SECURE 2.0 law may make you more secure in retirement
January 10, 2023 Knowledge Center
SECURE 2.0 law may make you more secure in retirement

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original […]

What happened to the international convergence project?
January 6, 2023 Knowledge Center
What happened to the international convergence project?

For years, there was talk of converging U.S. Generally Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS). While the formal convergence project lost steam about a decade ago, Financial Accounting Standards Board (FASB) Chair Richard Jones assured stakeholders at a recent Financial Accounting Foundation meeting that convergence discussions are still regularly taking […]

Year-end spending package tackles retirement planning, conservation easements
January 4, 2023 Knowledge Center
Year-end spending package tackles retirement planning, conservation easements

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act, […]

Instill family values with a FAST
January 4, 2023 Knowledge Center
Instill family values with a FAST

You create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims. But it’s also important to consider “softer,” yet equally critical, goals. These softer goals may include educating your children or other loved ones on how to manage wealth responsibly. Or, you may […]

Three New Partners at Miller Kaplan
January 3, 2023 Press Releases
Three New Partners at Miller Kaplan

Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce the promotion to Partner of three accomplished professionals—Marijane Kantzabedian, CPA; Kelly Pollard, CPA; and Liel Shemtov, CPA. “We are so proud of the level of service these individuals have been providing to our clients” observed Michael Kaplan, managing partner at Miller Kaplan. “I […]

Does your family business’s succession plan include estate planning strategies?
December 29, 2022 Knowledge Center
Does your family business’s succession plan include estate planning strategies?

Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to […]

How savings bonds are taxed
December 29, 2022 Knowledge Center
How savings bonds are taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of […]

Don’t overlook foreign assets when planning your estate
December 28, 2022 Knowledge Center
Don’t overlook foreign assets when planning your estate

You’d be surprised how often people fail to disclose foreign assets to their estate planning advisors. They assume that these assets aren’t relevant to their “U.S.” estate plans, so they’re not worth mentioning. But if you own real estate or other assets outside the United States, it’s critical to address these assets in your estate […]

2023 limits and thresholds for 401(k)s and other qualified retirement plans
December 22, 2022 Knowledge Center
2023 limits and thresholds for 401(k)s and other qualified retirement plans

The IRS recently announced the 2023 dollar limits and thresholds for qualified retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts to be aware of: Contribution limits for 401(k)s and other defined contribution plans. The annual limit on contributions will increase to $22,500 (up from $20,500) for 401(k), 403(b) and 457 plans, […]

Selling stock by year-end? Watch out for the wash sale rule
December 22, 2022 Knowledge Center
Selling stock by year-end? Watch out for the wash sale rule

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the […]

Answers to your questions about taking withdrawals from IRAs
December 22, 2022 Knowledge Center
Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What […]

“Family glitch” update: IRS revises recent ACA-related guidance
December 20, 2022 Knowledge Center
“Family glitch” update: IRS revises recent ACA-related guidance

Under the Affordable Care Act (ACA), applicable large employers (ALEs) must offer minimum essential health care coverage that’s affordable and provides minimum value to full-time employees and their dependents. An ALE may incur a penalty if at least one full-time employee receives a premium tax credit for buying coverage through a Health Insurance Marketplace (commonly […]