31 January

2020 – 01/31

As we begin to file 2019 tax returns, a new report looks at how the IRS performed last tax season. A Treasury Inspector General for Tax Administration (TIGTA) audit shows that, by May 2019, the IRS received over 141 million returns and issued about 100.4 million refunds totaling more than $274 billion. In addition to standard processing, the IRS incorporated …

17 January

2020 – 01/17 – Time passages: Estate planning through the years

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. If you’ve gotten married, for example, now is the time to build the foundation for your estate plan. And, if you’ve recently started a family, estate planning is even …

13 January

2020 – 01/13 – New rules will soon require employers to annually disclose retirement income to employees

The recently enacted SECURE Act includes a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. It will need to illustrate the monthly payments that an employee would receive …

03 January

2019 – 12/30

The start of the new year ushers in tax season. If you used your home to conduct business, you may qualify to take a home office deduction on your tax return, even if you’re a renter. Here are the basic rules: The home must be your principal place of business, or a place to meet clients in the course of …

06 September

Expiring Temporary Tax Provisions

Many temporary tax provisions have expired since the end of 2017. Many more will expire by Dec. 31, 2019. A bipartisan U.S. Senate Finance Committee has been charged with studying the effectiveness of the provisions and identifying options for long-term solutions. In the last of six reports on these provisions, the Employment and Community Development Taskforce examined policies that were …

30 August

2019 – 07/31

The Dept. of Labor (DOL) has just issued regulations that will make it easier for small businesses to provide retirement savings plans to their workers. Final regs regarding association retirement plans (ARPs) will allow small businesses to band together to offer 401(k) and other defined contribution plans to their employees. ARPs could be offered by associations of employers in a …

03 January

Business Owners: An Exit Strategy Should be Part of Your Tax Plan

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future. For example, you need to develop an exit strategy so that taxes don’t trip you up when …

02 January

Does Prepaying Property Taxes Make Sense Anymore?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But for many, particularly those in …

01 January

You May Be Able To Save More for Retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: $6,000 (up from $5,500) One …