Written by: Leah Belanger, CPA, MSA and William Cooper, CPA Cryptocurrencies have been making their mark on financial services for over a decade. But the past year has seen incredible highs and lows, with the crypto market losing over $2…
Secure Act 2.0 Updates Retirement Plans Starting in 2023
The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be…
IRS Announces Retirement Plan Contribution Limits for 2023
Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…
Which Type of Life Insurance is Right for You?
Written by: William Cooper, CPA Ask ten people whether you need life insurance, and you’ll likely get ten different answers. “Life insurance is a waste of money.” “Life insurance is only necessary for people with young children.” “Life insurance is…
Funding a Buy/Sell Agreement with Life Insurance
Written by: David Cooper, CPA Any time multiple owners in a business are active in day-to-day operations, the business owners should have a buy/sell agreement. A buy/sell agreement is a binding contract between co-owners that controls when owners can sell…
The New 1099-Ks Are Coming: Are You Ready?
Written by: Jonathan Hitter, CPA, MST, CGMA 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…
Vacation Homes & Your Taxes
Written by: Erik Bredberg Do you own a vacation home? If so, you may be able to deduct a number of expenses on your tax return. The tax treatment depends on whether you use the property solely for personal use…
It’s Time to Re-examine the Pros, Cons of Cryptoassets
Written by: Jonathan Hitter, CPA, MST, CGMA From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end…
Massachusetts Millionaires Tax: Planning for High-Income Taxpayers
Written by: Jonathan Yorks, CPA When Massachusetts voters head to the polls this November, one hot button issue on ballots will be the so-called “Massachusetts Millionaire Tax.” This surtax on high-earning taxpayers in the state faces criticism from business leaders…
Don’t forget about the Work Opportunity Tax Credit
Note: Congress is considering proposals that could expand the Work Opportunity Tax Credit for certain qualified groups. We will monitor this development and communicate updates as necessary. As a business, tax planning can help create increased cash flow that allows…