05.10.23

Be Like Mike: Enhancing 403(b) Plans to Be More Like 401(k) Plans

Yes, be like Mike. This goes way back to a Gatorade commercial featuring Michael Jordan. It was released in August 1991 and portrayed Michael Jordan in the 1991 NBA Finals. The upbeat pop song in it starts out with the lyrics, “sometimes I dream that he is me” and ends with the phrase “if I […]

04.11.23

Walking Away from a Real Estate Contract: How Is a Forfeited Deposit Treated for Tax Purposes?
Ryan Kertes

Often, when a real estate deal falls through, the buyer forfeits the down payment or deposit. When this happens, what are the tax implications for the buyer and seller? The answer, as with many tax questions, is “it depends.” In this case, it depends on whether the property is considered a “capital asset.” Internal Revenue […]

04.07.23

What is Your Required Minimum Distribution Age?

Is it, or will it be age 70½, 72, 73 or 75? Let’s explore these possibilities. Required minimum distributions (RMDs) from qualified retirement accounts started with the passage of The Tax Reform Act of 1986. That law established the date when RMDs were required to begin as the year in which an individual reached age […]

04.05.23

Is It Time to Write a Gift Acceptance Policy?
Alison Fetzer

In the current economy, many not-for-profit organizations are looking for new and different ways to engage donors and solicit contributions.  Some people believe that anything is better than nothing when it comes to gifts, but that is not always true.  Not all gifts should be accepted, and saying no is okay.  Navigating what an organization […]

03.30.23

How Rolling Forecasts Can Provide More Clarity
Joyce Carlson

Some of the greatest economic concerns brought on by the pandemic have been financial instabilities and volatility.  These pressing issues have forced a stark lesson in pre-planning and have put the spotlight on the weaknesses of traditional budgeting and forecasting methods. In this new unstable environment, annual budgets quickly become cumbersome to prepare. Sudden economic […]

03.28.23

How will SECURE 2.0 Affect Your Retirement Plan Administration?

Late last year, the House and Senate approved the revision to the SECURE Act of 2019, and the President signed it into law on December 23, 2022. This revision had been in process for some time, and Secure 2.0 sought to bring changes and updates to the original SECURE Act, affecting qualified retirement plans and […]

03.07.23

401(K) Plan Early Access: How to Avoid Penalties
Jeffrey R. Green

If you have money in a traditional employer-sponsored retirement plan, such as a 401(k) or 403(b), you are probably aware that withdrawals before age 59½ generally are not advised. Early withdrawals are allowed under certain circumstances, but in most cases they are subject to a 10% penalty — on top of ordinary income taxes. However, […]

02.28.23

Pass-Through Entity Taxes: How Law Firms Can Manage the SALT Deduction Limit

Many high-income taxpayers were negatively impacted when the Tax Cuts and Jobs Act of 2017 (TCJA) imposed a $10,000 limit on the individual federal income tax deduction for state and local taxes (SALT). This $10,000 limit is often referred to as the “SALT cap.” In response, over two dozen states and one locality, New York […]

02.21.23

Managing the Rising Cost of Labor
Brian R. Israel

Of the many challenges facing the restaurant industry today, the rising cost of labor is one of the most formidable. According to the U.S. Bureau of Labor Statistics, average hourly earnings in food and drinking establishments jumped from $15 in 2018 to $19.42 in 2022. Factors contributing to this trend include the ongoing labor shortage […]

02.17.23

Growing Cybersecurity Vulnerability in Real Estate and Construction Industries

In the last few years, real estate and construction leaders have made great strides to implement modern technologies into their regular practices. While these advances have uncovered additional efficiencies in the chain supply, performance, progress, logistics and safety, their adoption has created a critical vulnerability: Data security. Different studies confirmed that more that 75% of […]