Kay Sowa

Kay Sowa is a paralegal in the Trusts and Estates Group at Capehart & Scatchard, P.A. She is an IRS Enrolled Agent, an Accredited Estate Planner®, and a Certified Trust and Fiduciary Advisor. She oversees the trust and estate administration practice for the firm. She is an accomplished author and lecturer who has frequently spoken on behalf of a number of organizations including the National Business Institute and the Institute of Paralegal Education.

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New Jersey “ANCHOR” Program

Yes, we certainly live in a world of acronyms – a recent one being ANCHOR.  So, what does it mean? If you are a New Jersey resident, the Affordable New Jersey Communities for Homeowners and Renters a/k/a ANCHOR replaces the Homestead Rebate.  This program is different in that there is no age restrictions and can […]

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Are You Separating From Or Divorcing Your Spouse (Or Thinking About It)?

There are special considerations for people who are in this unfortunate situation.  Not only is their relationship changed, but the tax status is affected as well.  Important things to consider or do: Update your withholding with your employer by filing a new Form W-4.  If you are receiving or negotiating spousal support (alimony or other […]

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IRS Update on Processing of Income Tax Returns

The IRS provided an update last week on the status of the processing of income tax returns as follows:  All paper and electronic individual returns received prior to January, 2022 that were free of errors and did not require further review have now been processed. Of the 8.7 million unprocessed individual returns filed in 2022, […]

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A Few Highlights of the Recently Signed Reconciliation Bill

The news has been filled with talk about the Reconciliation Bill known as the Inflation Reduction Act of 2022 that was recently signed into law.  As is common with most bills, they are lengthy (this one being more than 300 pages) and contain many provisions that are not highlighted and therefore are overlooked.  To keep […]

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Scheduled 2025 Tax Changes

The 2017 Tax Cuts and Jobs Act are set to expire in 2025 and it is not too early to start thinking about those changes and how the expiration of the same may affect you.  Many Americans have become complacent with the federal tax exclusions being in the $12 million range this year and think […]

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Retirement Accounts and Second Marriages

Are you on spouse number 2 or 3 and you have a retirement account?  If so, there are certain things to keep in mind.  First of all, if you have had your estate planning completed by an estate planner or have a financial advisor/planner, you have most likely addressed this issue. But if you are […]

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Are You Challenged To Unwind?

As we enter August, have you taken time away from your profession this summer – or I will give you – this calendar year?  Do you find it hard to unwind, to disconnect?  In our world today, it is a temptation to be continuously connected to email, texts, to our phones.  Let’s forget the pandemic […]

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Income Tax Return for a Deceased Taxpayer

Are you aware that a final Form 1040 should be filed for a deceased taxpayer?  Usually, the surviving spouse or the estate representative files a final individual income tax return for the deceased taxpayer.  If there is a surviving spouse, the return is filed with the same filing status as prior returns were filed.  The […]

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Year-Round Tax Planning

Tax season is pretty much history unless your returns are on extension.  For most people, once our tax returns are filed, we tend to not give them another thought until the beginning of the next year.  To minimize your tax liability, you need to think about taxes all year round.  Thinking about deductions and credits […]

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An Overview of the IRS’s 2022 Dirty Dozen Tax Scams

(Straight from the IRS) Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. This year’s list is divided into five groups. Here’s an overview of the top twelve tax scams of 2022. Potentially abusive […]

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