The TG Blog

Resources and articles to empower you and keep you up to date.

Understanding the Pros and Cons of a SCIN

August 6, 2015

Many estate planning techniques minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques will also have a significant drawback: mortality risk. A person must outlive the trust’s term to realize the benefits. Thus, a self-canceling installment note (SCIN) may be appropriate for anyone in poor…

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Should You Treat a Partner as an Employee?

August 6, 2015

In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should avoid.

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Nonqualified Options: How to Report Stock Sales

August 6, 2015

The tax treatment of nonqualified stock options (NSOs) is quite simple. Unfortunately, filling out the IRS forms can be complicated — especially since recent rule changes went into effect. Here are four things you should know about NSOs.

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Act Soon if You Want to Help Your Child Buy a Home

August 5, 2015

Mortgage interest rates are still at historically low levels, but they’re expected to go up by year end. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help:

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Thompson Greenspon Donates Food & Backpacks to Local Organizations

August 3, 2015

July was a busy month of giving for Thompson Greenspon! The firm participated in our annual canned food and toiletry drive for Western Fairfax Christian Ministries and contributed to the HomeAid Northern Virginia Backpack Drive.

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Tax treatment of NQSOs differs from that of their better-known counterpart

July 22, 2015

With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs). The tax treatment of NQSOs, however, differs from that of ISOs:

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Don’t Miss Out on Estate Portability

July 21, 2015

Recent tax law has provided the opportunity for surviving spouses to use not only their own exclusion of over $5 million when it comes to the value of an estate, in regards to estate taxes, but to have the ability to add their deceased spouse’s unused exemption to their own. 

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Tax Deadline Extended for 2016

July 16, 2015

Most taxpayers will have an additional three days to prepare and file their taxes for 2015.  The tax filing deadline for individual taxpayers filing timely 2015 tax returns or extensions will be Monday, April 18, 2016. 

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Making Commercial Item Determinations

July 14, 2015

Prime Contractors are expected to use the same or similar procedures as government buyers to make “commercial item determinations.”

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Are You Prepared for a Contractor Business System Audit?

July 14, 2015

Government auditors evaluate the adequacy of a contractor’s internal controls to provide a basis for establishing the scope of subsequent audits of cost representations. The internal controls are those attributes that, through the normal course of day-to-day business, result in either the prevention or timely detection of any errors or irregularities.

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