Raymond Hall, EA

Entities that once had a clear job tend to outlive it. A management company formed to run a family's finances, an LLC that employed household staff, or a holding company for a business that was sold can keep filing returns, paying state fees, and running payroll accounts long after anyone uses them. When the family decides to close one, merge it into another, or hand the work to an outside firm, the tax side has its own sequence, and skipping a step leaves a filing obligation open. This post covers the federal and state filings involved in closing or consolidating an office or management entity, how the move affects payroll and staff, and the records to keep afterward. It does not advise on whether to close, merge, or keep an entity. That is the family's decision with counsel. This is what the returns and payroll accounts need once the decision is made. Start with the inventory Before anything is closed, list what the entity actually has: Its legal name, EIN, state of for...

Many households give in the last six weeks of the year, often in a hurry, and often by whatever method is closest to hand. For 2026 that habit costs more than it used to. The 2025 tax law changed how charitable deductions work starting this year, and the rules now reward giving that is planned, documented, and matched to the right vehicle. This post covers the 2026 federal rules for charitable deductions, the main giving vehicles and how each is taxed, and the records each one needs. It is not advice on which causes to support, how much to give, or whether to set up a foundation. Those are the family's decisions, and the structure of a foundation or trust belongs to counsel. This is what the return needs once the family has decided. What changed for 2026 Three changes from the 2025 law (Public Law 119-21) apply to gifts made in 2026 and later: A floor for itemizers. Charitable contributions are deductible only to the extent they exceed 0.5% of adjusted gross income. A househ...

Many families hold an annual meeting about their finances. Whatever else it covers, one part of it can be both short and useful: an annual tax and estate document check-in. Thirty to sixty minutes, once a year, with the right people and a fixed list. The goal is not to decide investment or estate strategy. It is to confirm that the documents are current, that each person knows what they will receive and file, and that anything that changed during the year reaches the preparer and counsel before year end. This post gives an agenda for an annual family tax and estate document check-in, what to bring, and how to record the outcome. It is not a guide to family governance, and it is not tax or legal advice for any person. It is a structure for a meeting that produces a list of actions with names and dates. When and who Hold it in October or early November. Third quarter estimates are paid, extended returns are filed (the extended deadline for 2025 individual returns was October 15, 202...

Families sometimes build an education plan for the next generation covering investing, philanthropy, and family history. Those subjects belong to the family and its advisors. The tax and document part of that plan is narrower and more practical: what a young adult needs to know to file their own returns correctly, read the forms they receive, keep the records they will need later, and work with a preparer. Heirs who learn this early are less likely to miss filings, lose basis, or sign documents they do not understand. This post outlines tax and document literacy for heirs and young adults in households with entities, trusts, or several states. It is not a financial education program, it does not cover investing, and it is not legal advice. It is a checklist of tax skills, in rough order, with 2026 figures where they apply. Stage one: their own return Start with what applies to them now. Filing requirement. A young adult must file if gross income exceeds the standard deduction f...

Parents often put off talking with adult children about family assets because the conversation feels like it is about money, fairness, and expectations. Those are family matters, and no tax preparer should referee them. But there is a narrower conversation that is easier to have and harder to skip: what tax and estate documents exist, where they are, who the children will need to call, and what the children are already responsible for on their own returns. Children who know those facts are less likely to miss a filing, lose a basis record, or learn about a trust from an IRS notice. This post covers what adult children should know about the family's tax and estate documents, and what the parents can share without discussing amounts or plans they want to keep private. It is not family counseling, it does not recommend how much to share, and it is not estate planning or legal advice. Separate the facts from the numbers Most families can share the existence and location of documen...

A household with a preparer, an estate attorney, a corporate attorney, an investment advisor, and an insurance agent has five professionals who each see part of the picture. Most tax problems that reach a notice or an amended return were not caused by anyone's mistake in their own area. They came from a decision made in one area that nobody told the others about: a trade that created a wash sale across accounts, a trust funded without a new EIN, an entity formed without anyone asking how it would be taxed, a move that the investment advisor learned about after the year's gains were already sourced. This post covers how to coordinate advisors around tax events: which decisions need more than one professional, how information should flow, and what written authorizations let advisors talk to each other and to the IRS. It is not a recommendation to hire anyone and it does not replace any advisor's own engagement terms. It is a framework for making sure the tax result of a dec...

Estate documents are signed at one moment in a family's life and then read at another. In between, people move, marry, divorce, have children, buy property in other states, and form entities. The documents often stay the same. For tax purposes, the most common gap is residency: a plan drafted for one state's rules now governs a household that lives somewhere else, owns real estate in a third state, and files nonresident returns in a fourth. This post covers the tax facts that tend to drift away from an estate plan, and the records that let your attorney see the drift. It is not estate planning advice and it does not tell you what your documents should say. Drafting belongs to counsel. The goal here is to give counsel and your preparer the current facts. Why residency matters at death For 2026, the federal estate and gift basic exclusion amount is $15,000,000 per person, and it is indexed for inflation in later years. Many households will never owe federal estate tax. State...