What’s trending on NP Trusts & Estates

March 01, 2017

Author(s): Amy Bidleman, Darrell R. Kamholz, CPA, Elena N. O’Leary, CPA, Tiffany Wong

Tax relief for student loans, abandoned assets waiting for you, Tom Brady’s Super Bowl tax break, tax credits for child and dependent care, and more. Here’s what’s trending in estate planning and wealth management.

Wealth Management

Abandoned and unclaimed property: what you need to know

Did you know that you may have assets waiting to be collected at your state’s unclaimed property office?—Sarah LaBeche

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New foreign account reporting deadline & U.S. reporting requirement

Foreign account reporting continues to be a “hot button” for the IRS and due diligence has never been more important. Don’t let the new Report of Foreign Bank & Financial Accounts (“FBAR”) filing deadline of April 18, 2017 slip away.—Eric Cunnane, Anne B. Covert

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Income Taxes

Is there any tax relief for student loans?

You may be able to claim a deduction on your federal income tax return for the interest portion of your student loan payment.—Amy Bidleman

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What is a Form 1095-C?

You’ve received a Form 1095-C. Now what?—Tiffany Wong

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What is the kiddie tax?

If a child has unearned income over $2,100, the child’s parents will be subject to the kiddie tax.—Yelena Kuznetsova

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Four things to know about the Child and Dependent Care Tax Credit

Are you paying child and dependent care expenses? If so, you may be eligible to claim a tax credit for your expenses.—Darrell Kamholz

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The “jock tax” won’t cause any adjustments on Tom Brady’s return this year

The Patriots lucked out this year. Not because of their unbelievable comeback, but because the Super Bowl was held in Texas, a state with no income tax!—Thomas A. Stedman

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IRS Private Debt Collection Program

Here’s what you need to know about the private debt collection agencies authorized to collect delinquent taxes on behalf of the IRS.—Mary M. Paul

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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