Corporate Transparency Act – Filing Requirement
The Corporate Transparency Act requires small and medium sized businesses created by filing paperwork with a Secretary of State (Corporations, LLCs, LLPs etc) to report identifying information by 12/31/2024 to the Financial Crimes Enforcement Network (FinCEN). Some exceptions include charities or companies with 20 or more employees, and $5M in annual revenue. New Filing Obligations […]
Retirees and Part-Time Work: Navigating the Tax Complexities
Businesses everywhere face the challenge of finding and retaining valuable employees. To fill these gaps, many employers are turning to retirees. With years of experience, institutional knowledge, and for many a desire to stay busy while earning income, they are an excellent candidate to help bridge the employment gap. Confronted with the offer of highly […]
Changes for Unused Funds from 529 Plans Beginning in 2024
To address investor concerns related to 529 Plan savings going unused, a provision of SECURE ACT 2.0 allows the opportunity to rollover unused 529 education savings into a Roth IRA in the beneficiary’s name, penalty free. As a result, investors should feel a sense of relief about leftover 529 savings that weren’t used for education. […]
Avoiding Surprises at Tax Time: The W-4 Form
The tax filing season can often be filled with angst as many filers are unsure whether they will receive a tax bill, a refund, or make it through unscathed. Fortunately, much of this stress can be avoided by properly filling out (or updating) your W-4 form. Employees are required to fill out their W-4 forms […]
Secure Act 2.0 – Business Owners
Earlier this week we put out a summary of some of the changes that individual investors should be thinking about as a result of Secure Act 2.0 going into law. This article focuses on the changes that we think will be impactful to business owners going forward: 1) Small Business 401(k) Credits: For businesses with […]
Secure Act 2.0 – Individuals
Just before the close of 2022, Congress passed a $1.7 trillion government spending bill. Within that 4,000+ page document was Secure Act 2.0, which introduced ~90 new provisions regarding retirement savings. We’re tracking the details of this bill as additional information becomes available, but here are some of the highlights for individual investors: 1) New […]
Tax Scams
As we head into a new year and with it, a new tax season, we wanted to draw attention to a number of scams and schemes to defraud unsuspecting taxpayers. We think it is important that our clients be aware of how these scams work, and what precautions you can take to protect yourself. How […]
Build Back Better Act – Other Proposed Changes
Last week I wrote an article that dove into what the Build Back Better Act could mean for those currently using the Backdoor Roth IRA strategy. While that is a significant change that could be on the horizon, it is only one of many currently proposed in the several hundred-page plan. Shown below is a […]
The American rescue plan act of 2021: understanding the 2021 recovery rebate stimulus payments
The American Rescue Plan Act of 2021 is now a done deal. Among the items of greatest interest to most Americans is a third round of stimulus checks – or IRS “recovery rebates” – of up to $1,400 for every “eligible individual.” That’s the quick take. But what’s the fine print? How Much Will You […]
The Fiscal Cliff: Why Selling Now Is Not Always The Best Strategy
The daily fiscal cliff news coverage is causing irrational investor behavior regarding unrealized long-term capital gains (LTCG). Without congressional action the LTCG rate is set to increase from 15% in 2012 to 20% in 2013. In addition, high earners are subject to a 3.8% Medicare surtax applied to all capital gains. (income greater than $250,000 […]