Proposed regs for inherited IRAs bring unwelcome surprises
May 24, 2022 Knowledge Center
Proposed regs for inherited IRAs bring unwelcome surprises

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the […]

Could your business benefit from a PEO?
May 24, 2022 Knowledge Center
Could your business benefit from a PEO?

Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering […]

Valuing noncompetes in business combinations
May 20, 2022 Knowledge Center
Valuing noncompetes in business combinations

Purchase price allocations are an important part of negotiating a successful M&A transaction. The value of most assets — such as receivables, inventory and equipment — may be fairly straightforward. But the value of noncompete agreements is often a sticking point. To complicate matters, the buyer and seller may have conflicting tax objectives. This is […]

IRA charitable donations: An alternative to taxable required distributions
May 19, 2022 Knowledge Center
IRA charitable donations: An alternative to taxable required distributions

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will […]

Highlights from the latest ACFE fraud report
May 16, 2022 Knowledge Center
Highlights from the latest ACFE fraud report

Preventing, detecting, and investigating occupational fraud requires a deep understanding of the types of schemes, potential financial losses, emerging threats and risk mitigation strategies. To that end, the Association of Certified Fraud Examiners (ACFE) has published its “Report to the Nations,” the preeminent source for occupational fraud statistics and trends, every two years since 1996. […]

Caring for an elderly relative? You may be eligible for tax breaks
May 11, 2022 Knowledge Center
Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you […]

After tax day: Take these action steps
May 10, 2022 Knowledge Center
After tax day: Take these action steps

The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the […]

Adding an arbitration provision to an ERISA-compliant retirement plan
May 9, 2022 Knowledge Center
Adding an arbitration provision to an ERISA-compliant retirement plan

When you see the word “arbitration,” you might think of a business dispute, divorce proceeding or perhaps a big-league ballplayer at odds with his team about that season’s salary. But retirement plans that must comply with the Employee Retirement Income Security Act (ERISA) might also be subject to arbitration — if they include an enforceable […]

Management letters: Follow up on your auditor’s recommendations
May 6, 2022 Knowledge Center
Management letters: Follow up on your auditor’s recommendations

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways […]

The HSA: A healthy supplement to your wealth-building regimen
May 5, 2022 Knowledge Center
The HSA: A healthy supplement to your wealth-building regimen

A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. ABCs of an HSA Similar to a traditional IRA or 401(k) plan, an HSA is a tax-advantaged savings account funded with pretax dollars. Funds can […]

Are you and your spouse considering “splitting” gifts?
May 4, 2022 Knowledge Center
Are you and your spouse considering “splitting” gifts?

Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an election to split gifts. Gifts of separate property Gift splitting is […]

Valuable gifts to charity may require an appraisal
May 3, 2022 Knowledge Center
Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. […]