Spotlight on a critical antifraud tool: Risk assessments
July 25, 2022 Knowledge Center
Spotlight on a critical antifraud tool: Risk assessments

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. These tools have become more prevalent in recent years, according to “Occupational Fraud 2022: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). But although almost 50% of businesses perform fraud assessments, many owners […]

Estates now have an additional three years to file for a portability election
July 22, 2022 Knowledge Center
Estates now have an additional three years to file for a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return (Form 706). The return […]

When should you turn down an inheritance?
July 20, 2022 Knowledge Center
When should you turn down an inheritance?

“Thanks, but no thanks.” If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been […]

The GST tax and your estate plan: What you need to know
July 19, 2022 Knowledge Center
The GST tax and your estate plan: What you need to know

Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan […]

Private business owners: Don’t wait until year end to evaluate financial performance
July 15, 2022 Knowledge Center
Private business owners: Don’t wait until year end to evaluate financial performance

How often does your company generate a full set of financial statements? It’s common for smaller businesses to issue only year-end financials, but interim reporting can be helpful, particularly in times of uncertainty. Given today’s geopolitical risks, mounting inflation and rising costs, it’s wise to perform a midyear check-in to monitor your year-to-date performance. Based […]

IRS extends relief for physical presence signature requirement
July 8, 2022 Knowledge Center
IRS extends relief for physical presence signature requirement

Under IRS regulations regarding electronic consents and elections, if a signature must be witnessed by a retirement plan representative or notary public, it must be witnessed “in the physical presence” of the representative or notary — unless guidance has provided an alternative procedure. Recently, in Notice 2022-27, the IRS extended, through the end of 2022, […]

4 estate planning documents your college-aged child should have
July 6, 2022 Knowledge Center
4 estate planning documents your college-aged child should have

Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate planning advisor to create a plan, as your child will be available to sign the documents before heading […]

Valuing ESOPs
July 5, 2022 Knowledge Center
Valuing ESOPs

Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to cash out and transfer ownership to employees without immediately giving up control of the business. However, valuing stock held by an ESOP is an ongoing challenge for the fiduciaries who administer them, especially when the sponsoring company is privately held. Valuation […]

Is it a good time for a Roth conversion?
June 28, 2022 Knowledge Center
Is it a good time for a Roth conversion?

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here’s what makes […]

Dodge the tumult with a buy-sell agreement
June 24, 2022 Knowledge Center
Dodge the tumult with a buy-sell agreement

Businesses with multiple owners generally benefit from a variety of viewpoints, diverse experience and strategic areas of specialization. However, there’s a major risk: the company can be thrown into tumult if one of the owners decides, or is compelled by circumstances, to leave. A logical and usually effective solution is to create and implement a […]

Estate planning and business succession planning: The lines blur with a family business
June 22, 2022 Knowledge Center
Estate planning and business succession planning: The lines blur with a family business

For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps to ensure that the business lives on after you’re gone, you […]

IRS offers tax relief for leave-sharing programs
June 20, 2022 Knowledge Center
IRS offers tax relief for leave-sharing programs

Under a leave-sharing program, employees can elect to forgo vacation, sick or personal leave in exchange for cash payments made by their employers to qualifying charitable organizations. These arrangements have been around for a while, but they’ve gotten more attention in recent years as some employers have launched leave-sharing programs to aid those adversely affected […]