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November 13, 2015
Farm Buy-Sell Agreements
by:  Jeffrey M. Fetter
It is important that each farm have an up-to-date business plan, as well as an up-to-date Buy-Sell Agreement, that will address the terms and conditions under which an owner's interest will be transferred upon a death, a total and permanent disability, or a termination of the owner's relationship with the farm.  It is also important to carefully define how the payment for the purchase will take place to avoid an unnecessary and disastrous drain on the farm's cash flow. [Read More]
Business and Business Owner Year-End Tax-Planning Strategies Should be Reviewed in November 2015
by: Jeffrey M. Fetter
Although there is still no guidance from Congress on when or whether there is going to be Extender Legislation this year, you may want to be prepared in case Congress does bless us again with another round of temporary tax legislation that has been beneficial to the business community over the past few years. [Read More]
Budget Bill Changes Social Security Claiming Strategies
by: John S. King
Under the Bipartisan Balanced Budget Act of 2015 (the "Budget Bill") which was signed into law on November 2, 2015, a popular strategy for claiming Social Security benefits known as "file and suspend" and "restricted application" will no longer be available to retirees who reach age 66 after May 1, 2016. [Read More]
Responsibilities of Trustees and Executors
by: Jeffrey M. Fetter 
As you design your estate plan, however simple or complex it may be, a decision must be made as to who will serve as the Executor(s) of your Will and Trustee(s) of your trust, if applicable. An Executor is classified under the law as a "fiduciary". A fiduciary is a person who has been selected for a position of special faith, trust and reliance. A Trustee is another type of fiduciary and the duties and responsibilities which the Executor has in the settlement of an estate are quite similar to the duties and responsibilities that a Trustee would have. Before determining who will serve in those positions and/or before you accept a position as a fiduciary, it is important to have an understanding of the responsibilities of each. [Read More]
Year-End Planning:  Watch Out For the Required Minimum Distribution Rules to Avoid Penalties
by:  Jeffrey M. Fetter
Taxpayers subject to Required Minimum Distribution Rules (RMDs) on their retirement accounts must plan carefully to ensure that they are not subject to significant penalties for failure to withdraw enough from their retirement plans.  Taxpayers must start taking annual RMDs from their traditional IRAs by the April 1 following the year in which they attain the age of 70 ½.  401(k) plan owners are subject to the same rules.  If you have other plans, it is important to review the requirements applicable to you with your tax advisor. [Read More]
Governor Expands Authority to Implement Mandatory E-Filing in Courts
by: Chaim J. Jaffe 
The New York State Bar Association announced that on August 31, 2015 Governor Andrew Cuomo signed an e-filing bill into law "which vests authority in the Chief Administrative Judge to implement mandatory e-filing in any court, with the County's Clerk's consent. [Read More] 

Scolaro, Fetter, Grizanti, McGough & King, P.C.  •  Franklin Square - 507 Plum Street, Suite 300  •  Syracuse, NY 13204

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