Entity choice is important for many reasons. Asset protection and tax considerations are always near the top of the list. As a business progresses through the five (5) phases of a life cycle: start-up, growth, maturity, renewal/rebirth/decline and succession– the factors that earlier prompted a particular choice of entity may change. And, a new entity choice may become more appropriate.

You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that is. And so, two questions. Did you get scammed? And if so, what should you do at this point? Fortunately, you can probably answer this question pretty easily.

Chatting with an executor and/or beneficiaries of an estate is a common occurrence for us. In these meetings, one of my early questions is whether the decedent had any assets in tax-deferred retirement accounts such as IRAs. The answer may have far-reaching tax consequences.

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President's desk upon passage in the House by a vote of 225 to 201 on December 23. This followed passage in the Senate on December 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The Act does not include any major tax provisions or tax extenders. However, the omnibus bill does include the long-awaited SECURE 2.0 Act of 2022.

Consulting, freelancing, starting a side business, there’s a lot of talk about flashy terms like these nowadays. This week’s article from Forbes Advisor gets a little more into the weeds, offering a detailed look into the sole proprietorship, one of the simplest business entities you can form. It goes over the definition, tax benefits, and risks of a Sole Proprietor. No matter what type of business you are involved in, always know the taxes involved.

With a few exceptions, year-end tax planning must be completed by this New Year’s Eve. Some notable exceptions include contributions to certain retirement plans such as IRAs and Solo 401(k) plans and also HSA plans. Payments to these plans have various 2023 deadlines.