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.

For a multitude of pandemic and economic reasons, more and more Americans aged 65 and older are working. A study by MagnifyMoney shows that in May, 2022 - 21.9% of Americans over the age of 65 were still working. Two years earlier, that same percentage was 19.5%.

With technology developing more and more every year, it seems like we should have a dozen different ways to access our information. In this article, the WSJ reveals that this isn’t true when it comes to the IRS. The IRS has had problems with its system that verifies whether or not you are who you say you are. Thus, they have turned to a private company, ID.me, that will verify your identity prior to letting you see your tax documents. Their services come cheap it seems, and some fear their private information is the cost.

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.