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Protect retirement plan fiduciaries through training, insurance and managing risk

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 18, 2019 / No comments

When an employer decides to sponsor a retirement plan for employees, it takes on great responsibility. Anyone who exercises discretionary authority over any vital facet of plan operations likely will be considered a plan fiduciary. In turn, these individuals face a significant risk of liability if anything goes seriously wrong with the plan. Your plan

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Sudden impact: When a spouse unexpectedly dies

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 17, 2019 / No comments

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do

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What will your marginal income tax rate be?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 15, 2019 / No comments

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing

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Federal government shutdown creates tax filing uncertainty

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 9, 2019 / No comments

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during

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2 major tax law changes for individuals in 2019

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 8, 2019 / No comments

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care

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If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 3, 2019 / No comments

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets

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A refresher on major tax law changes for small-business owners

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 28, 2018 / No comments

A refresher on major tax law changes for small-business owners The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe

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Automatic extension available for making portability election

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 20, 2018 / No comments

Automatic extension available for making portability election Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return.

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6 last-minute tax moves for your business

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 17, 2018 / No comments

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until

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