Written by: Jordan Yorks In the intricate dance of wealth management, transferring assets across generations is a pivotal movement. High-net-worth families, in particular, face unique challenges and opportunities when preparing for this significant transition. This article outlines five foundational steps…
2024 Asset Management Forecast: 5 Predictions for the Year Ahead
As high-interest rates and investor uncertainty continue to hamper the market, now is the time for asset management firms to reinvest in their practices. Lessons learned from past bear markets show that asset managers who take time during a slowdown…
Maximizing QCDs for Strategic Giving and Tax Benefits
In the landscape of financial planning and tax optimization, Qualified Charitable Distributions (QCDs) stand out as a powerful mechanism for individuals looking to enhance their philanthropic impact while optimizing their tax situation. This article delves into the core of QCDs,…
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…
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…
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…