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Personal Financial Planning
Inflation adjustments to retirement account limits issued for 2024
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
Recent developments in estate planning: Part 2
This second installment of an annual update on trust, estate, and gift taxation covers gift and generation-skipping transfer taxation plus inflation adjustments and legislative proposals in the president’s proposed budget for fiscal 2024.
529 plans and education funding
Advisers can help clients decide whether a Sec. 529 plan supports their family’s educational plans and, if so, the type, funding amounts, and options.
The economics of tax-loss harvesting
Securities disposed of at a loss can often be netted against gains, lowering a taxpayer’s overall tax liability. This article analyzes which taxpayers most stand to benefit and under what circumstances.
Enhance your tax practice with PFP services
Combining the complementary services of tax and personal financial planning yields a more holistic practice and greater client satisfaction.
The unique benefits of 529 college savings plans
This article discusses them, provides examples, and addresses recent tax developments that have expanded the definition of taxfree qualified educational distributions from these plans.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Planning for the Medicare Part B premium
Financial advisers can help clients avoid big spikes in Medicare premiums through careful tax planning.
Key tax and retirement provisions in the Secure 2.0 Act
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
Smart tax strategies for lottery winners
Did a client finally hit their lucky number? Here’s why you should convince them to elect installment payments over the lump-sum option if they win millions in the lottery.
Tax considerations on charitable giving of cryptoassets
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
Tax planning issues to consider when assisting clients in a divorce
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
Taxpayer marital status and the QBI deduction
This article provides an analysis in four scenarios of whether the QBI deduction will cause a marriage penalty or bonus and discusses whether the existence of a marriage penalty or bonus affects couples’ decision to marry.
Recent developments in estate planning: Part 2
In this second installment of an annual update on trust, estate, and gift taxation, the topics include split-dollar life insurance arrangements, indirect gifts, formula clauses in transfers of limited partnership interests, valuation discounts, and grantor retained annuity trusts.
Dividing up assets when a marriage ends: Tax implications
Tax advisers can help divorcing couples reach an agreement that divides marital property equitably with respect to taxes and each party’s financial goals.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Rembrandt and retirement: The pitfalls of collectibles and self-directed IRAs
This item explores how certain tax provisions may affect potential investors planning to indirectly invest in collectibles.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
