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Should You Convert to a Roth?

By |2022-07-14T18:32:35+00:00July 19th, 2022|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]

Seven Tax Moves for the Summer

By |2022-06-22T15:23:47+00:00June 22nd, 2022|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Requirement to Restate Your Qualified Retirement Plan Document

By |2022-05-11T19:44:45+00:00May 11th, 2022|News & Events, Pension Admin & Consulting, Press Releases|

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]

It’s time to implement the new lease standards

By |2022-03-22T14:00:49+00:00March 22nd, 2022|Accounting & Auditing, News & Events, Press Releases|

UPDATED March 22, 2022: Reminder that this must be implemented this financial reporting year i.e. it is effective for non-public companies (including not-for-profits) with fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.   The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting [...]

Counting on the QBI Deduction

By |2022-03-22T13:53:11+00:00March 14th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

The Tax Cuts and Jobs Act (TCJA) created a major new tax deduction for self-employed individuals and owners of pass-through entities like partnerships, S corporations and limited liability companies (LLCs). Effective for 2018 through 2025, the deduction for “qualified business income” (QBI) can be as high as 20%. However, these deductions are reduced or [...]

Six New Personal Tax Return Items

By |2022-03-07T18:48:51+00:00March 7th, 2022|Individual Tax, News & Events, Press Releases|

There are usually some new twists and turns to the current tax return rules for individuals, but this year is especially tricky due to recent legislation. Following are six potential items to watch out for on 2021 returns. 1 Charitable donations: Normally, you can deduct monetary contributions made to qualified charitable organizations only if you [...]