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Retirement Plan Contribution Limits for 2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Nevertheless, if you’re not already maxing
New HRA Offers Small Employers an Attractive, Tax-Advantaged Health Care Option
In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase
Deduction for State and Local Sales Tax Benefits Some Taxpayers
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who
Companies Restate Financial Results for a Variety of Reasons
When a company reissues or revises its financial statements, some people automatically assume that management is cooking the books. But there can be legitimate reasons for restatements, beyond management incompetence and fraud. So, before leaping to conclusions, it’s important to understand what went wrong — and find ways to prevent
Two Postmortem Estate Planning Strategies for Married Couples
It’s crucial to review and update your estate plan in light of significant life changes or new tax laws. It’s equally important to be aware of strategies that can be implemented after your death to achieve your estate planning goals. The flexibility postmortem strategies provide is especially important during times
Identify All of Your Company’s Retirement Plan Fiduciaries
Your company probably offers its employees a retirement plan. If so, can you identify all of your plan fiduciaries? From a risk management perspective, it’s critical for business owners to know who has fiduciary status — and the associated liability. Here are some common, though in some cases overlooked, plan
Estates: Stepchildren, Adopted Children, and Natural Children – Who Inherits?
With the different variations of families in today's modern world, complications can arise as to who has the legal right to inherit assets. In some cases, an adult child will come to a lawyer's office after a parent has died to discuss the distribution of the estate -- only to
Your Taxes Under Trump?
As I sit in my home office writing this article I hear the sound coming from my living room TV echoing a news channel report of tomorrow’s big event in Washington D.C. Yes, it is the night before the inauguration of the 45th president of the United States, Donald J.
Getting Started on Your Estate Plan: Inventory and Value Assets; Estimate Tax Liability
If you’ve decided it’s time to create your estate plan, congratulations! A good place to begin is to work with us to determine what your estate is worth and whether you need to worry about estate taxes. What is your estate worth? First list all of your assets and their
IRS Updates FAQs About Employer Responsibilities Under the Affordable Care Act
The IRS updated frequently asked questions about employer responsibilities under the Affordable Care Act (IRS). The IRS recently revised some FAQs covering the ACA’s shared responsibility rule, information reporting on Forms 1094-C and 1095-C and reporting on offers of health insurance coverage. Visit http://bit.ly/28MZtKE to read the FAQs, or contact