IRS Provides Transitional Relief for RMDs and Inherited IRAs
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts.…
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Virtual Currency Lands in the IRS’s Crosshairs
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out…
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5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law
After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the…
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Are You Missing the Roth IRA Boat?
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven’t yet taken advantage of this retirement saving strategy. Making…
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Succession Planning Considerations for Construction Business Owners
Construction company owners are great at completing projects, but many struggle to properly build a succession plan. Even if your retirement is decades away, it’s never too early to start.…
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Five Star Professional Award Winners – Congratulations Damien Paumi and Nisivoccia Wealth Advisors!
Damien and Nisivoccia Wealth Advisors have received the 2023 Five Star Professional Wealth Manager Award, which honors local wealth managers. Five Star Professional undertakes a thorough research process in identifying…
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Federal Tax News for Individuals
1. Contribute More to Your FSA in 2023 Taxpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to…
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Consider Taxes Before Selling a Highly Appreciated Vacation Home
Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you’re thinking about selling a vacation home that’s increased dramatically in value,…
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The Inflation Reduction Act Includes Wide-Ranging Tax Provisions
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions…
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Glenn Schwier, CPA, JD Talks Estate Planning and Tax Strategies with WRNJ Radio
Tune in as Glenn Schwier, CPA, JD discusses the importance of estate planning and tax strategies to consider with Bert from WRNJ Radio. We are proud to be partnering with Heath Village…
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