In the News
In the News
Week 10 – ESOPs as an Exit Strategy
May 17, 2024 ESOPs as an Exit Strategy An employee stock option plan (ESOP) is an often overlooked exit strategy for business owners. An ESOP is a qualified retirement plan that gives employees ownership in the company through stock. They are flexible, allowing...
Week 9 – Secure Tax Act
May 10, 2024 The Secure Tax Acts and Retirement From 2017 to 2022, there were several wide sweeping changes to the Tax Code. From the tax cuts created by the 2017 Tax Act to the legislation passed in 2020 and 2021 in response to the Covid pandemic. These tax law...
Week 8 – Intentionally Defective Grantor Trusts
May 3, 2024 Intentionally Defective Grantor Trusts The Tax Reduction and Jobs Creation Act of 2017 (The 2017 Act) reduced the number of taxpayers who might be subject to Estate Tax upon their death. The Estate Tax exempts estates under a specific exemption amount....
Week 7 – Backdoor Roth IRA
April 26, 2024 Today’s topic for tax �p Friday is Backdoor Roth IRAs. While Roth IRAs are very popular, many high income taxpayers are unable to contribute due to Modified Adjusted Gross Income (MAGI) limits. The backdoor Roth IRA is a strategy that allows high...
Week 6 – QCQ
April 19, 2024 In today’s edition of tax talk we are going to discuss Qualified Charitable Distributions. If you're 70 ½ or older and have a traditional IRA account, you might want to explore the option of making a Qualified Charitable Distribution (QCD). With the...
Week 5 – CTA Update Series
In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1....
2024 Federal and State Updates
SS Social Media Tax Update 2/9/24 As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond. Pennsylvania • For tax years beginning on or after January 1, 2023 for PA...
Self-Employment Tax and Limited Partners
December 12, 2023 Tax Memo RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of...
Week 4 – CTA Update Series
In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows: A domestic reporting company is...
Tax Bill Changes for 2023
Subject: Important Update for Tax Year 2023 We have been closely monitoring the legislative developments in Congress, and a bill is on the verge of being passed that will have a direct impact on the treatment of taxes. Specifically, the bill proposes the following:...
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