All articles by Allan T. Young

End to Valuation Discounts?

A common technique to minimize gift and estate taxes on the transfer of a family business to younger family members may soon be ending. When an ownership interest in a family business is transferred, its value is usually discounted for lack of control and/or lack of marketability. The discounts typically range from 30% to 40%.

End to Valuation Discounts?

A common technique to minimize gift and estate taxes on the transfer of a family business to younger family members may soon be ending. When an ownership interest in a family business is transferred, its value is usually discounted for lack of control and/or lack of marketability. The discounts typically range from 30% to 40%.

New Opportunity for After-Tax Retirement Plan Contributions

Many employer retirement plans now allow participants to make contributions to a Roth 401(k) plan account. These contributions are after-tax contributions, but the earnings are tax-free when distributed. Before Roth 401(k) plan accounts were allowed, many employer plans allowed participants to make after-tax contributions to the plan and some still do. While a distribution of.

Tax Scam Alert!

My wife picked up the attached voice mail message from our home answering machine. The caller claims to be from the IRS and is calling because of alleged tax fraud perpetrated by us. My wife immediately called me with some concern until I explained that it is a scam. If we were to call back.

Know your IRA – Know the recent IRA updates

UPDATE NO. 1 A year ago, I wrote about the case of In Re: Clark. In that case, a mother named her daughter as the beneficiary of the mother’s IRA. When the mother died, the daughter properly titled the IRA as an inherited IRA. She took required minimum distributions for a few years. Then the.