What’s trending on NP Trusts & Estates



March 05, 2019

NP Trusts & Estates Blog

Author(s): Darrell R. Kamholz, CPA, Albana Sula, Amy Bidleman, Tiffany Wong

Tax Cuts and Jobs Act increases the “kiddie tax” rates, when estimated taxes should be paid, Roth 401(k) vs. after-tax 401(k) and more. Here’s what’s trending in estate planning and wealth management.

Income Taxes

When should a taxpayer make estimated tax payments throughout the year?

Making estimated tax payments throughout the year can prevent an unexpected year-end tax bill and save you potential underpayment penalties.—Darrell Kamholz

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What can a taxpayer do when unable to pay the taxes due to the IRS by the original due date?

Your income tax return is ready to go. Your cash flow, unfortunately, is not as ready.—Albana Sula

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Backup withholding — who does it impact and why

Ever wondered what “are you subject to backup withholding” means when you see it on account applications?—Amy Bidleman

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Tax Cuts and Jobs Act increases the “kiddie tax” rates

The Tax Cuts and Jobs Act increased the “kiddie tax” rates for a child’s unearned income.—Smita Patel

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Roth 401(k) vs. After-Tax 401(k)

While a Roth 401(k) and after-tax 401(k) involve making contributions using after-tax dollars, the two differ in a few key ways.—Tiffany Wong

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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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