Industry News & Expertise

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…

Avoiding the 10% Penalty On Early IRA Withdrawals

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income…

Cutting the Kiddie Tax Down to Size

Despite its name, the “kiddie tax” is anything but child’s play. If you’re not careful, this provision of the tax code can result in children having to pay significant extra tax dollars on their investment income. But your family may be able to downsize the kiddie tax for 2023 by making the right tax moves before…

Do You Owe SE Tax on Home Rental Income?

If you rent out a second home — or part of your main residence — you may be unclear about whether you need to pay self-employment (SE) tax on your net rental income. In fact, the federal tax rules on this topic are somewhat confusing. The IRS recently published guidance on this issue that may apply…


Navigating the SALT Deduction

The Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local tax (SALT) payments for 2018 through 2025. This unfavorable tax law change is especially unpopular in states with high income or property taxes (or both). The limitation remains in effect, despite repeated calls to repeal it. (See “How Will the SALT Rules…

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Warning: Your 2022 Tax Bill May Ring in Higher

It’s that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are generally unfavorable to many individual taxpayers. That means that you may owe more than you have in recent years. The reason is that many of the…


Tax Planning Can Reduce Adoption Costs

Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you’re among those considering adopting a child, you need to know about the various tax breaks that can make the experience more affordable. Primary Tax Incentives How Much Does Adoption Cost?The average cost of adopting a child in the United States is…

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New Tax Law Improves QCD Benefits

Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these…


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