The current federal estate and gift tax exemption is $12.92 million per person and $25.84 million per married couple for 2023. This means that you can transfer this amount of wealth to your heirs or beneficiaries without paying any federal estate or gift tax. However, this generous exemption is set…
We continue to monitor Corporate Transparency Act (CTA) developments. Two recent regulatory actions were announced by the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions. Both regulatory actions are intended to help ease the reporting burden on affected reporting companies. For a general background of the…
As the year-end quickly approaches, strategic tax planning opportunities are ripe for consideration. But you need to move quickly before it’s too late! One such opportunity involves harvesting unrealized tax losses from your digital currency portfolio. Like tax loss harvesting in general, this strategy consists of identifying your loss positions…
This is a question that many rental investors have been asking and the answer is complicated. Higher interest rates will likely reduce the return on investment (ROI) and cash flow of your rental property due to increased mortgage payments. If your rental mortgage is subject to a 5-year refinancing clause,…
Over the past few months, I have enjoyed experimenting with the free version of ChatGPT. This artificial intelligence (AI) tool provides an efficient way to generate content for routine human resources (HR) tasks applicable to any employer. My first use was to generate new interview questions for an entry-level…
This article is relevant to entities following generally accepted accounting principles as issued by the Government Accounting Standards Board (GASB). In general, this article does not apply to for-profit or non-profit entities. Most governments have put the final polishing touches on their implementation of GASB 87 – Leases. So, it’s…
As promised in my earlier newsletter article “Making Translucency Out of Transparency: Our Take on the Corporate Transparency Act” (June 20, 2023), we are continuing to monitor developments on this new significant reporting law. As we rapidly approach 2024, which ushers in the first filing requirements under this law,…
Do you work with sensitive or confidential information? I am sure you do and as you continue reading, you will learn more about two security models that are worth investigating and implementing in your business environment. This article briefly focusses on Multi-Factor Authentication and Single Sign-On while defining two additional…
With the signing of the Inflation Reduction Act of 2022, the Energy Efficient Home Improvement Credit, previously known as the Nonbusiness Energy Property credit, and the Residential Clean Energy Credit were revived and expanded. Energy Efficient Home Improvement Credit The Energy Efficient Home Improvement Credit is applicable only to your…
We’re all familiar with the age-old saying that only two things are certain in life: death and taxes. It’s safe to say that for most, discussing either topic isn’t exactly a delightful dinner conversation with your family. However, when these two inevitabilities in life intersect, the result can be financially…
