Gerson, Preston, Klein, Lips, Eisenberg & Gelber, P.A.

Federal court rejects FTC's noncompete agreement ban: In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain. The FTC ban The FTC's rule would have prohibited noncompetes nationwide. In addition, existing noncompetes for most workers would no... https://bit.ly/3z54mAB

If you've inherited an IRA, you need to know about these new final IRS regulations: A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there's been confusion surrounding inherited IRAs and the so called “10-year rule” for required minimum distributions (RMDs). That is, until now. The IRS has issued final regulations relevant to taxpayers who are subject to the “10-year rule” for... https://bit.ly/3ASXdny

The possible tax landscape for businesses in the future: Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that's scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made extensive changes to small business... https://bit.ly/3XpHRzF

Wishing our Gerson Preston team a Safe and Happy #LaborDay! Check out this special message from our Managing Partner Steven Klein: I want to take a moment to thank the entire Gerson Preston team for your unwavering hard work and dedication. Your commitment has driven our growth and elevated our firm, allowing us to provide exceptional service to our clients and sustain our reputation as a best-in-class workplace year after year. Cheers to each of you, and thank you!

Do you owe estimated taxes? If so, when is the next one due?: Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don't have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, a pension or other income that's not covered by withholding. Individuals must pay 25% of... https://bit.ly/4e7oQHT

We're expanding our dynamic Tax Services division and are seeking motivated Tax Senior Associates for our Miami, Boca, and Denver offices. As a Tax Senior Associate, you'll play a key role in helping businesses enhance their tax strategies, ensure compliance, boost post-tax profits, and provide essential application support. Your contributions will be crucial in guiding our clients towards optimal corporate tax practices and informed decision-making. Why join us? At Gerson Preston, we offer an environment where you can advance your career, develop your skills, and make a meaningful impact. If you're driven by career growth and eager to learn and contribute, we want to meet you! Apply here: https://lnkd.in/eyxbWpHg

A QDRO can ease the transfer of retirement plan assets in a divorce: Getting divorced and dividing up assets is no easy matter. At least you can sell a house, a car or certain other possessions and distribute the proceeds to the two ex-spouses according to ownership rights under the law. But liquidating other types of property, such as assets in a qualified retirement plan, can be more complicated. Using a qualified domestic relations order (QDRO) may provide for the transfer of assets... https://bit.ly/4e2K0Xm

As we approach 2025, individuals and families with substantial assets must proactively review their estate plans and consider the potential impact of the scheduled #taxchanges. Check out these key strategies from Cliff Gelber on how navigate these tax changes and optimize your #estateplanning! Story: South Florida Business & Wealth

Understanding taxes on real estate gains: Let's say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for... https://bit.ly/4dDXrx5

Are you unfairly burdened by a spouse's tax errors? You may qualify for “innocent spouse relief”: Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple's combined income. Therefore, the IRS... https://bit.ly/3T2gjxI