THE PROS AND CONS OF NQDC PLANS

By | October 5th, 2020|Estate planning, Retirement, Uncategorized|

Nonqualified deferred compensation (NQDC) plan allow participants to set aside large amounts of tax-deferred compensation while enjoying the flexibility to schedule distributions to align with their financial goals.  However, the plans also pose substantial risks.  If your (or a prospective) employer offers an NQDC plan, or you’re considering one for your business, weigh the pros [...]

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COLLEGE SAVINGS SHOWDOWN: 529s VS ROTH IRAs

By | September 25th, 2020|Accounting and Auditing, Estate planning, Taxation|

Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too.  Take the Roth IRA, for example.  Whether you should use one or the other (or both) depends on several factors, including how much you intend to contribute and how you’ll use [...]

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THE MARRIAGE PENALTY STILL EXISTS UNDER THE TCJA

By | June 22nd, 2020|Estate planning, Taxation, Uncategorized|

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers.  This is the “marriage penalty.” Unfortunately, this hasn’t gone away under the Tax Cuts and Jobs Act (TCJA).  For example, through 2025, the TCJA [...]

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THE 2019 GIFT TAX RETURN DEADLINE IS ALMOST HERE, TOO

By | March 2nd, 2020|Accounting and Auditing, Business, Estate planning, Retirement|

Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns.  What you may forget is that the gift tax return deadline is one the very same date.  So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re [...]

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ACCOUNTING FOR THE NEAR AND THE LONG TERM IN A FAMILY BUDGET

By | February 29th, 2020|Estate planning, Uncategorized|

A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.)  However, it also needs to be comprehensive enough to cover all necessary items.  To find the right balance, a budget should cover two distinct facets of family members’ lives: the near [...]

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CAREFUL TAX PLANNING REQUIRED FOR INCENTIVE STOCK OPTIONS

By | February 17th, 2020|Accounting and Auditing, Business, Estate planning, Retirement, Uncategorized|

Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees.  They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date.  If the stock appreciates, you can buy shares at a [...]

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