Expanded disaster tax relief Two recent tax law changes strengthen relief for taxpayers affected by natural disasters. Beginning in 2026, personal casualty loss deductions are no longer limited to federally declared disasters. Certain state-declared disasters ...
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Partnerships and limited liability companies (LLCs) — particularly start-ups — often lack the financial resources to offer salaries and benefits competitive with those of larger, established enterprises. One option to help these businesses attract and ...
Families looking for long-term, tax-advantaged ways to help children build wealth now have a new option to consider. The One Big Beautiful Bill Act (OBBBA) introduced Trump Accounts (TAs), a savings vehicle designed to encourage ...
Everyone should have an estate plan — including single people with no children. For married couples, the law generally assumes that one spouse will make financial and medical decisions if the other spouse dies or ...
The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, restored the more favorable pre-2022 limit on business interest expense deductions. That’s good news for many businesses, particularly those in capital-intensive industries, ...
Most married couples assume they should file joint income tax returns, and, usually, that’s the right choice. But under certain circumstances, filing separate returns may offer benefits. Bear in mind that the differences between married ...
The alternative minimum tax (AMT) resembles the regular federal tax system, but it has a different purpose. It’s intended to ensure that people with certain types of income still pay taxes, even if they otherwise ...
Over a certain amount, payments made in the course of a trade or business must be reported to the payees and to the IRS, using a specific form. The recently enacted One Big Beautiful Bill ...
On July 14, 2023, IRS released Notice 2023-54 providing Transition Relief for: The change in beginning date for RMDs 2023 missed RMDs for IRA beneficiaries subject to the requirement for annual RMDs under the “10-Year ...
Updated 2024 Companies that offer employee benefit plans like health insurance or retirement benefits are governed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that requires employee benefit ...
Updated 2024 Under federal law, most organizations that have an employee benefit plan (EBP) with 100 or more participants with existing balances at the start of the plan year are required to submit audited plan ...
Updated 2024 If your Employee Benefit Plan were to get audited today, are you prepared? A company’s employee benefit plan (EBP), can refer to 401(k), pensions, or profit-sharing plans among others. Once companies reach a ...