One adjective that describes this year is ‘uncertain’. Regardless of what the future brings, proactive year-end planning is always essential. Here is a checklist of things to consider before the end of 2020.
If you have not given serious thought to refinancing or analyzing how borrowing at low rates may benefit your broader financial situation, now is the time. Many financial rates are at historic lows due to current conditions, market instability and high demand for safety in the form of lower volatility.
In this edition of Next Nest, the Carlsons’ son and his fiancée deal with working remotely during COVID-19 and leaving their NYC apartment to quarantine at the family’s beach house. Sate income taxation rules are complex, and the increase in the out-of-state-remote workforce has highlighted further complications. If the above scenario sounds familiar to you, then you are not alone.
The TCJA quietly added a provision to tax certain ‘carried interests’ at a higher tax rate. That addition—Internal Revenue Code Section 1061 (IRC 1061)—taxes certain carried interests at the ordinary income tax rate. Simply stated, carried interest is the right for the manager of a private investment fund to share in a fund’s profit.
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