You’ve probably already worked with your advisor on essential estate planning documents such as your will, a power of attorney, and various trusts—but you should also consider adding a “road map” to your estate plan. What to include In essence, your road map will be an informal document or letter that ensures your wishes are […]

Retirement comes with changes in lifestyle and income sources and may have several important tax implications. The following is a quick explanation of four tax and financial issues many people deal with as they retire. Withdrawing your required minimum distributions Your required minimum distribution is the minimum amount you’re required to withdraw from your retirement […]

Predicting the metrics that underlie your company’s accounting estimates can be a challenge, especially in today’s unprecedented market conditions. There are several important “unknowns,” including how much longer certain issues involving the COVID-19 pandemic will continue, how the economy will be affected by federal stimulus spending over the long term, and to what extent tax […]

In the past, estate planning has tended to focus on objectives like protecting assets against creditors’ claims or lawsuits and minimizing gift and estate taxes. While these are still important goals, many affluent families are now turning their focus to less technical but equally important considerations, such as ensuring the younger generation’s education, preparing them […]

Here are a few important tax-related deadlines for the third quarter of 2021 that will affect businesses and other employers. This isn’t an all-inclusive list, so keep in mind that other additional deadlines may apply to you. If you want to make sure you’re meeting all applicable deadlines or have questions about the filing requirements, […]

An organization’s working capital is the difference between its current assets and current liabilities. Although the optimal amount of working capital varies depending on the industry and the nature of operations, organizations need a certain amount of working capital to run their operations smoothly. And if working capital management is inefficient, it can hinder performance […]

Tax breaks and other nontax benefits are available for business owners who hire their children this summer. By hiring your child, you may be able to: Realize payroll tax savings, depending on how your business is organized and your child’s age Convert high-taxed income into income that is low-taxed or tax-free Enable retirement plan contributions […]

Although President Biden has suggested that he wants to roll back current federal gift and estate tax exemption amounts (reducing the estate tax exemption to $3.5 million, imposing a top estate tax rate of 45%, and reducing the gift tax exemption to $1 million), any proposals would have to be passed in Congress. In the […]

You may find that you have questions about your 2020 tax return, even after you’ve successfully filed with the IRS. Here are three quick answers to some of the most frequently asked questions at this time of year. When will I receive my refund? You can check the status of your refund using the IRS’ […]