The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will last until at least 2024. The IRS is currently working through [...]
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home [...]
If you made gifts during 2023, you may be wondering if you need to file a gift tax return during the upcoming filing season. The short answer: There are many situations when it’s necessary (or desirable) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return” [...]
As a reminder, 2023 2nd quarter estimates are due September 15th, 2023. Your 2023 quarterly estimated coupons and instructions would have been included with your completed 2022 tax return if applicable. The 3rd quarter estimate payments can be made on-line or mailed via check and should be postmarked no later [...]
The SECURE 2.0 Act of 2022 brought several changes to retirement plans. However, one may be of particular interest to plan sponsors: the option to allow employees to elect to treat employer contributions as Roth contributions. This provision is likely to be attractive to employees as it expands the [...]
Employee benefit plan sponsors are advised to expect an increase in enforcement activity by the Employee Benefits Security Administration (EBSA) in 2023. The ESBSA has seen a major decrease in enforcement actions for two consecutive years, resulting in a decrease of nearly 50% in the amount of funds recovered [...]
The Department of Labor (DOL) released the final changes to Form 5500 relating to the September 2021 notice of proposed form revisions (NPFR) to amend Form 5500. These changes are effective for plan years beginning on or after January 1, 2023, and will be incorporated into the 2023 Form [...]
According to the National Weather Service, an estimated 190 million Americans have recently been under heat advisory alerts. Maybe the extreme heat has prompted you to consider making your home more energy efficient. If so, there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act [...]
Typically, joint ownership of property is beneficial to an estate plan. In fact, there are several advantages to joint ownership for surviving family members. There are exceptions, however, and joint ownership may not be the ideal solution for all estate plans. Two types of joint ownership for spouses As [...]
A revocable trust — sometimes known as a “living trust” — can provide significant benefits. They include the ability to avoid probate of the assets the trust holds and facilitating management of your assets in the event you become incapacitated. To obtain these benefits, however, you must fund the [...]
