This legislation has made its way through the House and is now being considered by the Senate. It may be passed in the near future, with immediate significant effects, including: What does this mean to you? We will continue to work on your tax returns under the current laws. If these potential law changes could affect your tax liability you may want…
The new year starts with an exciting announcement for CTBK, as we celebrate the admission of four new Partners to the Partnership. These new Partners have showcased their dedication and excellence, leaving a profound mark on our clients, colleagues, and the communities we serve. Their embodiment of our firm’s values is evident through their outstanding… Read more » If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023… Read more » In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling… Read more » If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll… Read more » Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your… Read more » If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has… Read more » Benchmarking — or comparing a company’s financials to those of industry peers and its own historical performance — can provide insight into future cash flows and operating risks. Business valuation professionals use the following types of benchmarks to assess company-specific risk and, in turn, a subject company’s expected return. Profitability Profitability metrics evaluate how much… Read more » April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72… Read more » Fair market value is the appropriate standard of value in most business valuation assignments. But when valuing an asset for financial reporting purposes, fair value is generally used. Here’s an overview of what fair value is and how it differs from fair market value. Eyes on GAAP The terms “fair value” and “fair market value”… Read more »CTBK Begins a New Year with Four New Partners.
Don’t forget to empty out your flexible spending account
IRS issues guidance on new retirement catch-up contribution rules
Retirement account catch-up contributions can add up
4 tax challenges you may encounter if you’re retiring soon
Questions you may still have after filing your tax return
Benchmarking to gauge risk in business valuation
Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
Measuring fair value for financial reporting purposes