Congress officially passed the Tax Cuts and Jobs Act on December 20th. Despite conflicting reports on when President Trump will sign the Act, he will sign it. Here are five last-minute actions you should consider for tax planning before the New Year to minimize your 2017 and 2018 tax liability. This article is the first in a series planned to address the numerous changes to tax law imposed by the Tax Cuts and Jobs Act. We strongly recommend you consult with your tax attorneys and tax advisors on the impact of the act on your 2017 taxes and to plan for future years.
Every time the Olympics come around, there’s dozens of articles and posts about how Olympic medals are subject to income tax. The IRS considers all prize winnings, such as gambling or game show prizes, to be income and thus taxable. Olympic medals get lumped into this group (as do the cash bonuses they come with). Luckily for the athletes, their medals are valued at the time they are earned, essentially the value of the materials. A gold medal from Rio is estimated to be worth $564, a silver medal is estimated at $305, and a bronze medal has little intrinsic value. Since Olympic medalists generally treat their sport as a profession the value of the medal and related bonuses are likely to be offset with a deduction for the significant expenses that most athletes incur.
Come listen to an intriguing panel discussion on digital rights, digital privacy, net neutrality and more. Special guests will include: – Stuart Kaplan, Emeritus Assoc. Prof. of Rhetoric & Media Studies, L&C College & Member, ACLU OR Board of Dir. – Bill Giard, Principal Engineer, PDIT Organization and lead’s Intel IT’s Software and Application – […]
The world lost a marvelous comedic talent when Joan Rivers passed away on September 4, 2014. Rivers was born “Joan Alexandra Molinsky”, the daughter of Russian immigrants in Brooklyn. Her father was a doctor and he reportedly threatened to have Joan committed if she pursued a career in acting. Joan instead worked in fashion and […]
U.S. Trust conducts an annual survey of high-net-worth and ultra- high-net-worth Americans. A few of their findings: • “U.S. Trust found that family dynamics, including change in family structures and roles among men, women and multiple generations, affect both immediate and extended family members. While families grow more complex, so do their challenges.” • “Regardless […]
Congratulations to Steve Seymour, who was recently elected to the Board of Directors for the Hood River County Chamber of Commerce. Steve plays a key role for the firm’s office in downtown Hood River. Steve is a longtime member of the Columbia Gorge community. As the Former Adjutant for Mosier Post 55 of the American […]
Robert S. Banks Jr. is a Portland securities litigator making news in The New York Times for his efforts to shine a light on how the Financial Industry Regulatory Authority (“FINRA”) manages expungement requests. The article highlights the concern over FINRA’s BrokerCheck service for investors to: “Search for information about brokers and brokerage firms. Search for […]
If you are afloat in the often confusing or stressful waters of helping or managing aging parents and loved ones, then there are a few resources that may help calm the stormy seas: 1. Helen Hempel, a former Oregon elder law attorney, has co-authored Life: The Next Phase – Navigating the Issues of Caring for […]
The United States Department of Justice just launched the Elder Justice Initiative. Enter your zip code and it provides nationwide resources for victims of elder abuse and financial exploitation, their families, and practitioners who serve them. The goal is not only to provide a central location for contact information, but also to facilitate further research. […]
In May, SYK partner Victoria Blachly was appointed to the Board of Advisors for VoteERA.org, which seeks to add an Oregon Equal Rights Amendment (ERA) that provides express equality and protects women against sex discrimination. Victoria’s efforts to advance the ERA were recently covered in the Portland Business Journal.