Estate Planning

IRS Cracks Down on Potentially Abusive Malta Pension Plans by Joseph Leocata, JD, CPA, MBA

Posted on August 30, 2023 by Joseph Leocata

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

Where There is a Will…There May be Another Superseding Will by Jeff Mutnik, CPA/PFS

Posted on July 13, 2023

The ongoing saga over Aretha Franklin’s estate finally reached a crescendo on July 11, 2023, when a Michigan jury ruled that a document from 2014 found in a notebook under the performer’s couch cushion was her valid will. Since Franklin’s death in 2018, her children have battled in court regarding the validity of that document […]

Rising Inflation Brings Higher HSA Contribution Limits in 2024 by Rick D. Bazzani, CPA

Posted on July 11, 2023 by Rick Bazzani

Participants in high-deductible health plans will be able to contribute a significantly higher amount to their health savings accounts (HSAs) in 2024 to cover out-of-pocket medical expenses. The IRS raised the HSA contribution limits for 2024 to $4,150 for individuals and $8,300 for families (up from $3,850 and $7,750, respectively, in 2023.) HSA owners aged […]

IRS Resumes Automatically Generated Correspondence with Taxpayers by Joseph Leocata, JD, CPA, MBA

Posted on June 22, 2023 by Joseph Leocata

The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]

Podcast – BPB Knows Trusts

Posted on June 01, 2023

In this episode, Director of Tax Services Jeff Mutnik answers the questions what is a trust and who needs one?

Navigating Estate Basis Consistency Reporting Requirements for Inherited Property by Sarah Gaymon, CPA

Posted on May 30, 2023 by Sarah Gaymon

Whether you are the executor of a decedent’s estate or a beneficiary named to receive the assets of a person who has passed away, it is critical you understand your responsibility to report the tax basis of inherited property consistently with the fair market value on the date of death. Failure to do so can […]

Understanding Required Minimum Distributions from Retirement Accounts by Rachel Kenney Rego, CPA

Posted on March 21, 2023 by Rachel Kenney Rego

You have a broad range of opportunities to save money during your working years so that you may afford a comfortable retirement in the future. Yet, with each type of retirement savings plan comes a unique set of rules and requirements, including procedures for paying taxes on your plan contributions and earnings. In the most […]

Secure Act 2.0 Brings Big Changes to Retirement Planning in 2023 and Beyond by Jonathan Kraes, CPA

Posted on February 07, 2023 by Jonathan Kraes

Congress closed out 2022 with the passage of a $1.7 trillion spending bill that, among other things, ushers in new rules and regulations intended to help more Americans save for retirement. Following is a brief overview of some of the more significant changes individual taxpayers should prepare for beginning in 2023. Raises the Age for […]

7 Facts to Know about the Adoption Tax Credit by Joanie Stein, CPA

Posted on January 21, 2023 by Joanie Stein

Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families may […]

Podcast – BPB Knows the Role of Trustees in an Estate Plan

Posted on January 05, 2023 by Sarah Gaymon

In this episode, Associate Director of Wealth and Tax Services Sarah Gaymon explains the importance of carefully selecting a trustee.

Category: Estate Planning