Industry News

So, You Have Inherited a Traditional IRA -- Now What? The time of inheriting a traditional IRA may be occupied by a range of mixed emotions, from grief for a lost loved one to the joy of receiving a windfall of money that you may not have expected.  When you inherit an IRA, then you are a “beneficiary” for purposes of federal tax rules.  A beneficiary can be a person or an entity, such as a trust, and that beneficiary must choose how to receive the benefits of the IRA after the original owner passes away.  Beneficiaries of a traditional IRA must include any taxable distributions they receive in their gross income. Therefore, consulting with a tax advisor can help you understand your options for choosing the distribution method that best suits your financial situation and minimizes your tax liability.

Big changes ahead! The federal government will soon stop issuing paper tax refund and Social Security checks. Here’s what you need to know.

If you or your business is planning on taking advantage of certain clean energy tax incentives, you’ll need to act much sooner than you anticipated.

The One, Big, Beautiful Bill Act extends many business-friendly tax provisions The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning. Here are several provisions included in the new law that may influence your business’s tax liability.

The One, Big, Beautiful Bill Act is changing tax policy. Find out how it will affect you.

A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.

A trustee is the person who has legal responsibility for administering a trust on behalf of the trust’s beneficiaries. What qualifications should you look for when choosing a trustee?

Family business owners: Prudently planning the future of your company may call for weaving together estate planning and succession planning. Let’s talk strategy.

With inflation and rising travel costs, businesses can’t afford to overspend. Take control of your travel budget with these six cost-cutting strategies.

An FSA or Flexible Spending Account allows employees to set aside pre-tax dollars to spend on eligible expenses.  For a healthcare FSA, these expenses include medical, dental, and [...]

When it comes to the cost and related expenses of higher education, navigating these can seem rather unnerving. Fortunately, the IRS offers educational tax credits that can relieve [...]

The outcome of the November 5 election is likely to significantly impact taxes.

It’s been an especially difficult year for victims of natural disasters, including those affected by Hurricane Milton and Hurricane Helene. Taking advantage of the casualty loss deduction can help ease the financial pain.

For business owners, the use of vehicles is a critical component of the operations of a business. Whether it’s driving to a client’s office or an off-site project location or delivering products to customers, vehicles play a major role in the success of a business. That’s why it is essential for business owners to be aware of the tax rules and guidelines when deducting ordinary and necessary expenses related to operating vehicles for a business.

Traditional audit processes are being transformed by advanced technologies and new methodologies, making audits more robust and reliable.

In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain.

The Pass-Through Entity Elective Tax Payment Credit is a tax credit introduced at the state level in response to the Tax Cuts and Jobs Act (TCJA) of 2017 in the United States.

Businesses that file 10 or more information returns must now file them electronically.

If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns.