How can an estate plan be kept vital after death?
July 27, 2023 Knowledge Center
How can an estate plan be kept vital after death?

When a loved one passes away, you might think that the options for his or her estate plan have also been laid to rest. But that isn’t necessarily the case. Indeed, there may be postmortem tactics the deceased’s executor (or personal representative), spouse or beneficiaries can employ to help keep his or her estate plan […]

Selecting a qualified auditor for your employee benefit plan
July 25, 2023 Knowledge Center
Selecting a qualified auditor for your employee benefit plan

Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public accountants […]

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
July 25, 2023 Knowledge Center
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

Retirement account catch-up contributions can add up
July 21, 2023 Knowledge Center
Retirement account catch-up contributions can add up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs  Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll […]

The IRS Mileage Log Requirements
July 20, 2023 Knowledge Center
The IRS Mileage Log Requirements

by Jun Wang, CPA, MST If you regularly travel to client sites, gather office supplies, attend conferences, or own multiple pass-through entities, you may be entitled to tax deductions or reimbursement from your employer. Any other business-related travel may be deducted by way of a mileage log—an efficient way to accurately track, measure, and record […]

Key factors for employers in choosing an affordable health plan
July 18, 2023 Knowledge Center
Key factors for employers in choosing an affordable health plan

For employers of all sizes, choosing an affordable yet fully featured health plan to sponsor for employees isn’t easy. And yet, for most organizations, it’s an imperative. Under the Affordable Care Act, employers with 50 or more full-time or full-time-equivalent employees must offer a health plan that meets certain standards or face a financial penalty. […]

Reduce the impact of the 3.8% net investment income tax
July 13, 2023 Knowledge Center
Reduce the impact of the 3.8% net investment income tax

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only […]

Why some small businesses are switching to tax-basis reporting
July 11, 2023 Knowledge Center
Why some small businesses are switching to tax-basis reporting

Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP). […]

Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT
July 7, 2023 Knowledge Center
Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT

For 2023, the federal gift and estate tax exemption amount stands at $12.92 million ($25.84 million for married couples). But without action from Congress, on January 1, 2026, it’s scheduled to drop to only $5 million ($10 million for married couples). Based on current estimates, those figures are expected to be adjusted for inflation to a little over $6 million […]

How the pros use public data to value private businesses
July 7, 2023 Knowledge Center
How the pros use public data to value private businesses

Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies. Here’s an overview of how valuators modify their analyses to take advantage of objective, market-based indicators of value. Recognizing key differences Public companies differ from private ones in […]

Avoid succession drama with a buy-sell agreement
July 6, 2023 Knowledge Center
Avoid succession drama with a buy-sell agreement

Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one way to put some clear […]

Virtual currency lands in the IRS’s crosshairs
July 3, 2023 Knowledge Center
Virtual currency lands in the IRS’s crosshairs

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the […]