Author Archives: Cordasco
QTIP trust: Strange name, powerful trust
Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the technical term of … Continue reading
4 best practices for effective strategic planning meetings
It’s not uncommon for employees to grumble about having to attend too many meetings. Sometimes they have a point; an excessive number of meetings can become a problem at some companies. However, there’s one kind of meeting that business owners … Continue reading
To avoid confusion after your death, have only an original, signed will
The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. In the case of the legendary … Continue reading
What are the pros and cons of custodial accounts for minors?
Setting up an investment account for your minor child can be a tax-efficient way of saving for college or other expenses. And one of the simplest ways to invest on your child’s behalf is to open a custodial account under … Continue reading
Evaluate whether a Health Savings Account is beneficial to you
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer … Continue reading
An art collection is a special asset to account for in an estate plan
Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, an art collection. If you possess paintings, sculptures or other pieces of art, they may … Continue reading
Tax Preparation vs. Tax Planning vs. Tax Strategy: What’s the Difference?
Now that tax season is behind us, we thought it would be beneficial to highlight the differences between tax preparation, tax planning and tax strategy. This should help you evaluate the level of services you may need for your specific … Continue reading
IRS suspends processing of ERTC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the … Continue reading
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. The guidance in IRS Notice 2023-54 also extends relief already granted … Continue reading
It’s important to understand how taxes factor into M&A transactions
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets … Continue reading