The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal … Read More
Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also … Read More
Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate planning advisor to create a plan, as your child will be available to sign the documents before heading … Read More
The best laid plans can go awry. After your death, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen. There’s no way of predicting the future, but you may want to supplement your existing estate plan with a trust provision that gives a designated beneficiary a “power of appointment” over some or … Read More
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of … Read More
The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes … Read More
In a report to Congress, the Electronic Tax Administration Advisory Committee (ETAAC) said lawmakers should provide the IRS sustained, long-term funding before fiscal year 2023 begins this fall. This will help ensure that new programs are implemented smoothly with enough staff trained in their facilitation. The recommendation comes at a time when the House Appropriations … Read More
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted … Read More
IRS Commissioner Chuck Rettig recently outlined (https://bit.ly/3uvlvOu ) how the agency has expanded its services to diverse communities. Specifically, he detailed steps the IRS has taken since 2021 to expand services offered in multiple languages. Examples he cited include: providing Form 1040 in Spanish; making Publication 1, “Your Rights as a Taxpayer” available in 20 … Read More
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a … Read More