Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common […]
Read More… from Do you have questions about taking IRA withdrawals? We’ve got answers
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the […]
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications. […]
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The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and […]
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Analysis of Legislative Approaches and Potential Impact Congress faces a wonderfully tangled web for 2025 tax reforms, with the House and Senate coming up with competing strategies like two kids fighting over a toy. Isn’t democracy grand? House “One Big, Beautiful Bill” Strategy The House, in its infinite wisdom, aims to combine $4.5 trillion in […]
One of the niches in our advanced tax planning practice is in the area of mergers and acquisitions, so we closely monitor the impacts of legislative head winds that impact this segment. The landscape of mergers and acquisitions (M&A) is ever evolving and profoundly influenced by external factors such as pending tax legislation, tariffs concerns, […]
If you have been following along with our writings, you know we have been hyper focused on path forward for 2025 tax legislation. I will apologize in advance to introducing you to the grand carnival of legislative budgeting! Today, we present to you a spectacle like no other: the “current policy baseline” gimmick. Prepare to […]
Read More… from The “Current Policy Baseline” Gimmick: A Legislative Accounting Trick
The twisty journey of the Corporate Transparency Act’s (CTA’s) beneficial ownership information (BOI) reporting requirements has taken yet another turn. Following a February 18, 2025, ruling by a federal district court (Smith v. U.S. Department of the Treasury), the requirements are technically back in effect for covered companies. But a short time later, the U.S. Department […]
Victims of presidentially declared disasters in recent years who couldn’t previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via […]
Read More… from Disaster victims may qualify for tax relief … including on amended returns
An inheritor’s trust is a specialized estate planning tool designed to protect and manage assets you pass to a beneficiary. One of its primary advantages is asset protection. It allows your beneficiary to receive his or her inheritance in trust rather than as an outright gift or bequest. Thus, the assets are kept out of […]
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