Handle Intrafamily Loans with Care

If you want to provide financial assistance to loved ones, you might consider making a loan rather than giving the money with no strings attached. However, it is critical to treat any transaction as a bona fide loan. The IRS reviews intrafamily loans and if it determines a loan is or includes a disguised gift, […]

Working Remotely From “Out of State” Can Be Taxing

The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: An increase in your state tax bill. During the pandemic, it has been fairly common for people to work remotely from another state — across state lines from the […]

RMDs Are Back: Here Is How To Soften the Tax Blow

To provide some relief during the COVID-19 pandemic, the CARES Act suspended required minimum distributions (RMDs) from traditional IRAs and employer-sponsored retirement plans for 2020. No such relief is available in 2021. Therefore, many retirees will need to take taxable RMDs by the end of this year. Fortunately, a couple of strategies are available to […]

Should You Convert Your Balance to a Roth IRA?

If you have accumulated a large balance in a traditional IRA, now may be an ideal time to convert some or all of it to a Roth IRA. The recently enacted Tax Cuts and Jobs Act reduces individual income tax rates through 2025, which lowers the cost of conversion.

For Good Financial Health, Take Your RMDs

Employer-sponsored retirement plans and traditional IRAs offer participants almost unbeatable tax-saving and wealth-building opportunities. But the benefits come with a catch. At a certain point, you have to stop investing and start withdrawing in the form of required minimum distributions (RMDs) or pay a severe price.

Paying for College: How to Avoid Costly Financial Aid Mistakes

This short article provides pointers to help parents of college-bound students avoid mistakes and maximize amounts when applying for financial aid. Tips involve filing the right forms, prioritizing schools and knowing who is responsible for submitting applications when parents are separated and divorced.

Are You at Risk for AMT Liability?

The AMT rate is 28%, compared to the top regular income tax rate of 39.6%. However, the AMT rate typically applies to a higher taxable income base. So, before taking action to time income and expenses, one should determine whether he or she already is likely to be subject to the AMT — or whether the actions being considered might trigger it. This article offers suggestions for minimizing AMT liability.

Claiming the Home Office Deduction Now Easier

For those who use their home as their place of business, claiming a home office deduction has become significantly easier. This brief article explains that, under a new simplified method, a taxpayer can make a simple calculation based solely on the area of the workspace.

Wealth Management Group Newsletter – Winter 2024

ORBA’s Wealth Management Group’s 2024 Winter Newsletter advises businesses owners on how to plan an exit strategy and discusses the benefits and limitations of 529 plans.

Wealth Management Group Newsletter – Winter 2023

ORBA’s Wealth Management Group Winter 2023 Newsletter offers advice on whether you are obligated to pay taxes on household help and outlines the benefits of Health Savings Accounts (HSAs).

Wealth Management Group Newsletter – Summer 2020

Our Wealth Management Group’s Summer 2020 Newsletter guides new purchasers of life insurance navigate the confusing insurance market and describes potential tax savings from making gifts and paying medical expenses on behalf of family members.

Wealth Management Group Newsletter – Fall 2019

Our Wealth Management Group’s Fall 2019 Newsletters shares insight on how qualified small business stock can lead to tax breaks, as well as information on new rules that make 401(k) hardship withdrawals easier to obtain.

Wealth Management Group Newsletter – Spring 2018

Our Wealth Management Group’s Spring Newsletter discusses how the new tax bill will actually affect you, as well as tips to protect your property and reduce financial loss in the event of a natural disaster.

Wealth Management Group Newsletter – Summer 2016

ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Summer 2016 issue includes two articles: “Mutual Funds or ETFs?: Understand the Differences Before You Choose” and “Taxable vs. Tax-Advantaged Accounts: Where You Own Your Investments Matters.”

Wealth Management Group Newsletter – Winter 2015

ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Winter 2015 issue includes two articles, Discussing Finances with Your Spouse and Exemption Portability vs. A Credit Shelter Trust.

Refund of Educational Costs Originally Paid from a 529 Plan is a Taxable Distribution

One of the many unfortunate outcomes of the COVID-19 pandemic was the closure of educational institutions across the nation. Consequently, many students (or their parents) have received or will receive partial refunds of money that was previously paid to the schools for their last semester’s tuition, room and board.

Obama Administration Launches myRA Retirement Savings Program

Saving at an early stage is critical towards accumulating enough wealth for retirement. In an effort to emphasize putting funds away for the future, the Obama Administration has rolled out a new retirement savings vehicle today called myRA. Orchestrated by the U.S. Department of Treasury, myRA is tagged as a simple, safe and affordable way […]

ORBA Promotes Dan Newman and Tamara Partridge to Directors

ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Dan Newman, CPA, MST and Tamara Partridge, CPA, MST have been promoted to Directors effective August 1.

ORBA Invites Young Professionals to Wealth Management Group Seminar

ORBA is hosting a seminar for young professionals on how they can better manage their finances and invest in their financial future.