Industry News & Expertise

inheritance tax planning

Planning for Inheriting Assets

Planning Is Essential if You’re Inheriting Assets If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets can be overwhelming. Generally, when you receive an inheritance,…


Beware of the Wash Sale Rule When Harvesting Tax Losses

Beware of the Wash Sale Rule When Harvesting Tax Losses If you lose money on a stock investment in a taxable brokerage firm account, the good news is that you can usually harvest a tax-saving capital loss deduction by selling that stock before year end. However, the wash sale rule might come into play, causing your…


Builder’s Risk Insurance: What You Need to Know

Builder’s risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures and appliances — all vital parts of a completed structure. It can also cover temporary structures, such as office…


NEW Retirement Account Catch-Up Contribution Rules

Update on New Retirement Account Catch-Up Contribution Rules The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an increase in the limits for…


What Employers Should Know about Health Savings Accounts

What Employers Should Know about Health Savings Accounts Health Savings Accounts (HSAs) are a tax-smart way to cover an individual’s uninsured medical expenses, as well as certain other out-of-pocket medical, dental, vision, hearing, long-term care expenses and insurance premiums. Your business can set up HSAs for qualifying employees. Then the business can fully or partially fund…


Federal Tax Obligations When a Business Shuts Down

Federal Tax Obligations When a Business Shuts Down Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some tax and legal obligations. Income Tax Requirements…


Smart Ways to Handle Remote Workers

Given the power and accessibility of technology, many companies have been allowing employees to work from home for years — either some or all of the time. The COVID-19 crisis accelerated this trend, as many businesses closed offices and facilities and some employees are still working from home. Working from home isn’t possible for every job,…

Estate Planning Isn’t Just for the Wealthy

Estate Planning Isn’t Just for the Wealthy Thanks to today’s favorable federal gift and estate tax rules, most people haven’t amassed enough wealth to worry about federal estate taxes. However, even if you haven’t had the good fortune to win the lotto or inherit millions from a wealthy relative, you still need an estate plan to…

Be Cautious About Accepting or Using Checks

Businesses Should Be Cautious About Accepting or Using Checks Check fraud costs individuals, businesses and financial institutions billions annually. And, yes, this continues to hold true in today’s high-tech world of e-commerce. Forged checks have always been a problem, but with inexpensive laser printers and easily accessible paper, check fraud is hanging around because many companies…


M&A Reminder: Earnouts Bring Critical Tax Considerations

M&A Reminder: Earnouts Bring Critical Tax Considerations Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in many deals. The structuring of such transactions could have significant tax implications that affect the ultimate value for both…


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