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 […]
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 […]
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 […]
In this episode, Director of Tax Services Jeff Mutnik answers the questions what is a trust and who needs one?
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 […]
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 […]
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 […]
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 […]
In this episode, Associate Director of Wealth and Tax Services Sarah Gaymon explains the importance of carefully selecting a trustee.
The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]