Wealth Management Archives - Walter Shuffain

Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension

While, the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth” contributions, the focus now for plan sponsors should be on proper implementation of the guidance. IRS Notice 2023-62 established a two-year administrative extension…

IRS Clarifies When Cryptocurrency ‘Staking’ Rewards Are Included in Taxable Income

The IRS has published new guidance regarding the treatment of cryptocurrency staking rewards. In Revenue Ruling 2023-14, the IRS has ruled that staking rewards must be included in gross income for the taxable year in which the taxpayer acquires dominion…

Navigating the Future of Educational Planning: Enhancements to 529 Plans Under the SECURE 2.0 Act

Written by: Stephen Candelario, CPA As parents, we all dream of providing the best education for our children. But with escalating education costs, planning for their future education can often seem daunting. Fortunately, there are now tools available, such as…

We May Never See a Better Environment for Transferring Wealth … Here’s Why

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could…

The Future of Cryptocurrency

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…

Exercising Stock Options? Here’s What to Expect from a Tax Perspective

Written by: David Bryant, CPA and Joe Bellante, CPA If you’ve been awarded stock options from your employer, it’s essential to understand the tax implications of exercising them. In this post, we’ll break down the tax implications of stock options…

6 Options for Easing the Impact of the Massachusetts Millionaire’s Tax

Written by: Jonathan Hitter, CPA, MST, CGMMA In the November 2022 General Election, Voters approved an amendment to the Massachusetts Constitution, nicknamed the ‘Millionaire’s Tax.’ Starting in 2023, an additional 4% income tax will be placed on any ‘portion of…

Take Control of Your Legacy: Planning for Generational Wealth Transfer

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…

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…

Category: Wealth Management