The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045.
The Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in the tax year 2023. Find out the new limits and how they may affect your retirement strategy.
A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years.
With the global cryptocurrency market surpassing the $3 trillion mark, businesses may want to explore the benefits and risks of crypto for their operations.
The IRS continues to work through a backlog of millions of paper-filed returns and correspondence from the 2021 tax filing season. Add staffing challenges and congressional underfunding to the issue, and trying to track down a missing refund or deal with an unexpected tax notice is bound to be frustrating.
The new K-2 and K-3 schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format.
As 2021 comes to a close, it’s essential to take a closer look at your tax and financial plans. This year brought challenges and disruptions that likely impacted your personal and financial situation –– a continued global pandemic, several significant natural disasters, new tax laws, and political shifts.
Employers and employees can both benefit from the tax-exempt student loan repayment benefits outlined in the CARES Act. Here’s what your company needs to know.
Goering & Granatino, P.A. has merged Jeff Katz, CPA into the firm effective November 15.
When it comes to setting financial goals for your business, there are two main methods to consider: budgeting or forecasting. Given the changes in the business environment today, it may even make sense to combine the two as part of your strategy.
