INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
TJCA Bonus Depreciation Has Started Phasing Out
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, it included many beneficial tax provisions for businesses. One of the most notable was an increase in the bonus depreciation allowance from 50% to 100%. However, the bonus depreciation allowance is scheduled to phase out over a period of four years, beginning in 2023.
Developing the Next Generation of Leadership
As a business leader, you’ve spent years building your company. You’ve invested your time, effort, and resources. Eventually, there will come a time when you’re ready to step down and hand over the keys to the next generation.
Generative AI for Businesses: What Businesses Need to Know About This Powerful Tool
Artificial intelligence has taken the world by storm. From idea generation to content writing, AI can be used to automate a variety of everyday business tasks. Here is a breakdown of the ins and outs of generative artificial intelligence and what businesses need to be on the lookout for.
Landing the Right Talent: Developing Your Recruiting Strategy
When it comes to recruiting top talent, the competition is raging. By having a recruiting strategy, you will be able to work smarter, not harder, to attract and land top talent.
The 23-Year Retirement Plan: Important Milestones to Secure Your Financial Future
Saving for retirement is a crucial aspect of securing your financial future, and the earlier you start, the better. With the average retirement age increasing, it's essential to have a well-planned retirement strategy in place.
What is Key Person Insurance?
When it comes to running a business, there are always risks that need to be addressed. One of the most significant risks is the possibility of losing a key employee or owner. If the business is not prepared, this can be a catastrophic blow. This is where Key Person Insurance can help.
What You Need to Know When Starting Your Legacy Planning
Legacy planning is a sensitive subject that requires careful consideration to ensure your wishes are met when you pass away. Legacy planning involves more than just distributing personal assets; it includes preserving, planning, and ensuring a smooth transition. In addition, as a business owner or executive, it is equally important to consider what you leave behind for both your company and loved ones.
In the Wake of the SVB Collapse, Is Your Money Safe?
Silicon Valley Bank (SVB), an institution that held $210 billion in assets, made headlines in March of 2023 as it filed for bankruptcy. In the wake of the unexpected downfall and the subsequent bank runs across the country, many Americans are asking; is my money safe?
Which Car Purchase Can I Get a Tax Break For?
The Inflation Reduction Act of 2023 introduced a variety of clean energy credits. However, these Clean Vehicle Tax Benefits do not apply to all vehicles or all EV or Hybrid vehicles.
Why 2022 Tax Refunds are Smaller
Americans have been surprised to find that their 2022 tax refunds are smaller than in the past two years. The main reason for the difference in refund sizes is the expiration and reduction of several tax credits. Here are some expired and rolled-back tax credits affecting 2022 tax refunds.
The Secure 2.0 Act and What it Means for Retirement Accounts
On December 23, 2022., the Biden Administration signed the 2023 Omnibus Appropriations package into law. This funding bill contained the Secure 2.0 Act, which altered several important rules regarding 401(k)s, IRAs, and other aspects of the U.S. retirement system.
Individual Tax Prep Checklist
We’ve put together a checklist of everything you may need to make this year’s taxes fast and easy.
When Are Gift & Estate Taxes Due?
Are you aware of the deadlines for gift and estate taxes? Unlike traditional tax schedules, gift, estate, and inheritance taxes don’t have a specific day each year that they are due, making it easy to accidentally miss a deadline resulting in penalties or late fees.
Tax Benefits for Active & Retired Military in Virginia
Our military consists of brave men and women who serve our country, often in dangerous conditions. Virginia offers a variety of tax benefits for active military personnel and veterans to help ease their financial burden.
VA Passes PTE Tax Election: What to Know
Starting this year, business owners of pass-through entities (PTEs) in the state can be taxed at the entity level, at a rate of 5.75 percent.
Hiring? You May Be Eligible for a Valuable Tax Credit, the WOTC
Business owners who need to hire should be aware of a valuable tax credit that’s available to employers hiring individuals from one or more targeted groups. The Work Opportunity Tax Credit (WOTC) is generally worth $2,400 for each eligible employee but can be worth more — in some cases much more. This article provides an overview of WOTC eligibility and potential tax savings.
Beware the Five-Year Rule for Roth IRA Withdrawals
What makes Roth IRAs so appealing, primarily, is the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules taxpayers must follow, including the widely misunderstood “five-year rule.” This article explains the ins and outs of this rule.
10 Red Flags for IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. This article discusses some of the tax return items that might trigger scrutiny from the IRS.
