If you want to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan for the generation-skipping transfer (GST) tax. Designed to ensure that wealth is taxed at each [...]
On Wednesday, October 4, 2023, Massachusetts Governor Maura Healey signed into law a widespread tax relief bill. The relief package, which is created to provide $561 million in reductions to individuals and corporations during the current fiscal year, will reach $1 billion in relief by fiscal year 2027 when [...]
Once upon a time, life insurance played a much larger part in an estate plan than it does now. Why? Families would use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $12.92 million for 2023, far fewer families currently are [...]
The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will last until at least 2024. The IRS is currently working through [...]
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home [...]
If you made gifts during 2023, you may be wondering if you need to file a gift tax return during the upcoming filing season. The short answer: There are many situations when it’s necessary (or desirable) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return” [...]
As a reminder, 2023 2nd quarter estimates are due September 15th, 2023. Your 2023 quarterly estimated coupons and instructions would have been included with your completed 2022 tax return if applicable. The 3rd quarter estimate payments can be made on-line or mailed via check and should be postmarked no later [...]
The SECURE 2.0 Act of 2022 brought several changes to retirement plans. However, one may be of particular interest to plan sponsors: the option to allow employees to elect to treat employer contributions as Roth contributions. This provision is likely to be attractive to employees as it expands the [...]
Employee benefit plan sponsors are advised to expect an increase in enforcement activity by the Employee Benefits Security Administration (EBSA) in 2023. The ESBSA has seen a major decrease in enforcement actions for two consecutive years, resulting in a decrease of nearly 50% in the amount of funds recovered [...]
The Department of Labor (DOL) released the final changes to Form 5500 relating to the September 2021 notice of proposed form revisions (NPFR) to amend Form 5500. These changes are effective for plan years beginning on or after January 1, 2023, and will be incorporated into the 2023 Form [...]
