavily dependent on the timber industry for their livelihood. Hurricane Michael made landfall in Florida on October 10, 2018 as the first major hurricane (category 3+) to directly impact Georgia - [CYBER INTESTACY: Leaving Loved Ones in the Clouds](https://hoffmanestatelaw.com/cyber-intestacy-leaving-loved-ones-clouds/) - By Hoffman & Associates You know the stories of the celebrities who die without a will, leaving loved ones to fend for themselves and the state deciding the allocation of their assets. So, we’re all aware (or should be aware) of the issues surrounding passing without a valid Will, but an increasingly common estate planning oversight - [The R&D Tax Credit - Incentivizing Innovation](https://hoffmanestatelaw.com/rd-tax-credit-incentivizing-innovation/) - By Hoffman & Associates The Research and Development (R&D) Tax Credit is a government-sponsored tax incentive that rewards companies for conducting R&D in the United States. This credit, initially implemented back in 1981, was created to incentivize innovation throughout the economy and keep technical jobs here in the U.S.. To date, the R&D tax credit remains one of - [Ready, Aim, Fire!  Make Sure Your Gun Ownership is on Target:  The Case for Gun Trusts](https://hoffmanestatelaw.com/ready-aim-fire-make-sure-gun-ownership-target-case-gun-trusts/) - By Hoffman & Associates Did you know that an estimated 43% of U.S. households have at least one firearm[1]? Or that there are possibly more than 390 million firearms in America, which is more than one per person[2]? Maybe these statistics don’t surprise you, but what should surprise you is that transferring a firearm in an - [Year-End Tax Act Brings Changes to Retirement Accounts](https://hoffmanestatelaw.com/year-end-tax-act-brings-changes-retirement-accounts/) - By Alaina Davalos, Esq. and Juli Findling, Paralegal On December 20th, 2019 President Trump signed into law a spending bill which included the Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act. This tax act went into effect on January 1st and promises to strengthen retirement security for many - [CDARS: What you should know](https://hoffmanestatelaw.com/cdars-what-you-should-know/) - By Todd Sehhat, Esq. What is CDARS? CDARS stands for Certificate of Deposit Account Registry Service, a more familiar acronym now that the popularity for CDARS has been steadily increasing. CDARS is a service provided by a network of banks that allows account holders to take advantage of the FDIC coverage of multiple banks at once. - [New Executive Order Allows for Remote Notarization and Witnessing](https://hoffmanestatelaw.com/new-executive-order-allows-remote-notarization-witnessing/) - By Alaina Davalos, Esq. As we continue dealing with the many restrictions imposed upon us by COVID-19, we welcome new Executive Order, 04.14.20.01, signed by Governor Brian Kemp on April 9th. This new order promises to alleviate some of the stress and uncertainty by authorizing the remote notarization and witnessing of Wills, Trusts, GA Advance - [CARES Act: Employee Retention Credit](https://hoffmanestatelaw.com/cares-act-employee-retention-credit/) - By Todd Sehhat, Esq. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a provision for a refundable payroll tax credit for 50 percent of wages paid by employers to employees during the COVID-19 crisis. This Act grants eligible employers a credit against employment taxes equal to 50 percent of qualified wages paid to - [CARES Act: Modifications for Net Operating Losses](https://hoffmanestatelaw.com/cares-act-modifications-net-operating-losses/) - By Todd Sehhat, Esq. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief to individuals and businesses in an effort to support the economy. Included in the numerous provisions is a modification to the rules on the tax treatment of net operating losses. Normally, NOLs arising in tax years beginning after 2017 - [CARES Act: Waiver of Required Minimum Distribution Rules](https://hoffmanestatelaw.com/cares-act-waiver-required-minimum-distribution-rules/) - By Todd Sehhat, Esq. The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives all required minimum distributions for 2020, regardless of whether the taxpayer has been impacted by the pandemic. The required minimum distribution (RMD) rules prevent taxpayers from extending the tax benefit for retirement savings indefinitely. In general, a minimum required distribution must - [CARES Act: Special Rules for Use of Retirement Funds](https://hoffmanestatelaw.com/cares-act-special-rules-use-retirement-funds/) - By Todd Sehhat, Esq. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief designed to increase liquidity in the economy including modifications to the rules on the use and distribution of retirement funds. Withdrawals The CARES Act waives the 10-percent penalty on early withdrawals up to $100,000 from qualified retirement plans for coronavirus-related - [Implications of the SECURE Act and the CARES Act on Retirement and Estate Planning](https://hoffmanestatelaw.com/implications-secure-act-cares-act-retirement-estate-planning/) - By Alaina Davalos, Esq. With so much turmoil and uncertainty taking place in our lives during the first half of 2020, and with the understanding that what was certain six months ago is no longer, Hoffman & Associates is strongly encouraging its clients to take time now and meet with our attorneys to discuss the impact of both the SECURE - [Estate Planning For Business Owners](https://hoffmanestatelaw.com/estate-planning-business-owners/) - By Todd Sehhat, Esq. When running a business, some owners can be so busy with the day-to-day operations that they fail to consider the importance of proper estate planning. Estate planning is a critical factor when considering the long-term goals of any business, especially in the case of the untimely demise or incapacitation of the owner. Having proper estate planning also - [Why Your College Students Need An Advance Health Care Directive](https://hoffmanestatelaw.com/why-your-college-students-need-an-advance-health-care-directive/) - There are many variations of but the majority have simply free text. - [Beware The Phantom Hacker Scam](https://hoffmanestatelaw.com/beware-the-phantom-hacker-scam/) - There are many variations of but the majority have simply free text. - [Estate Planning is a Process, not an Event](https://hoffmanestatelaw.com/estate-planning-is-a-process-not-an-event/) - There are many variations of but the majority have simply free text. - [Top 10 Reasons Why You Need an Estate Plan Today!](https://hoffmanestatelaw.com/top-10-reasons-need-estate-plan-today/) - By Alaina Davalos, Esq. Estate planning should be a top priority for any husband, wife, parent or grandparent who truly cares for the ones they love and wants to ensure family assets are fiercely protected. A thoughtfully prepared estate plan will get assets to beneficiaries quickly and with the least amount of court costs, taxes, - [Year-End Tax Letter 2020](https://hoffmanestatelaw.com/year-end-tax-letter-2020/) - By Hoffman & Associates Dear Tax Clients, What a year! We think everyone agrees that 2021 can’t get here soon enough and, unlike the drag of the first half of 2020, it is quickly approaching. And, in regular fashion, there is a heightened sense of significance on year-end financial and tax planning. Tax planning for - [Key Updates of the Consolidated Appropriations Act, 2021](https://hoffmanestatelaw.com/consolidated-appropriations-act-2021/) - On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021. Below you will find some of the key updates of this new Act, which include clarification of the Paycheck Protection Program (PPP) that resulted from the CARES Act, as well as details of the second round of the Paycheck Protection Program. - [Millennial to Millennial Discussion on Estate Planning](https://hoffmanestatelaw.com/millennial-millennial-discussion-estate-planning/) - By Carolina Gomez On Tuesday February 16th, 2021, H&A kicked off the first in a series of Zoom meetings called Millennial to Millennial. Our first topic focused on estate planning and why it's so important for millennials (born 1981-1996) to begin proper planning in 2021. Did you know that 79% of millennials do not have even basic - [Tax Increases Coming Soon!](https://hoffmanestatelaw.com/tax-increases-coming-soon/) - By Todd Sehhat, Esq. President Biden’s American Families Plan announced on April 28, 2021, is the third leg in the POTUS’ Build Back Better initiative designed to rescue, recover, and rebuild the country. This $1.9 trillion package, comprised of $1 trillion in spending and $900 million in tax cuts, will be partially offset by income - [Is Marriage a Necessary Step?](https://hoffmanestatelaw.com/marriage-necessary-step/) - As older couples contemplate and move forward with divorce, some are starting a second marriage late in life. For those in a new long-term relationship and nearing retirement, this begs the question- is marriage a necessary step? For some, it is, but for others, simple cohabitation–and an executed cohabitation agreement–will suffice. Those who plan - [Business Owners- What to Consider Before Trademarking Your Own Name](https://hoffmanestatelaw.com/business-owners-consider-trademarking-name/) - A trademark is a word or image that serves to inform consumers of the source of a product or service. Sometimes, an individual’s name identifies the business providing goods or services. Consider the likes of certain fashion house founders, such as Gabrielle Chanel, founder of the iconic Chanel brand, or Christian Dior of Dior. - [What is a Step-Up in Basis?](https://hoffmanestatelaw.com/what-is-a-step-up-in-basis/) - We refer to the purchase price of an asset as “basis.” Capital gains tax is payable on the difference between an asset’s purchase price and its fair market value at the time of sale. Depending on your income, the current capital gains tax rate is 0%, 15% or 20%. A “step up in basis” - [2021 Proposed Tax Reform](https://hoffmanestatelaw.com/2021-proposed-tax-reform/) - On September 13, 2021, the House Ways and Means Committee released a proposal for funding President Biden’s Build Back Better Act as part of the budget reconciliation Plan. The Ways and Means Committee’s plan includes tax changes affecting a multitude of areas. Below are some of the proposed changes that may impact your estate - [What’s in the Senate Finance Committee’s Build Back Better Act?](https://hoffmanestatelaw.com/whats-senate-finance-committees-build-back-better-act/) - By Emily Dabney, Esq. On December 11th, the Senate Finance Committee released its text of the Build Back Better Act. While the text contains some provisions that are in line with the House's text of the bill, there are deviations as well. The text contains both tax provisions and other legislative provisions related to, - ['Tis the Season for Scammers](https://hoffmanestatelaw.com/tis-season-tax-scammers/) - As tax season rolls around again, we like to remind all of our clients that scammers find this to be the perfect time to troll unsuspecting taxpayers; resulting not only in anxiety for many but also millions of dollars lost. These thieves, posing as employees of the IRS, use official sounding titles and threats to - [The Secure Act 2.0: Promoting Retirement Savings](https://hoffmanestatelaw.com/secure-act-2-0-promoting-retirement-savings/) - Congress has included the Secure Act 2.0 (the “Act”) in its 2022 year-end Omnibus budget bill. The Bill was signed into law on December 29, 2022. Broadly, the bill is meant to allow for and support greater retirement savings. Important provisions benefiting both employers and employees include the following: Provisions benefiting or impacting Employers: For - [CEO Musings: Is the Estate Tax a Voluntary Tax?](https://hoffmanestatelaw.com/ceo-musings-estate-tax-voluntary-tax/) - by Mike Hoffman, Esq., CPA After languishing between $3.5 trillion dollars of total tax revenue from 2014-2020, the U.S. tax collections hit a record $4.05 trillion in fiscal year 2021. During that time nearly 2600 estates paid $18.4 billion dollars in taxes, which was almost double the estate taxes collected in 2020. Out of the - [“You’re the Executor – Now What?”](https://hoffmanestatelaw.com/youre-executor-now/) - by HOFFMAN & ASSOCIATES and JIM UNDERWOOD, CPA/PFS, CFP®, AEP, JAMES UNDERWOOD CPA, CFP® You previously agreed to serve as the executor for a family member, close friend, or client. Now the time has come for you to take on the role – what’s next? While being named as the executor or personal representative - [Does the IRS have Payment Plans?](https://hoffmanestatelaw.com/irs-payment-plan/) - When it comes to paying taxes owed to the IRS, many people find themselves in a difficult financial situation. Fortunately, the IRS offers payment plans that can help taxpayers make their payments in a more manageable way. In this article, we'll take a closer look at IRS payment plans, how they work, and the - ["But I don't need a Will. I don't have any Real Assets."](https://hoffmanestatelaw.com/do-i-really-need-a-will/) - Even if you do not have children or own property, creating a Will can still be beneficial. Here are a few reasons why: Distribution of personal items - A Will can specify who should receive your personal items such as jewelry, family heirlooms, or sentimental items. Distribution of financial assets - While 401K's and - [Who Should You Choose To Manage Your Estate?](https://hoffmanestatelaw.com/who-should-manage-your-estate/) - Should you appoint a beneficiary or a third party to manage your estate? When it comes to planning your estate, choosing an executor is a crucial decision. An executor is the person who will manage your estate and ensure your wishes are carried out after you pass away. While many people choose a family member - [Why Is An Advance Directive So Important?](https://hoffmanestatelaw.com/advance-directive-important/) - By Alaina Davalos, ESQ. “Sign your name on pages 2, 3, 4, 8, 9, and when you get to page 10, sign where it says “I do not have an advance directive.”” “Well, that’s not true,” I said to the nurse. “I do have an advance directive.” “I think you’re the first patient who - [Did You Know That Everyone Is Required to Pay Estimated Taxes Throughout the Year?](https://hoffmanestatelaw.com/are-you-required-to-make-estimated-tax-payments/) - The IRS describes taxes as “pay-as-you-go.” You want your money when you earn it, and the IRS wants their money when YOU earn it. Typically, taxpayers pay via withholding from their paycheck or by making quarterly estimated tax payments throughout the year. It is important to consult with a tax professional to ensure either: - [CEO Musings: Fall 2023 Status, Wealth Transfer Taxes](https://hoffmanestatelaw.com/fall-2023-status-wealth-transfer-taxes/) - By Mike Hoffman, Esquire, CPA Back in the summer of 2011, I wrote an article, “The Status of Wealth Transfer Taxes.” The $5M estate gift tax exclusion level had just been adopted. The estate tax, gift tax and generation skipping tax were unified at 35%. Portability had just been adopted. I wrote, “We have remained under a - [Beware The Phantom Hacker Scam](https://hoffmanestatelaw.com/beware-phantom-hacker-scam/) - The FBI is warning the public of a recent nationwide increase in “Phantom Hacker” scams, a type of tech support scam meant to bilk victims out of their savings, retirement, or investment accounts while pretending to be tech support specialists, or government employees who will “protect” their assets from foreign hackers. In the first half - [Hoffman & Associates Sponsors Networking Happy Hour for Emory Goizueta Business School's 2024 Advancing Women in Leadership Conference](https://hoffmanestatelaw.com/hoffman-associates-sponsors-networking-happy-hour-for-emory-goizueta-business-schools-2024-advancing-women-in-leadership-conference/) - Friday, March 8, 2024: Hoffman & Associates was proud to be the Networking and Happy Hour sponsor for Emory Goizueta Business School’s 2024 Advancing Women in Leadership Conference. This year’s theme centered on Resilience for your Personal Endurance and Career Sustainability. Three of our own empowered women, Attorney Alyssa Myers, Senior Paralegal Juli Findling, and - [$1 Billion in Tax Refunds Expiring on May 17th, 2024](https://hoffmanestatelaw.com/1-billion-in-tax-refunds-expiring-on-may-17th-2024/) - The Internal Revenue Service is reminding the 1 million people who did not file their 2020 tax returns that they may be eligible for a refund if they file by the May 17th, 2024 deadline. According to the IRS there may be more than $1 billion in refunds that have not been claimed because people - [Hoffman & Associates Congratulates Tabitha Relota on GAEA Election](https://hoffmanestatelaw.com/hoffman-associates-congratulates-tabitha-relota-on-gaea-election/) - Tabitha joined Hoffman & Associates last year as a tax accountant and enrolled agent. As an enrolled agent she has earned the right to represent taxpayers before the Internal Revenue Service, and it is the highest credential the IRS awards. Tabitha was recently elected to serve as the secretary of the Georgia Association of Enrolled Agents - [TRUTH IS STRANGER THAN FICTION – a real-life story about dying without a Will](https://hoffmanestatelaw.com/truth-is-stranger-than-fiction-a-real-life-story-about-dying-without-a-will/) - There are many variations of but the majority have simply free text. - [THE CHALLENGES OF A "CHALLENGING" WILL](https://hoffmanestatelaw.com/challenges-challenging-will/) - by Juli Findling, Senior Paralegal Wealthmanagement.com Senior Editor, David Lenok, hosts a very interesting and entertaining podcast called Celebrity Estates: Wills of the Rich and Famous, where he showcases everyday estate planning topics with, as the narrator says, “the volume turned up!” One of his recent shows, with Co-Host Megan Gorman of Chequers Financial Management, - [Good Will Doesn't Stop at Death: How Charitable Remainder Trusts Can Further Your Philanthropic Goals](https://hoffmanestatelaw.com/good-will-doesnt-stop-death-charitable-remainder-trusts-can-philanthropic-goals/) - by J. Hunter Moreland, J.D., Associate Are you looking to climb into the upper echelons of donors to your alma mater and leave a lasting legacy? Have you always made yearly large donations to your church, synagogue or other religious organization? Do you have a charitable organization that you feel will benefit greatly from a - [Do you owe the IRS money?](https://hoffmanestatelaw.com/owe-irs-money/) - Taxpayers may face many challenges when dealing with the IRS and may not understand their tax situation completely or what to do if contacted by the IRS. For example, a taxpayer may file a return that results in a balance due. If the balance due is left unpaid, the balance may be forwarded to the - [How Can a Buy-Sell Agreement Help Protect Assets For Future Generations?](https://hoffmanestatelaw.com/can-buy-sell-agreement-help-protect-assets-future-generations/) - There are three phases to estate planning. The first phase involves having your “core” documents in place; that includes your Last Will & Testament, General Power of Attorney and Healthcare Directive. Everyone needs their “core” estate planning documents. Wills can vary greatly, depending on size and complexity of an estate and a testator’s wishes and - [Do You Owe Georgia Unpaid State Tax?](https://hoffmanestatelaw.com/unpaid-state-tax/) - Every individual is responsible for meeting their state tax obligations. State taxes support essential services and infrastructure. Unfortunately, not every taxpayer files and pays state tax timely. A taxpayer may find themselves in a predicament when they have unpaid state tax but have limited knowledge on how to resolve the situation. Possible Consequences of Unpaid - [Are You Facing An IRS Tax Audit?](https://hoffmanestatelaw.com/facing-irs-tax-audit/) - It may evoke dread and anxiety for taxpayers when they face an upcoming IRS tax audit. These feelings may be justified, and they may not know where to begin to prepare for the audit. However, knowing where to begin, early preparation, and/or having a tax practitioner may help alleviate some of the taxpayer’s stress. - [Preparing for Aging in Place](https://hoffmanestatelaw.com/preparing-for-aging-in-place/) - By Michael W. Hoffman, Esquire, CPA As I celebrate another birthday month and begin coasting towards the end of another decade, topics about getting older interest me more. I came across an excellent article written by a couple of California attorneys, Jeffrey Allen and Ashley Hallene, titled “6 Essential Tools for Aging in Place.” It - [Why Your College Students Need An Advance Health Care Directive](https://hoffmanestatelaw.com/college-students-need-advance-health-care-directive/) - A real-life story as told by Juli M. Findling, Senior Paralegal A few years back, one of my daughters (I’ll call her Claudia for the sake of continued good familial relations) went off to college at UGA. Off-campus, Athens is known for its lively downtown life, and Claudia, in need of extra spending money, and - [Estate Planning is a Process, not an Event](https://hoffmanestatelaw.com/estate-planning-process-not-event/) - To many, estate planning is merely a “check list” item that provides for the orderly disposition of one’s assets at death. However, it is so much more than that. Estate planning includes a Last Will and Testament that appoints the appropriate person to handle the affairs of a decedent and the disposition of assets, but - [TRUTH IS STRANGER THAN FICTION - a real-life story about dying without a Will](https://hoffmanestatelaw.com/truth-stranger-fiction-real-life-story-dying-without-will/) - Mark Twain’s quote that truth is stranger than fiction bears out routinely in the world of estate planning, but some cases stand out more than others. One unusual case recently presented itself when a local entrepreneur (we’ll call him Ray) hired us to assist him with a probate matter. A couple of years ago, Ray’s - [What Should Be Included In Your Will?](https://hoffmanestatelaw.com/what-should-be-included-in-your-will/) - What do an old stone bridge that crosses the Delaware River, a 1930’s vintage Duesenberg, a collection of paintings done by someone’s father, and a cat named Monster that comes with a $50,000 allotment for his care all have in common? They are just a few of the more unusual things bequeathed under Wills - [IRS to Focus on High-Income Earners in 2024](https://hoffmanestatelaw.com/irs-to-focus-on-high-income-earners-in-2024/) - IRS Commissioner, Danny Werfel, indicated in recent interviews that the Internal Revenue Service will start to focus its collection efforts on high-income earners. The IRS admits that the recent drop in enforcement action is due to Covid-19 and decrease in funding, which resulted in discrepancies between returns that were filed by high income earners and - [New COVID Relief Package Finalized](https://hoffmanestatelaw.com/new-covid-relief-package-finally-agreed-upon/) - By Joe Nagel, Esq., LLM, CPA On December 20, 2020, Congress finally agreed upon a new $900 billion COVID relief package. This new bill includes $284 billion for the Paycheck Protection Program (PPP) for small businesses which was created under the Coronavirus Aid, Relief and Economic Security (CARES) Act in March. After much partisan - [Musings from the CEO - Summer 2021](https://hoffmanestatelaw.com/musings-ceo-summer-2021/) - By Mike Hoffman, Esq., CPA Last month, I participated in the Annual Estate and Financial Planning Advisory Council meeting with several of my esteemed colleagues from the Georgia Society of CPAs (GSCPAs). The Council shares ideas with several of the key employees of the GSCPAs to keep them apprised of what is happening in our - [Utilizing the “Buy, Borrow, Die” Regime](https://hoffmanestatelaw.com/utilizing-buy-borrow-die-regime/) - By Hunter Moreland, Esq. “How do rich people keep getting richer?” This age-old question has not only perplexed many over the years but has led to innovations in both financial planning and tax minimization. One such innovation, which became popular as a result of Covid-19, is the “Buy, Borrow, Die” scheme. Coined by University of Southern California - [Musings from the CEO: Pay the Darn Light Bill!](https://hoffmanestatelaw.com/musings-ceo-pay-darn-light-bill/) - Mike Hoffman, Esq., CPA I’ve had the privilege of working with some of the finest business people in the world over the last 45 years. During that period of time, we have built a superb law firm organization to service the income tax, business and estate planning needs of these fine families and businesses. - [CEO MUSINGS: NEAR MISS, BUT THE HITS KEEP COMING](https://hoffmanestatelaw.com/ceo-musings-near-miss-hits-keep-coming/) - by Mike Hoffman, Esq., CPA A year ago, we were worried about the federal gift and estate tax exemption being reduced, the federal gift and estate tax rate increasing, the loss of stepped-up basis at death, capital gains at death, the elimination of valuation discounts, the inclusion of grantor trusts in taxable estates, and many - [What are the “Triggers” of a Gun Trust?](https://hoffmanestatelaw.com/triggers-gun-trust/) - by J. Hunter Moreland, Associate Attorney According to a 2021 survey, approximately 32% of Americans own some sort of firearm. While this number only includes firearms owned by individuals over the age of 18, the statistic increases to nearly 45% when all members of a household are included. That figure accounts for around 146 - [CEO MUSINGS: Lifetime Gifting](https://hoffmanestatelaw.com/ceo-musings-lifetime-gifting/) - by Mike Hoffman, Esq., CPA You hear about it all the time. You should consider making gifts during your lifetime, rather than waiting until you die. Why should you do it? How should you do it? Let’s pass over the most obvious reasons of gifting, the altruistic motives of giving to family or charity, and - [CEO Musings: Lifetime Gifting Part 2: How do I Gift to Maximize Tax Savings, Preserve, Control and Protect Assets](https://hoffmanestatelaw.com/lifetime-gifting-part-2-gift-maximize-tax-savings-protect-assets/) - by Mike Hoffman, Esq., CPA In estate planning there is an old adage, “if you don’t need it, gift it away.” Some assets are much more attractive for gifting purposes than others. When gifting to or on behalf of loved ones, those who would inherit your assets eventually, anyway, it is desirable to use - [The IRS Announces That They Will Begin Auditing Employee Retention Credit Claims](https://hoffmanestatelaw.com/employeeretentioncredit/) - In 2020, the Employee Retention Credit (ERC) was created by the CARES Act to assist businesses that were impacted by the COVID-19 pandemic. With the ERC, an eligible business may claim a refundable credit up to 70% of qualified wages paid to employees, up to $10,000 per employee, per quarter, for 2020 and 2021. However, - [Do You Fully Understand Your Payroll Responsibilities As A Business Owner?](https://hoffmanestatelaw.com/understand-payroll-responsibilities-business-owner/) - There are many responsibilities that fall on business owners. One of the most essential duties of a business owner with employees is payroll. Employers are responsible to handle any IRS payroll liability. If the employer fails to meet timely filing and payment, it can lead to many negative consequences. The employer may become subject to - [Do You Have Unfiled Tax Returns?](https://hoffmanestatelaw.com/unfiled-tax-returns/) - You may be anxious and unsure of how to approach unfiled tax returns with the IRS. Some taxpayers miss one year of tax filing and it leads to multiple years of unfiled returns. This may be because the prepared return resulted in a tax liability. The taxpayer may be unable to pay the liability in - [What To Do When Someone You Love Dies](https://hoffmanestatelaw.com/when-someone-you-love-dies/) - By Juli Findling, Paralegal The death of a loved one often comes suddenly and may cause strong and overwhelming emotions. And while everyone processes loss differently, it’s common to be anxious when it comes to what steps to take next. Whether you are the person responsible for handling all of the affairs or are simply - [DIY - Good for Your Backyard, Not Your Estate Planning](https://hoffmanestatelaw.com/diy-estate-planning-pitfalls/) - By Hunter Moreland, Esq. As a result of the Covid-19 pandemic, more and more people have taken interest in protecting assets and planning for the future. Luckily, technology has evolved so rapidly that it’s now possible to secure cookie-cutter estate planning documents in just minutes. Gone are the meticulously crafted wills and Powers of Attorney; here, are - [Considerations for Elder Living Options](https://hoffmanestatelaw.com/considerations-elder-living-options/) - By Hunter Moreland, Esq. As our loved ones make their way into the Golden Years, conversations about assistance with daily tasks begin to surface more and more. It’s never easy, but as people age, many will need help due to physical limitations, mental concerns, or emotional stress. One of the biggest decisions you may have to - [The IRS and Michael Jackson’s Estate - Challenges of Valuing Intangible Estate Assets](https://hoffmanestatelaw.com/irs-michael-jacksons-estate-challenges-valuing-intangible-estate-assets/) - By Juli Findling, Paralegal To understand just how far off the IRS can be when estimating an estate’s tax bill, one doesn’t need to look any further than recent tabloid headlines regaling the win by late singer Michael Jackson’s Estate. On Monday, May 3, 2021, U.S. Tax Court ruling dashed the IRS’ hopes to get its - [Taxes Are Complicated, Expensive and Getting Worse!](https://hoffmanestatelaw.com/taxes-complicated-expensive-getting-worse/) - By Mike Hoffman, Esq., CPA We all know that as a result of the 2020 elections, taxes are not only going to change, but are going up. Focusing on estate planning, the landscape is downright scary. First, there are a number of proposals which increase the effective estate tax rate from its current level of - [There Is no Grand Strategy To Beat SECURE. We Are in Damage Control!](https://hoffmanestatelaw.com/no-grand-strategy-beat-secure-damage-control/) - By Mike Hoffman, Esq., CPA In the summer of 2019, President Trump signed into law the Setting Every Community Up For Retirement Enhancement or SECURE Act. By now everyone has heard that the SECURE Act, which went into effect January 1, 2020, eliminated the “stretch IRA” allowing non-spousal beneficiaries to withdraw assets from an inherited IRA over their - [Are you Prepared for Changes in Estate and Gift Tax Laws?](https://hoffmanestatelaw.com/prepared-changes-estate-gift-tax-laws/) - By Mike Hoffman, Esq., CPA If you have not done so already, now’s the time to review your estate plan and start preparing for the 2021 tax year and beyond. With a new administration in the White House and rumblings of possible changes to the estate and gift tax laws, attorneys and financial planners are - [An Early Christmas Present from the IRS](https://hoffmanestatelaw.com/early-christmas-present-irs/) - By Mike Hoffman, Esq., CPA Last year taxpayers received a little coal in their stockings. The SECURE Act that went into effect January 1, 2020 eliminated the “stretch IRA” which had allowed non-spousal beneficiaries to withdraw assets from an inherited IRA over their life expectancies. The Secure Act imposed a ten-year rule for inherited IRAs. - [2020 Year-End Planning - TCJA Modified Under the CARES Act](https://hoffmanestatelaw.com/5458-2/) - By Bobby Hoffman Several tax provisions under the Tax Cuts and Jobs Act (TCJA) were modified by the CARES Act for 2020 and earlier years providing opportunities to amend prior year returns. Here are highlights for tax planning consideration at 2020 year-end. Qualified Improvement Property: A 15-year recovery period is retroactively assigned to qualified improvement property - [2020 Year-End Planning – Additional Items to Note](https://hoffmanestatelaw.com/2020-year-end-planning-additional-items-note/) - By Bobby Hoffman Additional tax planning considerations for year-end 2020: IRS “Phishing” Scams: As was noted in last year’s Year-End Tax Letter, the IRS continues to battle cons taking advantage of taxpayers. They stress that the IRS does not solicit taxpayer information via e-mail or phone calls and that any such communication received from the “IRS” requesting - [2020 Year-End Planning for Businesses – Expiring Provisions](https://hoffmanestatelaw.com/2020-year-end-planning-businesses-expiring-provisions/) - By Douglas McAlpine, Esq., CPA Taxpayers might consider taking advantage of the following tax benefits in 2020 before they expire. In some cases, these benefits were retroactively applied. In which case, it may be useful to amend prior year’s returns if the savings are significant enough. The Work Opportunity Credit: terminates for wages paid to workers - [2020 Year-End Planning for Businesses - COVID Relief](https://hoffmanestatelaw.com/2020-year-end-planning-businesses-covid-relief/) - By Bobby Hoffman In addition to providing resources to the health community to help contain and combat the virus, the Families First Coronavirus Response Act offered employees and self-employed individuals affected by the pandemic with guaranteed paid sick leave. Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act also included numerous tax benefits - [2020 Year-End Planning for Businesses - General Planning Information](https://hoffmanestatelaw.com/2020-year-end-planning-businesses-general-information/) - By Douglas McAlpine, Esq., CPA The Tax Cuts and Jobs Act offers many tax advantages for small businesses but efficiently maximizing these advantages requires proper planning. Qualified Business Income Deduction: Beginning in 2018, individuals with qualified business income from a sole proprietorship, partnership, trust or S-corporation, subject to limitations, are allowed to deduct up to 20 percent of their - [2020 Year-End Planning for Individuals – Expiring Provisions](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-expiring-provisions/) - By Bobby Hoffman Taxpayers might consider taking advantage of these tax benefits in 2020 before they expire. In some cases, these benefits were retroactively applied. In which case, it might be useful to amend prior year’s returns if the savings are significant enough. Exclusion From Income for the Forgiveness of Debt on a Principal Residence: The - [2020 Year-End Planning for Individuals – The Families First Coronavirus Response Act and the CARES Act](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-families-first-coronavirus-response-act-coronavirus-aid-relief-economic-security-cares-act/) - By Douglas McAlpine, Esq., CPA The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impact of the coronavirus pandemic, Congress passed two major pieces of legislation - the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and - [2020 Year-End Planning for Individuals – Additional Tax Planning Opportunities](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-additional-tax-planning-opportunities/) - By Bobby Hoffman Here are some additional tax planning opportunities to consider before year-end 2020: Consider Converting Your IRA: With the uncertainty of tax rates post-2025 under the sunset provisions of the TCJA and the uncertain legislative terrain with the new Congress, you may want to consider converting your Traditional IRA to a Roth IRA. You - [2020 Year-End Planning for Individuals – Itemized Deductions](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-itemized-deductions/) - By Douglas McAlpine, Esq., CPA A breakdown of itemized deductions for year-end 2020: Standard Deduction: The basic standard deduction has been increased to $12,400 for Individuals, $24,800 for Married Filing Jointly and $18,650 for Head of household. This has been one of the most impactful changes for the individual taxpayer as it significantly impacts how one should evaluate - [2020 Year-End Planning for Individuals - General Planning Information](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-general-planning-information/) - By Bobby Hoffman General information for year-end 2020 tax planning: Tax Rates: The current tax rates are 10, 12, 22, 24, 32, 35 and 37%. Because of the large jumps from 10 to 22% and 24 to 32% for specific taxable income ranges, taxpayers should discuss their income projections and tax plan for 2020 with both their - [2020 Year-End Planning for Individuals - Annual Reminders](https://hoffmanestatelaw.com/2020-year-end-planning-individuals-annual-reminders/) - By Douglas McAlpine, Esq., CPA Here are some annual reminders for year-end tax planning: Estimated Payments: Remember to make your 4th Quarter Federal and State estimated tax payments (1/15/2021). Due to the new $10,000 itemized deduction limit for state and local taxes and the higher standard deduction, delaying payments to 2021 may be a desirable strategy. Review - [Deadlines Loom for Estate Planning](https://hoffmanestatelaw.com/deadlines-loom-estate-planning/) - By Mike Hoffman, Esq., CPA Today, a married couple has over $23 million in combined gift and estate tax exemption between them. Just as important, and maybe more so for our clients in the long run, that same married couple has over $23 million in exemption from generation skipping transfer (GST) tax. This exemption applies to their - [Probate vs. Trust Administration: What You Need to Know](https://hoffmanestatelaw.com/probate-vs-trust-administration-need-know/) - By Juli Findling, Paralegal Administering a decedent’s probate estate under a will is not the same as managing a decedent’s trust estate. While there are similarities, the differences and the value these differences provide can be significant. So that you and your family can make informed decisions about whether or not to establish a trust - [The 2020 Presidential Election and its Effects on Tax Policy](https://hoffmanestatelaw.com/2020-presidential-election-effects-tax-policy/) - By Juli Findling, Paralegal Now that the excitement of the 2020 Democratic and Republican National Conventions are over, you may be understandably confused as to how all those promises extolled from the podium about taxes will translate to you. As we have seen throughout this 2020 campaign season, Biden and Trump disagree on most things, including - [IRS Letters & Notices after the July 15th Deadline](https://hoffmanestatelaw.com/irs-letters-notices-july-15th-deadline/) - By Bobby Hoffman Each year for various reasons, the Internal Revenue Service (IRS) sends out computer-generated notices to taxpayers after the tax deadline. Most notably, some of these letters notify taxpayers of insufficient or delinquent payments. Further, these notices may include the addition of penalties and interest associated with such a purported underpayment or delinquent - [Georgia GOAL Now Accepting Applications](https://hoffmanestatelaw.com/georgia-goal-now-accepting-applications/) - By Bobby Hoffman Are you in the market for a 2021 tax credit? If so, The Georgia GOAL Scholarship Program is now accepting applications. GOAL is a qualified Student Scholarship Organization (SSO) providing scholarships to deserving students in Georgia. In 2008, Georgia's elected officials signed the Education Expense Credit into law providing low-income and middle-income - [UPDATE: Rollover Relief For RMDs Announced by the IRS](https://hoffmanestatelaw.com/update-rollover-relief-rmds-announced-irs/) - By Bobby Hoffman The Internal Revenue Service (IRS) announced on June 23, 2020 via Notice 2020-51 (PDF) , that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day - [529 Plan Updates and the Secure Act](https://hoffmanestatelaw.com/529-plan-updates-secure-act/) - By Krupa Patel Tax-favored savings accounts such as Georgia’s Path2College 529 were designed to help families save for future college expenses. But until now, these funds could not be used to repay student debt. With the Secure Act, a law attached to broader federal spending legislation enacted in December, 2019 and aimed mainly at adjusting - [CARES Act: Roth IRA Conversions](https://hoffmanestatelaw.com/cares-act-roth-ira-conversions/) - By Krupa Patel The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief to individuals and businesses in an effort to support the economy. Included in the numerous provisions is the ability to convert a traditional IRA to a Roth IRA without first having to take a required minimum distribution (RMD). That rule, - [Updating Your Estate Plan Is Essential Every Three to Five Years… Except in Times of Pandemic!](https://hoffmanestatelaw.com/updating-estate-plan-essential-every-three-five-years-except-times-pandemic/) - By Mike Hoffman, Esq., CPA Estate Planning is a process that should by reviewed and updated continually. Due to changing circumstances and laws, we suggest that clients review their plans every three to five years. However, in times of global pandemic and when everyone is concerned about their health, we suggest that clients make it a - [CARES Act Extends Several Filing Deadlines and Includes Retirement Plan Provisions](https://hoffmanestatelaw.com/cares-act-extends-several-filing-deadlines-includes-retirement-plan-provisions/) - By Douglas McAlpine, Esq., CPA CARES Act Notice 2020-23 updates portions of Notices 2020-18 and 2020-20 which extended the filing deadline from April 15, 2020 to July 15, 2020. The new Notice provides that many filings originally due between April 1, 2020 and July 15, 2020 are now due on July 15, 2020. For individual income - [CARES Act Offers Tax Incentives for Charitable Contributions](https://hoffmanestatelaw.com/cares-act-offers-tax-incentives-charitable-contributions/) - By Bobby Hoffman For tax year 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers enhanced tax incentives for making charitable contributions. Here are the details: Individuals In general, the itemized charitable deduction for individuals is limited to a percentage of the taxpayer's adjusted gross income (AGI). The percentage is determined by - [CARES Act: What Every Small Business Should Know](https://hoffmanestatelaw.com/cares-act-what-every-small-business-know/) - By Joe Nagel, Esq., LLM, CPA During these uncertain and stressful times, the United States government recently passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was intended, to among other things, provide support for businesses during the COVID-19 pandemic. Due to the importance of the CARES Act, we have - [What Could Possibly Go Wrong With a DIY Will?](https://hoffmanestatelaw.com/possibly-go-wrong-diy-will/) - By Juli Findling, Paralegal Writing a will is one of the last things people want to think about, especially during a time of crisis. But for those who do, it's not about facing their immortality head-on, but rather embracing the need to plan proactively for their loved ones. With a will, we can ensure that those we leave behind - [SBA Loans Authorized by the CARES Act for Small Business Owners](https://hoffmanestatelaw.com/sba-loans-authorized-by-cares-act-for-small-business-owners/) - By Joseph Nagel, Esq., LLM, CPA What is the CARES Act? The CARES Act passed the House and Senate and became law on Friday, March 27, 2020, when President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”). The CARES Act includes special SBA loan provisions under the - [Tax Deadlines for 2019 Tax Returns Have Been Extended!](https://hoffmanestatelaw.com/tax-deadlines-2019-tax-returns-extended/) - By Douglas J. McAlpine, Esq., CPA The 2019 Federal and Georgia due date for Individual, Trust & Estate, Corporation and Other Non-Corporate Filer tax returns has been extended from April 15th, 2020 to July 15th, 2020! Update On Friday March 21, 2020 at the direction of the President, Secretary of the Treasury Steven Mnuchin announced - [Georgia Entertainment Tax Credits](https://hoffmanestatelaw.com/georgia-entertainment-tax-credits/) - By Bobby Hoffman Perhaps you’ve seen movie cameras, crews, and even movie stars around town. Maybe you’ve wondered why so many studios would choose Georgia to film. It all comes down to one of life’s certainties: taxes. Film, TV and digital entertainment tax credits of up to 30% create significant cost savings for companies - [Musings from the CEO – “Estate Planning Continuity”](https://hoffmanestatelaw.com/musings-ceo-estate-planning-continuity/) - By Mike Hoffman, Esq., CPA At an Estate Planning conference this summer one presenter made some comments about the “old way” of doing things not being proper. He went so far as to say, “the Credit Shelter Trust is inappropriate since 99.8% of folks will have no estate tax!” His point was that many families - [Musings From the CEO - The Estate Planning Profession](https://hoffmanestatelaw.com/musings-ceo-estate-planning-profession/) - By Mike Hoffman, Esq., CPA Over the last several decades large law firms have been traditionally places of opportunity and training for estate planning attorneys. Large law firms had burgeoning estate planning and probate departments. However, these traditional sections of large firms have been marginalized or jettisoned in favor of more profitable areas of litigation - [Cryptocurrencies and Taxes](https://hoffmanestatelaw.com/cryptocurrency-and-taxes/) - By Bobby Hoffman Cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin and many others have become extremely popular in recent years and for good reason but, as with anything new (and everything taxes for that matter), there is still uncertainty about the tax ramifications once you have started buying, selling and using them. In the eyes of - [Must Knows Before Sending Your Adult Child off to College](https://hoffmanestatelaw.com/must-knows-sending-adult-child-off-college/) - By Juli Findling, Paralegal Is your adult child going off to college this fall? This can be an exciting but stress-filled time. In addition to worries of their academic success or failure, what if they get sick or hurt? Statistics show that these things DO happen on college campuses in increasing numbers each year. But - [Tips for Recognizing Tax Scams](https://hoffmanestatelaw.com/tips-recognizing-tax-scams/) - The following notice from the IRS reports two new variations of scams currently being used to get your personal information along with tips to help taxpayers recognize these tax scams. - [TAX CHANGES and YOUR ESTATE PLAN FOR 2019](https://hoffmanestatelaw.com/tax-changes-estate-plan-2019/) - Changes in life circumstances or personal future goals are great reasons to revisit your estate planning strategy. However, recent tax reforms have presented a whole other set of variables that may make NOW the time to schedule your estate planning checkup. - [Qualified Opportunity Zones - Tax Benefits for Real Estate Investors](https://hoffmanestatelaw.com/federal-qualified-opportunity-zones-significant-tax-benefits-real-estate-investors/) - By Joe Nagel, Esq., LLM, CPA A Federal Qualified Opportunity Zone is a new economic and community development program established by Congress in the Tax Cuts and Jobs Act of 2017 which encourages long-term investments in low-income urban and rural communities nationwide. Georgia’s 260 tracts, located in 83 counties, represent some of the most concentrated - [The New QBI Deduction](https://hoffmanestatelaw.com/new-qbi-deduction/) - By Joe Nagel, Esq., LLM, CPA On January 18, 2019, the IRS issued final regulations for the new qualified business income (QBI) deduction (section 199A of the Internal Revenue Code), https://www.irs.gov/pub/irs-drop/td-reg-107892-18.pdf. The new QBI allows many (but not all) owners of pass through entities (sole proprietorships, partnerships, S corporations) a deduction of up to 20% of - [Be Careful What You Wish For](https://hoffmanestatelaw.com/be-careful-what-you-wish-for/) - By Mike Hoffman, Esq., CPA While trust law has been around for hundreds of years and is relatively well settled, the State of Georgia finally entered into the 21st century and made some significant upgrades to our Trust Code, effective July 1, 2018. Many of these changes are consistent with what most states across the country - [Stan Lee’s “Unfriendly Misalliance”: The Benefits of using a Corporate Trustee](https://hoffmanestatelaw.com/stan-lees-unfriendly-misalliance-benefits-using-corporate-trustee/) - By Juli Findling, Paralegal Stan Lee, legendary comic book icon and creator of more than 100 super-heroes and villains, like X-Men, Spider-Man, and the Hulk, passed away recently. At age 95, after losing his beloved wife of almost 70 years, he suffered what he referred to as “unfriendly misalliance” involving his vast estate - fending off - [State and Local Tax Limitations Have Taxpayers Looking for Extra Credit](https://hoffmanestatelaw.com/state-local-tax-limitations-taxpayers-looking-extra-credit/) - By Bobby Hoffman The Tax Cuts and Jobs Act of 2017 significantly impacts all taxpayers. For individuals, it will have the most noticeable impact on itemized deductions: the standard deduction has nearly doubled; and with the new limit on deducting state and local taxes (SALT), many taxpayers may not be itemizing this year. The standard - [The "Queen of Soul" and Her $100 Million Estate](https://hoffmanestatelaw.com/queen-soul-100-million-dollar-estate/) - By Juli Findling, Paralegal When the “Queen of Soul”, Aretha Franklin, belted out the 1968 lyrics “You Better Think”, it was clear she wasn’t practicing what she preached when it came to managing her estate. On August 16, 2018, in Detroit, Michigan, Aretha Franklin died intestate (without a will), leaving the question of what to - [Wealth Begets Wealth – The $25 Million Problem](https://hoffmanestatelaw.com/wealth-begets-wealth-25-million-problem/) - By Mike Hoffman, Esq., CPA There are certain laws of nature concerning wealth: Wealth increases over time. The stock market goes up over the long term. The S&P has averaged approximately 9.8% over the last many decades. Real estate generally appreciates in value. Finally, inflation devalues the dollar and makes hard assets more valuable. It - ["Kiddie Tax" and other Changes in the Tax Cuts and Jobs Act](https://hoffmanestatelaw.com/impact-tax-cuts-jobs-act/) - By Douglas McAlpine, Esq., CPA The Tax Cuts and Jobs Act made headlines for major changes to corporate income taxes and the new small business deduction. This article highlights some changes which will have an impact on many tax returns but did not receive much publicity. The “kiddie tax” has been changed. Through 2017, the - [Benensen vs. Commissioner: The Benefits of Advanced Tax Planning](https://hoffmanestatelaw.com/benensen-vs-commissioner-benefits-advanced-tax-planning/) - By Joe Nagel, Esq., LLM, CPA The recent case of Benenson v. Commissioner, 887 F.3d 51 (1st Cir. 2018), illustrates how tax planning utilizing the combination of DISCs and Roth IRAs have the potential to funnel significant amounts of income related to international sales into tax free retirement accounts. As background, Domestic International Sales Corporations - [The Tax Cuts and Jobs Act: What it Means for You, Your Business and Your Estate Plan](https://hoffmanestatelaw.com/tax-cuts-jobs-act-means-business-estate-plan/) - By Joe Nagel, Esq., LLM, CPA The Tax Cuts and Jobs Act (TCJA), passed by Congress and signed into law by President Trump, is the most significant tax legislation enacted in over 30 years. This new tax bill, which went into effect on January 1, 2018, promises to cut taxes for individuals and businesses, stimulate - [2017 Year-End Tax Planning: Personal Tax Consideration and New Legislation](https://hoffmanestatelaw.com/2017-year-end-tax-planning-personal-tax-consideration-new-legislation/) - By Bobby Hoffman The Tax Cuts and Jobs Act of 2017 has key changes that will have a major impact on your future tax returns and planning going forward. Below we have listed some of the more substantial changes, compared other notable areas to the current law and provided some year-end tax planning recommendations. Individual - [Rural Hospital Organization Expense Tax Credit](https://hoffmanestatelaw.com/rural-hospital-organization-expense-tax-credit/) - By Joe Nagel, Esq., LL.M., CPA In 2016, the Georgia legislature adopted a state income tax credit effective January 1, 2017 designed to encourage Georgian's to contribute to qualified rural hospital organizations. Participation in the Rural Hospital Organization (RHO) expense tax credit program is limited to Georgia rural hospitals that meet qualification criteria established in - [IRS Fact Sheet FS-2017-9: Worker Classification](https://hoffmanestatelaw.com/irs-fact-sheet-fs-2017-9-worker-classification/) - By Joe Nagel, Esq, LL.M, CPA IRS Fact Sheet 2017-9 provides a good reminder to employers that they must be careful in identifying workers as employees and independent contractors. If employees are misclassified as independent contractors, the employer may be responsible for payroll taxes. The FSA provides a list of factors used to discern whether a - [IRS Field Service Advice 20172801F: Gift Tax Returns](https://hoffmanestatelaw.com/irs-field-service-advice-fsa-20172801f-gift-tax-returns/) - By Joe Nagel, Esq., LL.M., CPA IRS Field Service Advice (FSA) 20172801F provides a reminder that gift tax returns must be filed by taxpayers in order to start the statute of limitations. Generally, a gift that is adequately disclosed on a gift tax return or a schedule thereto will start a 3 year statute of - [IRS Information Letter 2017-0015](https://hoffmanestatelaw.com/irs-information-letter-2017-0015/) - By Joe Nagel, Esq., LLM, CPA IRS Information Letter 2017-0015 below provides a requesting taxpayer guidance on the proper amount of income includible in the taxapyer's income from a life insurance split dollar arrangement entered into with his/her employer. This is a good reminder to review your split dollar arrangements periodically to make sure they - [A Benefit-Boosting Social Security Strategy](https://hoffmanestatelaw.com/benefit-boosting-social-security-strategy/) - By Douglas McAlpine, Esq., CPA Although "file and suspend" is no longer available as a Social Security planning tool (expired on April 30, 2016), there is one spousal strategy that still exists. A restricted application called "file as a spouse first" can be filed when you reach full retirement age (FRA) if you turned 62 by - [IRS Tax Court Memo 2017-62: Castigliola v. Commissioner](https://hoffmanestatelaw.com/irs-tax-court-memorandum-2017-62-castigliola-v-commissioner/) - By Joe Nagel, Esq., LL.M., CPA In Castigliola v. Commissioner, a law firm claimed that the member managers of their professional limited liability company were "limited partners" under IRC Section 1403 and so not subject to self employment taxes on distributable shares of income over and above guaranteed payments paid to the attorneys as their - [IRS Tax Court Memo 2017-099: Katrina E. Taylor and Avery Taylor v. Commissioner](https://hoffmanestatelaw.com/irs-tax-court-memo-2017-099-katrina-e-taylor-avery-taylor-v-commissioner/) - By Joe Nagel, Esq., LL.M., CPA The following Tax Court Memorandum decision underscores the importance of substantiating auto and travel expenses. The court noted that in Rogers v. Commissioner, T.C. Memo. 2014-141, 108 T.C.M. (CCH) 39, 43. "Section 274(d) imposes relatively strict substantiation requirements for deductions claimed for (among other things) “listed property.” Under section 280F(d)(4) listed - [IRS TaxCourt Memo 2017-100: Carolyn F. Whitsett v. Commissioner](https://hoffmanestatelaw.com/irs-t-c-memo-2017-100-carolyn-f-whitsett-v-commissioner/) - By Joe Nagel, Esq., LL.M., CPA In the case of Carolyn F. Whitsett v. Commissioner, Tax Court Memo 2017-100, the United States Tax Court found that the taxpayer, Carolyn F. Whitsett, relied in good faith on her accountant and was not liable for negligence related penalties when her CPA reported capital gain due to a stock - [IRS News Release 2017-102: Electronic Payment of User Fees](https://hoffmanestatelaw.com/irs-news-release-2017-102-electronic-payment-user-fees-letter-rulings-closing-agreements-certain-rulings/) - By Joe Nagel, Esq., LL.M., CPA Beginning June 15, taxpayers requesting letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will need to make user fee payments electronically using the federal government's Pay.gov system. Pay.gov allows people to pay for a variety of government services online using a credit card, debit card or - [Another Reason to Have a Valid General Power of Attorney (GPOA)](https://hoffmanestatelaw.com/another-reason-valid-general-power-attorney/) - By Douglas McAlpine, Esq., CPA Most married couples file their tax returns as Married Filing Jointly (MFJ) which is generally tax advantageous when compared to the other alternative which is Married Filing Separately (MFS). It needs to be noted though, that filing jointly is an annual election by both spouses and cannot be used if - [Musings from the CEO, Summer 2017](https://hoffmanestatelaw.com/summer-musings-2017/) - By Mike Hoffman, Esq., CPA There are traditionally three phases of estate planning. I refer to these phases as Core, Legacy and Stewardship. Core Core is the phase of estate planning that applies to everyone. Each of us should have a Will, a General Power of Attorney, and a Health Care Directive. Wills control the - [IRS Advance Release 2017-92: Work Opportunity Tax Credit (WOTC)](https://hoffmanestatelaw.com/ir-2017-92-work-opportunity-tax-credit-wotc/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently highlighted a reminder that a tax credit is available for those who hire long term unemployed workers. There are 10 categories of qualified hires, including if the employee has been unemployed for 27 weeks and has taken unemployment for a portion of that time. Businesses should - [IRS Advance Release 2017-93: Startups Can Choose New Option for Claiming Research Credit](https://hoffmanestatelaw.com/ir-2017-93-startups-can-choose-new-option-claiming-research-credit/) - By Joe Nagel, Esq., LL.M., CPA A new option for small companies (less than $5 million in receipts) exists to apply up to $250k of research credit against payroll tax liabilities rather than income tax liability. For start ups the new option offers an opportunity to take credits that would otherwise be deferred if the - [IRS Action On Decision 2017-4: Scott Singer Installations, Inc. v. Commissioner](https://hoffmanestatelaw.com/irs-action-decision-2017-4-scott-singer-installations-inc-v-commissioner/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently acquiesced in result only in the case of Scott Singer Installations v. CIR, TC Memo 2016-161. Mr. Singer had loaned his wholly owned corporation funds to stay afloat during hard times. The corporation made advances to Mr. Singer for payment of certain personal expenses. The taxpayer - [IRS Notice 2017-29: Disclosure Deadline Extended for Participants in Syndicated Conservation Easements](https://hoffmanestatelaw.com/irs-notice-2017-29-disclosure-deadline-extended-participants-syndicated-conservation-easements/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently issued Notice 2017-29, which extends the deadline for participants in syndicated conservation easements to make their disclosure (as required in Notice 2017-10), from June 21, 2017 to October 2, 2017. Notably, it does not extend the May 2nd deadline for material advisors and participants under Treas. - [IRS Tax Tip 2017-51: Important Facts about Filing Late and Paying Penalties](https://hoffmanestatelaw.com/irs-tax-tip-2017-51-important-facts-filing-late-paying-penalties/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently issued the attached Tax Tip for Late Filing Penalties. If you have late filing or other penalties, we may be able to help. For more information please contact us at 404-255-7400 or info@hoffmanesatelaw.com. April 18 was this year's deadline for most people to file their federal - [IRS Revenue Procedure 2017-33: Bonus Depreciation](https://hoffmanestatelaw.com/revenue-procedures-2017-33-bonus-depreciation/) - By Joe Nagel, Esq., LL.M., CPA In this document, the IRS provides guidance on recent changes to Section 179 expense and bonus depreciation. Importantly, the 179 expense is increased for inflation to $510,000 and bonus depreciation is 50% for 2017 but decreases to 40% in 2018 and 30% in 2019. The latter change obviously provides - [IRS Tax Tip 2017-47: What Makes a Gift Taxable](https://hoffmanestatelaw.com/irs-tax-tip-2017-47-makes-gift-taxable/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently issued a useful tax tip defining which gifts are taxable and non-taxable. For more information regarding this or any other tax concern, please contact Hoffman & Associates at 404-255-7400 or info@hoffmanestatelaw.com. Taxpayers who give money or property to others may wonder about the federal gift tax - [IRS Tax Tip 2017-74: Debt Collection](https://hoffmanestatelaw.com/irs-tax-tip-ir-2017-74-debt-collection-private-sector-collection-agencies/) - By Joe Nagel, Esq., LL.M., CPA The IRS is beginning the process of transferring the overdue tax debt of a small group of taxpayers to private debt collectors. Importantly, the private debt collectors are not entitled to take enforcement action (only an IRS agent can do so). While the program is currently very small, it - [IRS Tax Tip 2017-82: New Filing Deadline Now Applies to Foreign Account Reports](https://hoffmanestatelaw.com/irs-tax-tip-federal-tax-day-current-3-u-s-citizens-resident-aliens-foreign-assets-check-filing-requirements-ir-2017-82/) - By Joe Nagel, Esq., LL.M., CPA The IRS recently released Tax Tip 2017-82 as a good reminder of the filing/disclosure requirements for those taxpayers with foreign banks or financial accounts. For questions regarding this information or assistance with filing please call us at 404-255-7400 or send us an email at info@hoffmanestatelaw.com. The Internal Revenue Service today reminded - [IRS Tax Tip 2017-26: Medical and Dental Expenses](https://hoffmanestatelaw.com/irs-tax-tip-medical-dental-expenses-may-impact-taxes/) - By Joe Nagel, Esq., LL.M., CPA IRS Tax Tip 2017-26 helps taxpayers clearly understand what qualifies as medical and dental expenses. For more information regarding this or any other tax concern please contact Hoffman & Associates at 404-255-7400 or info@hoffmanestatelaw.com. Medical expenses can trim taxes. Keeping good records and knowing what to deduct make - [Georgia Severe Storms, Tornadoes, and Straight-line Winds (DR-4297)](https://hoffmanestatelaw.com/2017-irs-tax-tip-fema-disaster-area-amendment/) - By Joe Nagel, Esq., LL.M., CPA For our clients and others living in Colquitt County Georgia, the following is an important notice from the IRS concerning casualty losses incurred in the recent disaster. Should you have any questions or concerns regarding this information please feel free to call us at 404-255-7400 or email us at - [ADVANCE RELEASE Documents: Voluntary Correction Program (VCP) User fees](https://hoffmanestatelaw.com/2017-irs-tax-tips/) - By Joe Nagel, Esq., LL.M., CPA For taxpayers who have filed or intend to file under the voluntary correction program, the IRS has recently issued this helpful notice concerning reduced user fees under certain circumstances. See Revenue Procedure 2017-4 for more information on the determination of applicable user fees for the voluntary compliance program. Should - [Internal Revenue Bulletin 2017-11: Employee Plans](https://hoffmanestatelaw.com/irs-tax-tip-employee-plans/) - By Joe Nagel, Esq., LL.M., CPA Here is Internal Revenue Bulletin 2017-11 with information regarding the notice extending the period for an employer that provides a qualified small employer health reimbursement arrangement (QSEHRA) to furnish an original written notice to its eligile employees. Should you have any questions or concerns regarding this information, please feel - [IRS Phishing Scams](https://hoffmanestatelaw.com/irs-phishing-scams-update/) - By Douglas J. McAlpine, Esq., CPA In keeping with our ongoing effort to make you aware of security issues surrounding your tax returns and interaction with the IRS, we are posting the Service’s most recent bulletin regarding security. Please do not hesitate to contact us with any questions or concerns at 404-255-7400. IRS, Security Summit - [ESTATE TAX REPEAL? LET'S KEEP PLANNING!](https://hoffmanestatelaw.com/estate-tax-repeal-lets-keep-planning/) - By Michael W. Hoffman, Esq., CPA Donald Trump's surprise election gives us a tremendous amount of hope that the federal estate tax might finally be repealed. This concept runs in the face of candidate Clinton's proposal to reduce the estate and gift tax exemption amounts and increase the tax rates from 40% to 65%. While - [Estate Planning is in a Pressure Cooker!](https://hoffmanestatelaw.com/estate-planning-pressure-cooker/) - By Michael W. Hoffman, Esq., CPA Not only has the IRS threatened to change the rules of valuing gifts, which will have a significant impact on many estate planning techniques used over the last several decades, the presidential elections will have a huge impact over whether the estate and gift tax law survives, or becomes - [Multi-State Record Keeping](https://hoffmanestatelaw.com/multi-state-record-keeping/) - By Douglas J. McAlpine, Esq., CPA As our society becomes increasingly mobile and the economy causes taxpayers to work in multiple locations, it is important to understand the impact of state income taxation when you live and work in different states. Many retirees establish their state residency in Florida or one of the other states - [Update On The IRS Regulations Project](https://hoffmanestatelaw.com/update-on-the-irs-regulations-project/) - Last July, I wrote in my column that the IRS made it known that it would issue proposed regulations as early as September (2015) which would severely restrict valuation discounts for transfers among related entities (such as transfers of limited partnership or LLC interests to other family members or trusts). Not surprisingly, here we are - [IRS Warns of 2016 Tax Scams](https://hoffmanestatelaw.com/irs-warns-of-2016-tax-scams/) - We posted last year about bogus phone calls claiming to be from the IRS. The article below highlights the more recent techniques being used as the scammers adapt their methods and provides information on what you should do if contacted. Please do not hesitate to contact us with any questions or concerns at 404-255-7400. Consumer - [IRS Warns of Latest Tax Scams](https://hoffmanestatelaw.com/irs-warns-of-latest-tax-scams-2/) - Please be aware that a few of our Hoffman & Associates clients were recently contacted by scammers threatening arrest and demanding payment for apparent taxes owed. Thankfully these clients contacted our office right away and were not adversely affected by these criminals posing as IRS agents. My own home answering machine recently contained a message - [The IRS is at it Again](https://hoffmanestatelaw.com/the-irs-is-at-it-again-2/) - Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) have long been used for a variety of purposes, including centralized asset management, creditor protection, efficient legacy planning, and implementing legitimate discounting and freezing techniques for estate planning purposes. Our estate and gift tax system relies on accurately determining the fair market value of the - [Term Insurance or Permanent Insurance?](https://hoffmanestatelaw.com/term-insurance-or-permanent-insurance-2/) - Many of our clients wrestle with the decision to purchase term insurance or permanent insurance. The premiums for term insurance are cheap, particularly when you’re young, while permanent insurance generally provides a level premium with more certainty that a death benefit will be paid. Term insurance seldom pays a death benefit. The reasons for this - [Do You Benefit from a Health Savings Account?](https://hoffmanestatelaw.com/do-you-need-a-health-savings-account/) - By Bobby Hoffman If your 2015 health plan has a deductible of at least $1,300 ($2,600 for families) and a maximum out-of-pocket threshold of no more than $6,400 ($12,900 for families); you can benefit from a Health Savings Account. So what is a Health Savings Account (commonly referred to as HSA)? An HSA is essentially - [Musings from the CEO - Winter 2015](https://hoffmanestatelaw.com/musings-from-the-ceo-winter-2015-2/) - In the volatile tax world, there is good news and bad news. The bad news first. President Obama is proposing to increase the tax on long-term capital gains from 23.8% on wealthy taxpayers to 28%. His proposal would also increase the tax rate on qualified dividends to 28%. There are separate capital gains schedules for - [The IRS Withdraws Proposed Reg Covering IRA Rollovers](https://hoffmanestatelaw.com/the-irs-withdraws-proposed-regulation-covering-ira-rollovers/) - The IRS has withdrawn proposed regulations covering IRA rollovers. The change is significant because it supports a Tax Court interpretation of the rollover rules creating a possible “gotcha” for the unwary. If you are considering doing a rollover where you actually withdraw the funds then deposit them into a new IRA within the 60 day - [Musings from the CEO - Summer 2014](https://hoffmanestatelaw.com/musings-from-the-ceo-summer-2014-2/) - I saw a headline the other day that declared “Why You Should Update Your Estate Plan”. Now, there is a topic that I could write a book about! I have heard statistics that up to 80% of Americans either have no Will, or some attempt at a Last Will and Testament that is sorely inadequate. - [Can You Afford To Ignore Your Business Exit?](https://hoffmanestatelaw.com/can-you-afford-to-ignore-your-business-exit-2/) - Here's another excellent article written by Denis M. Brown from Pace Capital Resources, LLC. It is from The Exit Planning Review newsletter, issue 282, dated June 8, 2014. Can You Afford To Ignore Your Business Exit? Sincerely, Mike For more information regarding this or any other business planning concern, please visit the Hoffman & Associates website at www.hoffmanestatelaw.com, call us - [No Regrets for These Former Owners](https://hoffmanestatelaw.com/no-regrets-for-these-former-owners-2/) - We bring you another excellent article written by Denis M. Brown from Pace Capital Resources, LLC. It is from The Exit Planning Review newsletter, issue 281, dated May 20, 2014. No Regrets for These Former Owners Sincerely, Mike For more information regarding this or any other business planning concern, please visit the Hoffman & Associates website at www.hoffmanestatelaw.com, call us - [Which Comes First? Estate Planning or Exit Planning?](https://hoffmanestatelaw.com/which-comes-first-estate-planning-or-exit-planning-2/) - I would like to share an excellent article with you written by Denis M. Brown from Pace Capital Resources, LLC. It is from The Exit Planning Review newsletter, issue 256, dated May 7, 2013. Which Comes First? Estate Planning or Exit Planning? Sincerely, Mike For more information regarding this or any other estate planning concern, please visit the Hoffman & - [Musings from the CEO (Fall 2013)](https://hoffmanestatelaw.com/musings-from-the-ceo-fall-2013-2/) - Here’s a dire prediction. You will remember 2013 as the year your taxes really went up! There has been a perfect storm of tax law changes that take effect in 2013, combined with the expiration of a number of recession tax relief measures, and the general prognosis that earnings and investment income are finally moving - [Musings From The CEO (Summer 2013)](https://hoffmanestatelaw.com/musings-from-the-ceo-summer-2013/) - Late last year many of our clients were scurrying around to do some last minute gifting. The fear was that the $5,000,000 gift and estate tax exemption would fall back to $1,000,000; therefore, the opportunity to remove a significant amount of wealth from their taxable estates (and the future appreciation on such property) would be - [Musings from the CEO (Spring 2013)](https://hoffmanestatelaw.com/musings-from-the-ceo-spring-2013/) - Estate Planning has evolved significantly over the last several years. In recent months, we have seen the estate tax exemption become “permanent” at $5,250,000 per person, and it will continue to adjust with inflation. We have also seen the lifetime gift tax exemption and generation-skipping transfer tax exemption be permanently increased to keep pace with - [What the New Tax Law Means to You](https://hoffmanestatelaw.com/what-the-new-tax-law-means-to-you/) - As you probably know, Congress avoided the so-called fiscal cliff by passing – at the 12th hour –the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), signed into law by the President on January 2, 2013. The 2012 Tax Act makes several important revisions to the tax code that will affect estate planning - [Fiscal Cliff Avoidance Legislation](https://hoffmanestatelaw.com/fiscal-cliff-avoidance-legislation/) - Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout the preceding day. By a - [2012 Year End Newsletter](https://hoffmanestatelaw.com/2012-year-end-newsletter/) - Dear Tax Clients: With the year coming to an end, as always, there becomes a heightened sense of emphasis on financial and tax planning. This is true now more than ever with the future of America’s tax code being so uncertain and with many tax cuts taxpayers have taken for granted for over a decade - [Tax Law Changes in the News](https://hoffmanestatelaw.com/tax-law-changes-in-the-news/) - Stay up to date and informed about changes in tax law. Highlighted in this article are some of the most recent. Form 706 In Final Form: On October 11, the IRS issued the 2012 estate tax return (Form 706) in final form. New on this form is the portability election. With portability, if an individual dies and does not - [Opportunities to Take Advantage of Before Its Too Late](https://hoffmanestatelaw.com/opportunities-to-take-advantage-of-before-its-too-late/) - Tax laws are changing at the end of this year. Take advantage of these opportunities before it’s too late. Estate Tax Savings’ Techniques: Gifting: Use your $5,120,000 gift tax exemption. Next year, the exemption is scheduled to be reduced to $1,000,000. If you don’t use the exemption, you could lose it, and there is little downside - [Asset Protection: You Get What You Pay For](https://hoffmanestatelaw.com/asset-protection-you-get-what-you-pay-for/) - As estate planning, tax and business lawyers, we are always concerned with asset protection. Whether we are talking in the context of trusts for surviving spouses or descendants, or protecting personal assets from business hiccups, asset protection is at the front of our minds when advising clients. Asset protection comes in all shapes and sizes, - [Annual and Lifetime Gifts](https://hoffmanestatelaw.com/annual-and-lifetime-gifts/) - Gifting can play an important role in reducing estate tax exposure. A gift is the transfer of real and personal property such as real estate, stocks, bonds, mutual funds, certificates of deposit, equipment, livestock, or cash, to beneficiaries before your death. Gifting removes all future appreciation on the gifted property from the taxable estate. It can also accomplish - [Musings from the CEO](https://hoffmanestatelaw.com/musings-from-the-ceo/) - In my last column, I discussed the current fate of estate and gift tax law. The emphasis is on the prospective most significant increase in tax rates and lowering of individual exemptions that we have seen in our lifetime. For those individuals with large estates, this creates a sense of urgency for estate planning to - [H&A Successful in Audit Challenge](https://hoffmanestatelaw.com/ha-successful-in-audit-challenge/) - In this case our client was faced with a proposed IRS audit adjustment of $412,000 of denied deductions, which would have resulted in over $126,000 of additional income tax owed and $38,000 of penalties and interest. The primary issues related to hobby loss exposure and substantiation. H&A advised client throughout the audit process. The IRS eventually reduced the assessment to - [June Letter from Mike](https://hoffmanestatelaw.com/june-letter-from-mike/) - On January 1, 2013 (just 6 months from now), the estate tax and the gift tax exclusion is scheduled to be reduced from $5,120,000 to $1,000,000 per person. That’s a decrease in the amount of property excluded from gift and estate tax of over 80%. We are looking at an increase in the estate tax - [3 Year Statute of Limitations Applies to IRS Assesments based on Mistatement of Basis](https://hoffmanestatelaw.com/3-year-statute-of-limitations-applies-to-irs-assesments-based-on-mistatement-of-basis/) - The statute of limitations on IRS assessment of taxpayers is normally 3 years, but the law provides a 6 years statute of limitations where the taxpayer has understated gross income by more than 25%. In United States v. Home Concreate & Supply, LLC, the IRS argued that where property basis is overtated, it is tantamount to an understatement - [Defined Value Gifting Validated in Wandry v. Commissioner!](https://hoffmanestatelaw.com/defined-value-gifting-validated-in-wandry-v-commissioner/) - Hoffman & Associates has used defined value gifting as a way to reduce valuation risk in gifting hard to value assets since the early 1990s. The idea is that a taxpayer should be able to gift a defined value amount of an asset rather than a fixed percentage of an asset. The IRS has - [The SCIN: An Attractive Estate Planning Opportunity In 2012](https://hoffmanestatelaw.com/the-scin-an-attractive-estate-planning-opportunity-in-2012/) - 2012 presents unique opportunities to do estate planning. The reasons may be familiar to you by now: lifetime gift and estate tax exemptions are $5 million (without Congressional action, it will go to $1 million in 2013), valuation discounts for family owned entities remain viable, and property values and interest rates at all time lows. - [Modifying Estate Planning Documents](https://hoffmanestatelaw.com/modifying-estate-planning-documents/) - MODIFYING ESTATE PLANNING DOCUMENTS Once a client has their estate planning documents in place, especially wills and trusts, they often think they are done. However, as the laws change and personal situations evolve, estate planning documents often need a bit of modification. Modifications can even be used to correct errors in elections or drafting or - [Valuation Discounts](https://hoffmanestatelaw.com/valuation-discounts/) - VALUATION DISCOUNTS We represent many closely held entities. These businesses are operating as S corporations, C corporations, family limited partnerships (FLP) and family limited liability companies (FLLC). For estate planning and gifting purposes, the entities face unique tax situations. In representing these entities, we often rely on valuation discounts and freezing techniques when implementing estate - [Estate Planning for Smaller Estates](https://hoffmanestatelaw.com/estate-planning-for-smaller-estates/) - ESTATE PLANNING FOR SMALLER ESTATES With the estate tax exclusion for 2012 of $5,120,000, many taxpayers with smaller estates ask why they need estate planning at all. In fact, there are a number of reasons to make sure your estate plan is in good order: It is extremely likely this high exclusion will not - [Beneficiary Flexible Trusts](https://hoffmanestatelaw.com/beneficiary-flexible-trusts/) - BENEFICIARY FLEXIBLE TRUSTS A Beneficiary Flexible Trusts (also often called an Inheritor’s Trust or Beneficiary Defective Grantor Trust) is a trust set up by a third party (i.e. parents) for the benefit of the beneficiary (i.e. a child). Both the trust principal and the income generated by the trust are available to the beneficiary for - [Decanting & Appointment](https://hoffmanestatelaw.com/decanting-appointment/) - THE POWERS OF DECANTING AND APPOINTMENT Decanting can be a powerful modern estate planning tool and may be used to provide great flexibility in a trust arrangement. In short, the power to decant stems from the power of appointment and refers to the distribution of trust property to another trust pursuant to the trustee=s discretionary - [Making the Most of Your Exclusion](https://hoffmanestatelaw.com/making-the-most-of-your-exclusion/) - MAKING THE MOST OF YOUR EXCLUSION AND OTHER ESTATE PLANNING MUSINGS For 2012, the estate tax exclusion and gift tax exclusion is $5,120,000. That means your estate will be tax free as long as it is valued below this amount. The likelihood that this high exclusion amount will change at the end of 2012 - [2012 Estate Planning Notes](https://hoffmanestatelaw.com/2012-estate-planning-notes/) - ESTATE PLANNING NOTES FOR 2012 Based on the Heckerling Institute on Estate Planning’s 2012 Current Events Session, the following is a short summary of the highlights of estate planning matters for the year. The $5,000,000 Exemption. For 2012, the estate tax and gift tax exemption is $5,120,000, the highest exemption we have seen in our - [Georgia Education Expense Tax Credits: Do Not Wait!](https://hoffmanestatelaw.com/georgia-education-expense-tax-credits-do-not-wait/) - June is the new November The Georgia Dept. of Revenue is approving education expense tax credits at 3½ times the rate for 2011. As of Mar. 16, the DOR had approved $8.6 million in tax credits. In 2011, the tax credit cap was met in November. This year, the cap is likely to be met - [MEDICAID PLANNING USING IRREVOCABLE INCOME ONLY TRUSTS](https://hoffmanestatelaw.com/medicaid-planning-using-revocable-income-only-trusts/) - For most clients, planning to obtain Medicaid is a last resort; however, with the catastrophic cost of long-term care exceeding $200,000 in many metropolitan areas, they are left with no choice. A careful review of a client’s assets, as well as their short-term goals and long-term objections, will determine whether transferring property to an Irrevocable - [H&A Successful in another Estate Tax Audit](https://hoffmanestatelaw.com/ha-successful-in-another-estate-tax-audit/) - H&A has again successfully settled an estate tax audit. In this case, the IRS confronted the Estate with an additional assessment of nearly $2.4 million dollars in estate taxes. The IRS assessment was based largely on three issues. First, the IRS argued that an LLC created prior to death should be included in the estate under IRC - [2011 Year End Tax Letter](https://hoffmanestatelaw.com/2011-year-end-tax-letter/) - December 7, 2011 Dear Tax Clients: As the 2011 tax year comes to a close, now is the time to review your financial situation and determine what tax planning opportunities exist to decrease your 2011 taxes. We are ready to help you plan efficiently and effectively for 2011 and future years. Individual Income Tax While - [Deadline: Act Quickly to Take Advantage of Tax Savings](https://hoffmanestatelaw.com/deadline-nov-1st-act-quickly-to-take-advantage-of-tax-savings/) - By Joe Nagel, Esq., LLM, CPA Direct your Georgia income tax dollars to private elementary and high schools (receive dollar for dollar tax credit for amounts contributed to charity) and still get a federal tax deduction to save more federal tax. If you itemize, this is a "no brainer"! Georgia Statute 48-7-29.16 establishes an income - [Beneficiary Designation Forms](https://hoffmanestatelaw.com/beneficiary-designation-forms/) - By Joe Nagel, Esq., LLM, CPA This is a reminder to clients of the importance of executing designated beneficiary forms for your retirement plan accounts. If no designated beneficiary form is executed, the plan administrator will determine who receives the death benefit based on the plan document, which often names the spouse, or, if none, - [H&A Secures $55K IRS Penalty Abatement](https://hoffmanestatelaw.com/irs-penalty-abatement-of-55k/) - By Joe Nagel, Esq., LLM, CPA H&A recently obtained an abatement of $55k of late filing and late payment penalties owed by a taxpayer. The penalties were assessed for tax years 2006 and 2007, and the taxes were not paid until 2010. We cannot guaranty abatement of penalties, and success or failure of any request for abatement of penalties depends on - [H&A Successful in $56K Penalty Abatement](https://hoffmanestatelaw.com/penalty-abatement/) - By Joe Nagel, Esq., LLM, CPA H&A has again successfully obtained an abatement of penalties. In this case, the client was assessed penalties for late payment of taxes. The CPA filed a request for abatement, which was denied by the IRS. On appeal of the denial of the abatement request, H&A was able to obtain an abatement - [H&A Successful in Obtaining $103,000 Penalty Abatement](https://hoffmanestatelaw.com/103000-penalty-abatement/) - By Joe Nagel, Esq., LLM, CPA H&A has again successfully helped obtain abatement of an IRS penalty. In this case, the estate failed to file a return due to accountant error. The CPA who caught the mistake filed an estate tax return for the client within a reasonable time after identification of the error. Despite - [Urgent: Update Your Non-Compete Agreements to Take Advantage of New Law](https://hoffmanestatelaw.com/urgent-update-your-non-compete-agreements-to-take-advantage-of-new-law/) - By Joe Nagel, Esq., LLM, CPA Until now, there were no clear rules governing “non-competes” (a provision typically found in employment agreements and similar contracts that restrict one parties ability to compete against the other) in Georgia except for a hodge podge of case law that made it extremely difficult for employers to rely on - [Year End Tax Update](https://hoffmanestatelaw.com/year-end-tax-update/) - By Joe Nagel, Esq., LLM, CPA There is a lot of uncertainty this year over what’s happening with taxes. There are still steps you can take, however, to minimize your 2010 tax liability. Please remember that most tax-saving provisions require planning and execution before year-end. We are ready to help you plan efficiently and effectively. - [H&A Obtains Release of Wrongful Levy by IRS](https://hoffmanestatelaw.com/ha-obtains-release-of-wrongful-levy-by-irs/) - By Joe Nagel, Esq., LLM, CPA In this case, taxpayers had a 1.5 million dollar lien against them individually for past due personal income taxes and penalties. Taxpayers owned a limited liability company which ran an operating business. The IRS attempted to place a levy on the limited liability company’s bank account to satisfy the - [H&A Wins Self Dealing Penalty Abatement](https://hoffmanestatelaw.com/ha-wins-self-dealing-penalty-abatement/) - By Joe Nagel, Esq., LLM, CPA The IRS confronted our client with an assessment of over $700,000 in self dealing transaction penalties under Internal Revenue Code Section 4941 for its dealings with a private foundation. H&A obtained a full abatement of the assessed penalties through hard work, creative thinking, and attention to detail. This was ## Pages - [Home](https://hoffmanestatelaw.com/) - What We Handle ESTATE PLANNING & PROBATE ESTATE PLANNING & PROBATE Full service estate planning is our specialty. BUSINESS & TAX PLANNING BUSINESS & TAX PLANNING We are actively involved in every stage of our client’s businesses. TAX COMPLIANCE & CONTROVERSY TAX COMPLIANCE & CONTROVERSY The preparation and filing of all types of tax returns. - [Our People](https://hoffmanestatelaw.com/our-people/) - Our People HOME ABOUT OUR PEOPLE Our Team of Professionals Our team will assist you with estate planning, corporate law and tax matters. Request a Consultation Michael W. Hoffman CEO / Managing Partner Joseph B. Nagel Partner Charles J. Hampton J.D., LLM, Of Counsel J. Hunter Moreland Associate Joy Boster Harter Associate Juliann M. Findling - [Careers](https://hoffmanestatelaw.com/careers/) - Careers HOME CAREERS Why Hoffman & Associates Hoffman & Associates is a small but vibrant law firm with over 32 years of experience, dedicated to the development of attorneys and accountants who join us either directly out of school or laterally with prior work experience. We pride ourselves in providing the same care and attention - [Joy Boster Harter](https://hoffmanestatelaw.com/our-people/joy-boster-harter/) - Joy Boster Harter Associate Attorney HOME ABOUT OUR PEOPLE JOY BOSTER HARTER Associate Attorney Joy Boster Harter Joy joined Hoffman & Associates in 2025 after years of having her own practice. Helping families plan their legacy and supporting them through the difficult time of a loved one passing is something close to her heart. She - [Wins](https://hoffmanestatelaw.com/wins/) - Our Wins HOME WINS Our Wins Tax Planning and Tax Controversy: Taxpayer was improperly assessed penalties due to late filing and payment. However, the taxpayer was entitled to disaster relief tied to two different states. The coding procedure was very nuanced with the IRS and there was a lot of negotiation involved. We were able - [Sarah C. Offner](https://hoffmanestatelaw.com/our-people/sarah-c-offner/) - Sarah C. Offner Associate Attorney HOME ABOUT OUR PEOPLE SARAH C. OFFNER Associate Attorney Sarah C. Offner Sarah Offner joined Hoffman & Associates in 2024 as an associate attorney, specializing in estate planning and probate law. A lifelong resident of Atlanta, Sarah grew up in Norcross, Georgia, and has always been passionate about serving her - [Tasha Karamipour](https://hoffmanestatelaw.com/our-people/tasha-karamipour-alam/) - Tasha Karamipour Alam Paralegal HOME ABOUT OUR PEOPLE TASHA KARAMIPOUR ALAM PARALEGAL Tasha Karamipour Alam Tasha Karamipour Alam joined Hoffman & Associates in March 2023. Prior to entering her career in law, she worked as a property manager for a boutique real estate firm in Roswell for 17 years. Tasha received her Bachelor of Science - [Newsletter](https://hoffmanestatelaw.com/resources/newsletter/) - Newsletter HOME NEWSLETTER Newsletter Archive 2025 Newsletters Holiday Newsletter 2025Fall Newsletter 2025Spring Newsletter 2025 2024 Newsletters Holiday Newsletter 2024Summer Newsletter 2024Spring Newsletter 2024 2023 Newsletters Holiday Newsletter 2023Fall Newsletter 2023Summer Newsletter 2023Spring Newsletter 2023 2022 Newsletters Holiday Newsletter 2022Fall Newsletter 2022Summer Newsletter 2022 2021 Newsletters Holiday Newsletter 2021Business Insights 2021Summer Newsletter 2021Spring Newsletter 2021 2020 - [Patrick K. Barry](https://hoffmanestatelaw.com/our-people/patrick-k-barry/) - Patrick K. Barry Associate Attorney HOME ABOUT OUR PEOPLE PATRICK K. BARRY ASSOCIATE ATTORNEY Patrick K. Barry Patrick joined Hoffman & Associates in 2025 as an associate attorney whose practice includes tax planning, controversy, and compliance. His focus is on helping clients navigate complex tax issues.Prior to joining us, Patrick graduated cum laude from Georgia - [J. Hunter Moreland](https://hoffmanestatelaw.com/our-people/j-hunter-moreland/) - J. Hunter Moreland Partner HOME ABOUT OUR PEOPLE J. HUNTER MORELAND PARTNER J. Hunter Moreland, Esq. Hunter joined Hoffman & Associates in 2021 as an associate attorney, becoming a partner at the firm in 2024. He is licensed in the State of Georgia and specializes in the areas of estate planning, probate, and tax law.A - [Suzanne G. Dolan](https://hoffmanestatelaw.com/our-people/suzanne-g-dolan/) - Suzanne G. Dolan Sr. Operations Specialist HOME ABOUT OUR PEOPLE SUZANNE G. DOLAN Sr. Operations specialist Suzanne G. Dolan Suzanne joined Hoffman & Associates in 2025 as an Operations Specialist. Before this role, she served as a senior manager of medical case workers at a healthcare technology firm and as an operations manager for a - [Robert W. Hoffman](https://hoffmanestatelaw.com/our-people/robert-w-hoffman/) - Robert W. Hoffman Tax Manager HOME ABOUT OUR PEOPLE ROBERT W. HOFFMAN TAX MANAGER Robert W. Hoffman Bobby joined the Tax Department at Hoffman & Associates in early 2012 after gaining both Audit and Tax experience while working at a local CPA firm. He specializes in tax planning and compliance for individuals and small businesses.He - [Robert H. Schoonover](https://hoffmanestatelaw.com/our-people/robert-h-schoonover/) - Robert H. Schoonover Tax Accountant HOME ABOUT OUR PEOPLE ROBERT H. SCHOONOVER TAX ACCOUNTANT Robert H. Schoonover Bob joined Hoffman and Associates as a tax accountant in January 2022. A native of Atlanta, he received his BBA Degree in Accounting from the University of Georgia in 1977 and his Masters of Taxation Degree from Georgia - [Pam K. Attridge](https://hoffmanestatelaw.com/our-people/pam-k-attridge/) - Pam K. Attridge Administrative Assistant & Receptionist HOME ABOUT OUR PEOPLE PAM K. ATTRIDGE ADMINISTRATIVE ASSISTANT & RECEPTIONIST Pam K. Attridge Pam joined Hoffman & Associates in 2007 as an Administrative Assistant & Receptionist. She brings with her over 15 years of experience working with law and CPA firms.She graduated from Georgia Perimeter College with - [Michael W. Hoffman](https://hoffmanestatelaw.com/our-people/michael-w-hoffman/) - Michael W. Hoffman CEO & Managing Partner HOME ABOUT OUR PEOPLE MICHAEL W. HOFFMAN CEO & MANAGING PARTNER Michael W. Hoffman, Esq., CPA Education University of Toledo College of Law, JDBowling Green State University, BBA Contact Info Email: mike@hoffmanestatelaw.com Phone: (404) 255-7400 ext.25 Connect With Me Admissions American Bar AssociationState Bar of OhioState Bar of - [Krupa S. Patel](https://hoffmanestatelaw.com/our-people/krupa-s-patel/) - Krupa S. Patel Tax Accountant HOME ABOUT OUR PEOPLE KRUPA S. PATEL TAX ACCOUNTANT Krupa S. Patel Krupa Joined Hoffman & Associates in February of 2020 after several years of working with a local CPA firm. She received a Bachelor in Business Administration degree in Accounting from Clayton State University in 2016 and brings strong - [Kelly E. Klinzing](https://hoffmanestatelaw.com/our-people/kelly-e-klinzing/) - Kelly E. Klinzing Paralegal HOME ABOUT OUR PEOPLE KELLY E. KLINZING PARALEGAL Kelly E. Klinzing Kelly joined Hoffman & Associates in 2022 as a Marketing Specialist focusing on promotion and business development. After three years of being around the firm’s best, she took on her current role as a paralegal.Originally from New York City, Kelly - [Juliann M. Findling](https://hoffmanestatelaw.com/our-people/juliann-m-findling/) - Juliann M. Findling Senior Paralegal HOME ABOUT OUR PEOPLE JULIANN M. FINDLING SENIOR PARALEGAL Juliann M. Findling Juli joined Hoffman & Associates in June 2018, with eight years of Paralegal experience in civil litigation. Prior to that, she dedicated five years to working as an Associate Care Specialist, after working as a Systems Analyst with - [Douglas J. McAlpine](https://hoffmanestatelaw.com/our-people/douglas-j-mcalpine/) - Douglas J. McAlpine Senior Counsel (Retired) HOME ABOUT OUR PEOPLE DOUGLAS J. McALPINE Senior Counsel (Retired) Douglas J. McAlpine Doug joined Hoffman & Associates as Of Counsel on September 1, 2013. Doug brings over 40 years of experience in the areas of income tax planning and compliance, probate, small business formation, and estate planning with - [Cathy G. Ottley](https://hoffmanestatelaw.com/our-people/cathy-g-ottley/) - Cathy G. Ottley Office Manager HOME ABOUT OUR PEOPLE CATHY G. OTTLEY OFFICE MANAGER Cathy G. Ottley Cathy joined Hoffman & Associates as the Office Manager in 2017. Prior to joining Hoffman & Associates, Cathy worked for 15 years in the non-profit sector. For five years, she supported the Junior League of Atlanta’s Fund Development - [Amy D. Reeves](https://hoffmanestatelaw.com/our-people/amy-d-reeves/) - Amy D. Reeves Tax Accountant HOME ABOUT OUR PEOPLE AMY D. REEVES TAX ACCOUNTANT Amy D. Reeves Amy joined Hoffman & Associates as a Tax Accountant in early 2021. Born in Ohio, she is a 1997 graduate of The University of Georgia where she received a Bachelor of Business Administration degree in Management Information Systems - [Adam M. Mullis](https://hoffmanestatelaw.com/our-people/adam-m-mullis/) - Adam M. Mullis Tax Accountant HOME ABOUT OUR PEOPLE ADAM M. MULLIS TAX ACCOUNTANT Adam M. Mullis Adam joined Hoffman & Associates as a Tax Accountant in February 2023 after a decade of working in the music industry. Originally an Atlanta native, he received his Bachelor of Science degree in Liberal Arts from Middle Tennessee - [Resources](https://hoffmanestatelaw.com/resources/) - Resources HOME RESOURCES H&A Resources Firm Resume Make Estimated Tax Payments Online What To Do When Someone You Love Dies Special Washington Updates, Biden & Tax Policy (UBS) Necessary Considerations and documents of Estate Planning (Morgan Stanley) Love Letter Duties of a Personal Representative Estate Planning Terminology Request an Estate, Corporate or Tax Planning Presentation - [How To Make Estimated Tax Payments](https://hoffmanestatelaw.com/how-to-make-estimated-tax-payments/) - Important NoteThe IRS is working to modernize payment processing, reduce administrative costs, and minimize the risk of fraud and theft associated with paper checks. To that end, effective September 30, 2025, the IRS said it would no longer issue paper refund checks. The IRS also intends to phase out the acceptance of paper checks from - [News From Sarah C. Offner](https://hoffmanestatelaw.com/news-from-sarah-c-offner/) - News From Sarah C. Offner Associate HOME SARAH C. OFFNER - NEWS LATEST NEWS Sarah C. Offner No articles at this time. Please check back at a later time.Frozen Futures: Estate Planning Considerations for IVF and Fertility Treatments Education Georgia Institute of TechnologyGeorgia State University Contact Info Email: sarah@hoffmanestatelaw.com Phone: 404-255-7400 ext. 18 Admissions State - [About](https://hoffmanestatelaw.com/about/) - About Us HOME ABOUT Who We Are Client-Focused At Hoffman & Associates, clients are the single most important asset to our firm. We are committed to providing high quality service and delivering the best value while compassionately understanding goals and desires. Our attorneys and CPAs work hand-in-hand with families, small business owners and fiduciaries to - [News From Douglas J. McAlpine](https://hoffmanestatelaw.com/news-from-douglas-j-mcalpine/) - News From Douglas J. McAlpine Senior Counsel (Retired) HOME DOUGLAS J. MCALPINE - NEWS LATEST ARTICLES FROM Douglas J. McAlpine 2020 Year-End Planning for Businesses – Expiring Provisions2020 Year-End Planning for Businesses – General Planning Information2020 Year-End Planning for Individuals – The Families First Coronavirus Response Act and the CARES Act2020 Year-End Planning for Individuals - [Alison L. Wilson](https://hoffmanestatelaw.com/our-people/alison-l-wilson/) - Alison L. Wilson Paralegal HOME ABOUT OUR PEOPLE ALISON L. WILSON PARALEGAL Alison L. Wilson Alison joined Hoffman & Associates in October 2022 as a Paralegal focusing on Estate Planning and Probate. Alison graduated from Chattahoochee High School and then received her Associate’s Degree in Hospitality Management from Gwinnett Technical College, which led her to - [Pat R. Plumer](https://hoffmanestatelaw.com/our-people/pat-r-plumer/) - Pat R. Plumer Legal Assistant HOME ABOUT OUR PEOPLE PAT R. PLUMER LEGAL ASSISTANT Pat R. Plumer Pat joined Hoffman & Associates in November 2022 as a Legal Assistant focusing on Estate Planning and Probate. Prior to joining Hoffman & Associates, Pat worked in the Corporate Legal Department of Ciba-Geigy in Ardsley, New York where - [Business and Tax Planning](https://hoffmanestatelaw.com/business-and-tax-planning/) - Business & Tax Planning HOME BUSINESS & TAX PLANNING Business and Tax Planning Hoffman & Associates business attorneys are actively involved in every stage of our client’s businesses. We start by assisting clients in selecting and forming the appropriate entity for their business goals and objectives. With the myriad of tax implications and liability issues, - [Community](https://hoffmanestatelaw.com/resources/community/) - Community HOME COMMUNITY Community Hoffman & Associates (H&A) is committed to promoting the greater good in our community by supporting civic, charitable, and pro bono organizations. Our attorneys and staff make a positive and sustainable impact by contributing financially to, volunteering locally with, and providing leadership in organizations such as the Sandy Springs Education Force - [News From W. Matthew Willett](https://hoffmanestatelaw.com/news-from-w-matthew-willett/) - News From W. Matthew Willett Associate HOME W. MATTHEW WILLETT - NEWS LATEST NEWS W. Matthew Willett, Esq. Education The University of North CarolinaUniversity of Alabama School of Law Contact Info Email: matt@hoffmanestatelaw.com Phone: 404-255-7400 ext. 11 Admissions State Bar of GeorgiaState Bar of North Carolina Our team will assist you with estate planning, corporate - [Estate Planning and Probate](https://hoffmanestatelaw.com/estate-planning-and-probate/) - Estate Planning & Probate HOME ESTATE PLANNING & PROBATE Estate Planning & Probate At, Hoffman & Associates, full-service estate planning is our specialty.Estate planning is a constantly evolving process for individuals. At every age, a person must evaluate his or her net worth, family needs, and planning objectives to develop a sound and tax-efficient approach - [Tax Compliance Controversy Resources](https://hoffmanestatelaw.com/tax-compliance-controversy-resources/) - Tax HOME TAX Tax Tax Preparation In addition to being a full-service law firm, Hoffman & Associates maintains a stand-alone practice area dedicated to the preparation and filing of all types of tax returns, including gift tax returns, trust returns, partnership returns, corporate returns, and individual returns.Clients can streamline their business and personal affairs by - [Request a Consultation](https://hoffmanestatelaw.com/request-a-consultation/) - Request a Consultation HOME REQUEST A CONSULTATION Request a Consultation Please click here and read before sending an email. Call Our Office (404) 255-7400 Send Email info@hoffmanestatelaw.com Our Location 6100 Lake Forrest Drive, Suite 300 Atlanta, Georgia 30328 Facebook Linkedin - [Contact](https://hoffmanestatelaw.com/contact/) - Contact Us HOME CONTACT Contact Us Please click here and read before sending an email. Call Our Office (404) 255-7400 Send Email info@hoffmanestatelaw.com Our Location 6100 Lake Forrest Drive, Suite 300 Atlanta, Georgia 30328 Facebook Linkedin Our team will assist you with estate planning, corporate law and tax matters. Request a Consultation - [Joseph B. Nagel](https://hoffmanestatelaw.com/our-people/joseph-b-nagel/) - Joseph B. Nagel Partner HOME ABOUT OUR PEOPLE JOSEPH B. NAGEL PARTNER Joseph B. Nagel, Esq., LLM, CPA Joe joined Hoffman & Associates in 2000 and became a partner in 2007. He is licensed to practice law in Georgia, Florida, North Carolina, and Ohio and is also a Certified Public Accountant. Joe serves clients in - [Legal](https://hoffmanestatelaw.com/legal/) - Legal HOME LEGAL Legal Estate Planning & Probate Estate planning is a constantly evolving process for individuals. At every age, a person must evaluate his or her net worth, family needs, and planning objectives to develop a sound and tax-efficient approach to the distribution of assets. Failure to implement an effective estate plan is subjecting - [Press Releases](https://hoffmanestatelaw.com/resources/press-releases/) - Press Releases HOME PRESS RELEASES Press Releases Hoffman & Associates Announces the Promotion of Juli Findling to Senior Paralegal With H&A’s newest promotion, Juli Findling became a senior paralegal on January 1, 2022.CLICK HERE FOR PRESS RELEASE Hoffman & Associates Announces the Promotion of Todd Sehhat to Partner H&A attorney, Todd Sehhat, is the Firm’s - [Love Letter](https://hoffmanestatelaw.com/resources/the-love-letter/) - Love Letter HOME LOVE LETTER Love Letter The downloadable Love Letter below was created to help our clients fill the gap between what they want their loved ones to know and the contents of their Last Will and Testament. The Letter should serve as a guide to your loved ones to make the administration of - [Estate Planning Terminology](https://hoffmanestatelaw.com/resources/estate-planning-terminology/) - Estate Planning Terminology HOME ESTATE PLANNING TERMINOLOGY Estate Planning Terminology AdministratorA person appointed by the Probate Court to manage and distribute an estate when there is no Will. If there is a Will, the person so appointed is called the executor/ executrix or personal representative.AffidavitA sworn, written statement executed under oath in front of a witness.AssetsProperty or possessions held by a person - [Duties of a Personal Representative](https://hoffmanestatelaw.com/resources/duties-of-a-personal-representative/) - Duties of a Personal Representative HOME Duties of a Personal Representative Duties of a Personal Representative The Personal Representative may be an executor (where there is a valid will) or an Administrator (where there is no valid will or estate plan). The personal representative is charged with performing three essential tasks: (1) gathering the assets - [Charles J. Hampton](https://hoffmanestatelaw.com/our-people/charles-j-hampton/) - Charles J. Hampton J.D., LLM, Of Counsel HOME ABOUT OUR PEOPLE CHARLES J. HAMPTON J.D., LLM, Of Counsel Charles J. Hampton Charles “Chuck” J. Hampton joined Hoffman & Associates in October 2022 as our newest Of Counsel focusing on Estate Planning and Probate.Chuck received his Bachelor of Arts Degree in Political Science from Lock Haven - [News From Robert W. Hoffman](https://hoffmanestatelaw.com/news-from-robert-w-hoffman/) - News From Robert W. Hoffman Tax Manager HOME ROBERT W. HOFFMAN - NEWS LATEST ARTICLES FROM Robert W. Hoffman 2020 Year-End Planning – TCJA Modified Under the CARES Act2020 Year-End Planning – Additional Items to Note2020 Year-End Planning for Businesses – COVID Relief2020 Year-End Planning for Individuals – Expiring Provisions2020 Year-End Planning for Individuals – - [News From Robert H. Schoonover](https://hoffmanestatelaw.com/news-from-robert-h-schoonover/) - News From Robert H. Schoonover Tax Accountant HOME ROBERT H. SCHOONOVER - NEWS LATEST ARTICLES FROM Robert H. Schoonover No articles at this time. Please check back at a later time. Education Georgia State University, MTaxUniversity of Georgia, BBA Contact Info Email: bob@hoffmanestatelaw.com Phone: 404-255-7400 Our team will assist you with estate planning, corporate law and - [News From Pat R. Plumer](https://hoffmanestatelaw.com/news-from-pat-r-plumer/) - News From Pat R. Plumer Legal Assistant HOME PAT R. PLUMER - NEWS LEGAL ASSISTANT Pat R. Plumer No articles at this time. Please check back at a later time. 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