Benefits of 529 Plans
A 529 savings plan can do more than help you pay for college. Now is the best time to find out about their flexibility. Take advantage of the benefits of a 529 plan in a pandemic-affected economy.
Insights
Wayfair Case Review
The Supreme Court’s ruling in South Dakota v. Wayfair, Inc. changed the standard for when states need to collect sales tax from entities doing business in the state. Before the decision, states taxed only companies with a physical presence in the state, but they now tax all those with an economic presence.
Digital Assets, Privacy, and Estate Planning
Estate plans should address the management and distribution of digital assets, such as cryptocurrencies, electronic communications, financial accounts, and documents stored in the cloud. How can you protect digital assets upon your death or if you become incapacitated?
Wallace Plese + Dreher Named Arizona 2021 Top Workplace
Wallace Plese + Dreher has been named as an Arizona 2021 Top Workplace by AZ Central. The award was based on feedback and survey results from the Firm’s employees.
Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan would end the step-up in basis taxpayers often use to minimize tax on inherited wealth. Since assets like family businesses, homes, stocks, and art generally appreciate over time, eliminating the step-up in basis effectively raises the amount of tax on these assets.
2021 Child Tax Credit and Advance Child Tax Credit Payments
For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.
Future of Taxes and Multinational Corporations
Countries around the globe are trying to stem the “rush to the bottom,” which has multinational companies moving their corporate headquarters to lower their tax bills. According to the International Monetary Fund, the result of this tax strategy is a loss of worldwide government revenues estimated between $500 and $600 billion annually.
Independent Contractor Rule Withdrawn by DOL
In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
Retirement Plan Reporting Requirements
Sponsors of retirement plans are required by law to report information to the IRS, the Department of Labor (DOL), and Pension Benefit Guarantee Corporation (PBGC). Your plan type, business size, and circumstances affect the type of information, forms, and disclosure requirements.
2022 HSA Adjustments
The government made small inflation-adjusted increases for 2022 health savings accounts. Catch-up contributions for 55 and older remain the same, along with minimum deductibles.
NFTs | Non-fungible Tokens
Non-fungible tokens or NFTs, a player in the cryptocurrency world, have increasingly been making their mark. Few understand them, how they work, and risks.
401(k) Plans | Know the Rules
The benefits of retirement programs, for both companies and employees, can be substantial, but the rules are complicated. You need to figure out how to help your employees while being compliant.