The Tax Relief for American Families and Workers Act of 2024

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…

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CTBK Begins a New Year with Four New Partners.

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 »

IRS issues guidance on new retirement catch-up contribution rules

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 »

Retirement account catch-up contributions can add up

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 »

Benchmarking to gauge risk in business valuation

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 »

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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 »

Measuring fair value for financial reporting purposes

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 »