Fixing Not-So-Common Problems in Estate Plans
December 02, 2024Estate planning is a critical step for ensuring that your assets are distributed according to your wishes. However, even the most well-crafted plans can encounter less common issues that may disrupt your intentions. At Anthony J. Madonia & Associates, Ltd., we understand that these issues often arise from oversights or changes in circumstances that were… Read more »
Honoring Leo Joseph Madonia by Hospital Gift
November 27, 2024In this season of giving, the Loving Leo Foundation was thrilled to donate a Cuddle Cot to Edward Hospital. Made to honor the memory of Leo Joseph Madonia who died on January 22, 2022. This allows us to know Leo is making a big impact in so many ways. The Edward Hospital share program means… Read more »
Be On the Lookout -IRS 1099 TIN Mismatch Letters
November 26, 2024IRS 1099 TIN Mismatch Letters Issued Recently the IRS issued a series of 1099 TIN mismatch letters, also known as CP2100 and CP2100A notices for 2022 and 2023, indicating a ramp-up in enforcement and penalties related to 1099 filings. These notices can lead to significant compliance obligations. The 1099 TIN mismatch notice is straightforward: the recipient’s name and the… Read more »
What a GOP Sweep Could Mean For Businesses
November 26, 2024As we all know, former President Donald Trump won a second presidential term, and the GOP secured control of the Senate and quite possibly the House of Representatives on November 5th. Now business owners and investors are asking themselves how this result affects them. There are several actions that a president can take that may… Read more »
Veteran’s Be Prepared for Scams-The Worst of the Worst
November 07, 2024Scams On Veterans-The Worst of the Worst As we take this day to reflect, honor, and remember that freedom is not free, we celebrate all veterans. We personally want to honor those who served. Yet according to IRS information, scams on veterans abound. We want to also issue a warning to veterans especially as we… Read more »
Fixing Common Problems in Estate Plans
November 02, 2024Estate planning is essential for safeguarding your assets and ensuring that your wishes are respected after you pass away. However, even well-crafted estate plans can encounter problems if not regularly reviewed or correctly executed. Anthony J. Madonia & Associates, Ltd. emphasizes the importance of recognizing and addressing these common issues to help avoid potential conflicts… Read more »
Inflation Adjustments for Tax Year 2025 Announced by IRS
October 28, 2024The Internal Revenue Service has announced the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable Inflation Adjustments changes for tax year 2025 The tax year 2025 inflation adjustments… Read more »
IRS Tax Relief for Storm Victims in Parts of Illinois
October 28, 2024The Internal Revenue Service today announced disaster tax relief for individuals and businesses in parts of Illinois affected by severe storms, tornadoes, straight-line winds and flooding that began on July 13, 2024. Affected taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS is… Read more »
Using Partnerships in Estate Planning
October 18, 2024The Role of Partnerships in Estate Planning Estate planning is more than just a will or trust; it’s about securing your legacy, protecting your assets, and ensuring that your wishes are honored. While many approach estate planning as an individual task, integrating partnerships can enhance the effectiveness and comprehensiveness of your plan. Collaborating with Anthony… Read more »
Estate Planning Tips for 2024
October 17, 20242024 Estate Planning Tips You Need to Know Estate planning is essential for securing your financial future and ensuring that your loved ones are cared for according to your wishes. With evolving laws and financial considerations, it’s crucial to review and update your estate plan regularly. Here are practical tips to help you protect your… Read more »