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IRS Proposes Implementation Guidance on ABLE Accounts

On June 19, the IRS published proposed regulations implementing a new federal law that authorizes states to offer specially designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26. Until the issuance of final regulations, taxpayers…

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Proposal to Change Overtime Exemptions

The U.S. Department of Labor recently announced a proposal that could extend overtime protections to nearly five million white collar workers within the first year of the new rule’s implementation. The argument for the proposed changes stems from the gradual…

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Eight Secrets to Becoming a 401(k) Millionaire

By Philip Piedt, CFP® Everyone likes the idea of being a millionaire one day. Becoming a millionaire is part of the proverbial American Dream, alongside owning a home with a white picket-fence, two cars in the driveway, and being able…

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Supreme Court Guarantees Right to Nationwide Same-Sex Marriage

On June 26, the U.S. Supreme Court issued a much-anticipated ruling that legalizes same-sex marriage nationwide. This landmark case will have significant tax, estate planning, immigration, employee benefits, and other financial and legal implications for individuals and businesses that reside…

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Two New Estate Tax Developments from the IRS

The IRS recently issued final regulations and made an announcement that may be of interest to estate executors, personal representatives and married couples. Here are the details of both developments: 1. Final Regulations Issued on the Portability Election for Spouses…

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Rules on Deducting Business Start-Up Expenses

A recent U.S. Tax Court decision drives home the important point that current deductions aren’t allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent…

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A Dozen Ways to Cut Taxes This Summer

Summer is finally here. While you’re enjoying the warmer weather, it’s still important to remain diligent about business and personal tax planning. Fortunately, many of the following hot summer tax-planning tips enable taxpayers to combine business with pleasure. Summer Tax…

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