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 »
Category: Uncategorized
Don’t forget to empty out your flexible spending account
Posted by Jonathan Ieraci & filed under Uncategorized.
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 »
IRS issues guidance on new retirement catch-up contribution rules
Posted by Jonathan Ieraci & filed under Uncategorized.
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
Posted by Jonathan Ieraci & filed under Uncategorized.
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 »
4 tax challenges you may encounter if you’re retiring soon
Posted by Jonathan Ieraci & filed under Uncategorized.
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 »
Questions you may still have after filing your tax return
Posted by Jonathan Ieraci & filed under Uncategorized.
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 to gauge risk in business valuation
Posted by Jonathan Ieraci & filed under Uncategorized.
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
Posted by Jonathan Ieraci & filed under Uncategorized.
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
Posted by Jonathan Ieraci & filed under Uncategorized.
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 »
Answers to your questions about 2023 limits on individual taxes
Posted by Jonathan Ieraci & filed under Uncategorized.
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have… Read more »