Category Archive: Tax

The Secure 2.0 Act: Key Changes for Workplace Retirement Plans

On December 29th, 2022, President Biden signed the SECURE Act 2.0 into law, as part of the Consolidated Appropriations Act. This broad-reaching legislation is expected to impact tax incentives as it relates to retirement plans ...

65-Day Election Deadline Approaches for Complex Trust and Estates

A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all distributions made during a 65-day period as having occurred on the last day of the prior tax ...

How To Evaluate Service Providers as a 401(k) Fiduciary

We often receive questions from clients about their 401(k) plans and recently had a client ask two thought provoking questions: “What steps should I take to monitor service providers I hire to help me administer ...

Business Tax Changes

There will be a few tax changes for businesses of note for the tax year 2023 and beyond, including a huge 2017 TCJA tax benefit that will begin to phase out at the end of ...

Charitable Donations

Giving to charity can provide not only large tax deductions to help you do well financially (as long as you itemize deductions) but also the satisfaction of doing good. On top of that, it’s one ...

IRA - files

Highlights of the Inflation Reduction Act (IRA)

The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...

IRS Backlog Files

The IRS is Buried in Work, Ya’ll

That is both a literal and figurative statement. The photo above, provided by the U.S. Department of the Treasury, shows the cafeteria at the IRS’ Austin facility in June. This is visual confirmation of what ...

Sales Tax Issues With Cryptocurrency Transactions

If you’re involved with virtual currency – whether as an investor, a miner or as a merchant accepting cryptocurrency as payment – you are likely to face tax issues. On the federal income tax front, ...

2021 Fireworks

Seven 2021 Year End Tax Planning Considerations

2021 has flown by and before you know it 2022 will be here! Before the year comes to a close, there are a few simple tax planning items to consider to potentially help reduce your ...

U.S. Lawmakers Have Taken Another Step Toward Closing a Perceived Loophole

U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment fund managers to be taxed at favorable rates. Managers of investment funds, e.g., private equity, venture capital, ...

Bitcoin with a background of gold

Bitcoin, Altcoin, Dogecoin! Oh My. – Part 2

Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? Cryptocurrency is considered property, but when traded it is treated similar to stock. Anytime cryptocurrency is converted ...

Bitcoin, Altcoin, Dogecoin! Oh My.

Blog Part 1 of 2 This seems to be the subject of the hour. In every news outlet and financial news platform there is a mention of Bitcoin (BTC), Altcoin (Ethereum, Stellar, Etc.) or even ...