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From the Headlines to your Bottom Line

A Good Time for Making Tax-Smart Family Loans

Are you in a position to help a family member who needs extra cash during the COVID-19 crisis? A loan might help your loved one, but there are tax implications to consider. Here's an overview of the tax rules that apply to family loans and why they make sense given today's low interest rates and generous unified federal gift and estate tax exemption. We'll also explain the importance of documenting these transactions in writing.
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Demystifying Casualty Loss Deductions

From hurricanes and wildfires to COVID-19 and vandalism, threats to personal and business property abound. Unfortunately, recent changes to the federal tax rules for deducting casualty losses have caused some confusion. This article clarifies the rules for deducting losses incurred in 2019 and 2020. Some individual taxpayers may be disappointed to discover that their tax relief is severely limited under current law. But there's welcome relief for businesses that incur losses.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner