Adding your kids to your bank account or home deed may seem like a simple solution to avoid probate and ensure a smooth transfer of assets after you pass away. However, this seemingly straightforward approach can create a host of…
The start of a new year brings a host of updates and changes to employee benefit plans. If you are an employer or benefits administrator, it is important to stay up-to-date on the latest benefit plan limits and thresholds to…
Bonus depreciation is a tax provision that allows businesses to deduct a large portion of the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. This…
The end of the year is fast approaching, and with it comes the opportunity to reassess your tax and financial circumstances. By taking advantage of savvy estate planning and gifting strategies now, you can minimize your tax liability, maximize your…
The USDA released a new program called the Pandemic Assistance Revenue Program (PARP) to provide additional assistance to farmers that suffered at least a 15% loss in gross revenue in the calendar year 2020 due to the COVID-19 pandemic. The…
On December 23, 2022, Congress passed the $1.7 trillion omnibus spending bill that contained several accounting and tax-related provisions, including the SECURE (Setting Every Community Up for Retirement Enhancement) 2.0 Act of 2022. This Act aims to improve retirement savings…
Many companies offer employee benefit plans (EBP) that are subject to the Employee Retirement Income Security Act of 1974 (ERISA). These plans typically include defined contribution plans (401(k), 403(b) and employee stock ownership plans), as well as defined benefit pension…
The Tax Cuts and Jobs Act (TCJA) of 2017 made several sweeping changes to the tax code. However, many provisions were designed to be temporary and thus contained a “sunset” or expiration date. This article will review several provisions that…
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law which included the Clean Vehicle Tax Credit program. Since the IRA was signed into law, there has been confusion surrounding some of the new requirements…
Authored by Haynie Partner Bernard Abercrombie, CPA Many of our clients approach us each year about the ever-increasing costs of college education for their children. Most of our client’s children will not be eligible to obtain need-based scholarships when the time…
