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We all know that year-end tax planning can help lower the tax bills on soon to be filed income tax returns. And while most writers of tax planning articles focus on the time-tested approach of deferring income and accelerating deductions to minimize taxes (guilty as charged), this time I want to present a few unique issues particular to this year or some planning considerations that often are overlooked. One thing to be aware of is ...

During the recent presidential campaign, one of the talking points that came up was to eliminate income taxes on any Social Security benefits. This campaign pledge sparked much discussion. On the one hand were those who were surprised to find out Social Security was subject to tax at any level, while others vehemently insisted that taxing it was just wrong (and some were in both camps). Given this discussion and laying aside the fact that ...

As I write this, Hurricane Milton is taking aim at the west coast of Florida, promising to be a devasting disaster. This on the heels of Helene that brought incredible devastation to seven different States not yet two weeks ago.  Closer to home, we are all aware of natural disasters that have severely affected our neighbors here in Arkansas, such as the tornadoes that ripped through Little Rock and surrounding areas last year.  Consequently, this ...

I have a special respect and admiration for those who, through adoption, open their hearts and homes (and finances) to children needing forever families. It’s a special and divinely inspired calling, to be sure.  It’s also one that public policy supports through the tax code, both at the federal and state levels. There are, of course, tax benefits that are common to all parents of dependent children, as well as special tax incentives for adoptions. ...

In case you haven’t heard, it was recently confirmed that there was a MASSIVE data security breach that may have resulted in some 2.9 billion personal data records being offered up for sale on the dark web. The data was hacked and stolen from a company called National Public Data by a cybercriminal group named USDoD.  The information stolen included names, email and physical addresses, phone numbers and Social Security numbers. With that extensive amount ...

Americans are living longer and longer after retirement, meaning more years of not earning income via work and instead needing to live on retirement savings.  It also means a greater chance of needing long-term care over their extended lives. According to the Department of Health and Human Services, 7 out of 10 of us reaching 65 years of age are expected to need some type of long-term care during our lifetimes. And the cost of ...

The IRS recently finalized rules on what are known as required minimum distributions (or RMDs) as well as mandatory withdrawals for certain individual retirement accounts (IRAs) and other plans that have been inherited.  In final regulations issued July 18, the IRS made it clear that most non-spouse IRA beneficiaries have only ten years after the original IRA owner's death to completely withdraw IRAs that have been inherited.  Additionally, these heirs also may be required to ...

A friend today posed a question to me at the behest of her mother about simple (her words not mine) ways to leave her assets to her heirs. This sparked a light bulb moment resulting in today's article, but rather than calling them simple, I prefer the term "basic", as they may not necessarily be simply "simple".  Suffice it to say that not every family is the same. Depending on various factors, such as family ...

So called "gray divorces", where couples terminate a marriage in a latter stage of life, is on the rise. I've seen this in my own family when a family member’s marriage ended after close to 50 years. It was tough. Such divorces can come with implications and issues that are different in scope and complexity from the more typical "young" divorce. For one thing, in such cases, there may be more family members who have ...

Payment Card InterchangeFee Settlement Official Court-Authorized Settlement Website Updated May 14, 2024: In an Order dated May 14, 2024, the Court granted an extension of the claims-filing deadline. The deadline to submit claims is August 30, 2024. If you received a Claim Form in the mail and want to file a claim online using the Claimant ID provided, please click the “Submit a Claim” button below. If you did not receive a claim form, you ...

We want to stand behind our fearless Managing Partner, Colin Gorman, as we salute the fallen on this Memorial Day weekend. He is a proud example daily of what it takes to serve and protect. Colin was an infantryman in the United States Marine Corps Reserve who was called to active duty in 2003. He spent seven months in Iraq leading foot and mechanized patrols. While there, he received a meritorious field promotion to Sergeant, a ...

Almost exactly two years ago, I wrote about the confusion sown by the IRS among taxpayers who have inherited IRAs from a non-spouse. This confusion stems from the IRS's ruling regarding the so-called "10-Year" distribution rule for IRAs that have been inherited by beneficiaries who were not a spouse of the IRA owner.  Prior to 2020, if you inherited an IRA from someone, spouse or otherwise, you had great flexibility as to when to take ...

With digital assets becoming more popular as a form of investing and holding property, the IRS is getting serious about enforcing the law that taxes income and gains from such property just like any other form of investment. In a recent release, the IRS reminded us all that we are required in general to report all earned income on their tax return, including income earned from digital asset transactions.  So serious, in fact, that almost ...

In the peak of tax filing season, the IRS sends out millions of tax refunds each week, and naturally, once you file your return, if you have a refund coming, you want to know its status.  The IRS has an online tool called "Where's My Refund?" to which it has made improvements for this filing season, providing even more information than in the past. This tool is arguably the best way to check the status ...

Bruce's path to becoming a legendary accountant and CPA was not a direct one, but he was no doubt direct with his intentions and beliefs. Not only was Bruce an advocate for change, but he built our CPA firm culture on respect and with the ethical reputation that still thrives today.  You knew Bruce Engstrom by the time he left; that flamboyant personality never shied from a challenge. We're fairly sure there is a pair ...