Take Control of Your Legacy: Planning for Generational Wealth Transfer

Transferring wealth between generations. A son/father or grandson/grandfather stare at eachother in their family place of business.

The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers…

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IRS Announces Retirement Plan Contribution Limits for 2023

On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to…

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Understanding the IRS Disaster Relief Programs for Taxpayers

Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term.   While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through…

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Do You Know How to Navigate the New IRS Requirements for R&D Tax Credit Claims?

While the new research and development tax credit requirements went into effect on January 10, 2022, which require more detailed proof that claims are valid, many businesses seeking the refund may face extra work when applying for the credit on their next tax return. Knowing the credit’s specificity requirements will allow businesses to ensure sufficient…

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The New 1099Ks Are Coming: Are You Ready?

A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years. New Form 1099-K Guidelines For…

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Business Tax Implications of the Inflation Reduction Act (IRA)

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…

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I Bonds Can Help You Tackle Inflation, But You Must Know the Rules

With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz.   Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns. The…

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How tax incentives can help construction firms offset inflation

Inflation rates are rising rapidly, and so are the anxiety levels of business owners.   For construction businesses, inflationary pressures are compounding the existing challenges of labor shortages, supply chain disruptions, and material cost increases. That means having to squeeze every last drop out of their budget.  Taking advantage of tax incentives can help construction companies…

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Are You Up to Date on Travel Deductions as Business Travel Returns?

Business travel is back.   COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips.  For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for…

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Don’t Overlook Cyber Insurance to Protect Cloud-Based Accounting

Technology has long made accounting easier, from the first adding machines to electronic spreadsheets to today’s cloud computing ecosystem. While recent advancements have allowed business owners and their accountants to collaborate efficiently from any location, they also created a growing cybersecurity risk that cyber insurance can help manage.  Cyberattacks Threaten All Organizations  According to a…

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