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Does your trust need protection?

Keith Orr

Posted By: Keith Orr

Posted January 27, 2022 / No comments

Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life. Unfortunately, these two goals

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Smooth sailing: Tips to speed processing and avoid hassles this tax season

Timothy King

Posted By: Timothy King

Posted January 26, 2022 / No comments

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an accurate return. This includes W-2 and 1099 forms. In addition, you may have received statements

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Entrepreneurs and taxes: How expenses are claimed on tax returns

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 24, 2022 / No comments

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due

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How to look for missing 401(k) plan participants

Robert Tighe

Posted By: Robert Tighe

Posted January 22, 2022 / No comments

It’s a common problem every year. Employers discover that, when their 401(k) plans must make required minimum distributions, the addresses on file for some distributees have become invalid. The U.S. Department of Labor (DOL) and the IRS have both offered guidance about dealing with participants and beneficiaries who are unresponsive or cannot be located —

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Preparations vs. compilations

Stephen Leazzo

Posted By: Stephen Leazzo

Posted January 21, 2022 / No comments

Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options.

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Help safeguard your personal information by filing your 2021 tax return early

Timothy King

Posted By: Timothy King

Posted January 20, 2022 / No comments

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself

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Educate your children on wealth management

Keith Orr

Posted By: Keith Orr

Posted January 20, 2022 / No comments

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money.

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Numerous tax limits affecting businesses have increased for 2022

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 19, 2022 / No comments

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at

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Infrastructure law sunsets Employee Retention Credit early

Posted By: Amanda Glasby

Posted November 22, 2021 / No comments

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and

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Look to the future with a QOE report

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 19, 2021 / No comments

Are you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process. It looks beyond the quantitative information provided by the seller’s financial statements. These reports can help

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