Retirement planning: Avoid the fear of running out of money

It’s one of the great ironies of financial planning: People save and invest diligently for decades to ensure a comfortable retirement, yet when the time comes, they’re reluctant to spend their hard-earned wealth. Some people fear running out of money during retirement or being hit with unforeseen expenses. Others want to preserve wealth for their heirs. …
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New lease accounting rules may impact how tax rules play out

Private businesses implemented new lease accounting rules in 2022, resulting in a major shift in how leases are reported for “book” purposes. While the tax rules for leases haven’t changed, the new accounting rules can have notable implications for how the tax rules play out. New Accounting Rules The Financial Accounting Standards Board (FASB) issues standards …
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Dividends: Reinvesting vs. taking the cash

Dividends, the portion of earnings that a company or mutual fund distributes to shareholders, may seem like a relatively small component of your overall portfolio. But they can play an important role in your financial success over time. You’ve probably heard that it’s a good idea to reinvest your dividends, and it’s true that reinvestment can …
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How forensic CPAs support the needs of divorce litigation

Marriage and divorce have become increasingly complex endeavors, with financial matters often proving to be a major challenge. Even in cases of amicable divorces, sorting out the intricacies of finances can be difficult. However, when divorces turn acrimonious, emotions tend to run high, particularly when it comes to property and finances. In such situations, family …
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HHS-industry connections raise concerns

In a high-profile study, concerns have been raised regarding potential conflicts of interest and public trust in healthcare regulators due to a so called ‘revolving door’ phenomenon between government employees at the U.S. Department of Health and Human Services (HHS) and private companies. The findings reveal that approximately 15 percent of individuals appointed to the …
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5 common estate planning mistakes…and fixes

Estate planning involves a lot of moving parts. So you’d be forgiven for overlooking or forgetting about certain issues when making decisions about transferring wealth in the most tax-effective manner after you die. An experienced estate planner can help ensure you dot all the “i’s” and cross all the “t’s.” But if you’ve done some of …
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Bankruptcy for profit: How to spot a ‘phoenix’ company

When a company goes bankrupt, honest owners or directors do everything they can to hold creditors’ losses to a minimum. When it becomes clear the business can’t be saved, they halt trading (in the case of public companies), hire professional advisors to help guide them through bankruptcy proceedings and generally arrange for orderly liquidation. Print …
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Student loan debt? Ideas to reduce the burden

Print this page Interest starts accruing again on September 1 Starting September 1, 2023, federal student loans will begin accruing interest again. And loan payments will officially restart in October 2023. As part of federal relief measures during the COVID-19 pandemic, individuals with federal student loan debt weren’t required to make payments, and interest charges were …
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Supreme Court to hear challenge to repatriation tax

Tax applies to taxpayers with at least 10-percent stake in a controlled foreign corporation Print this page The Tax Cuts and Jobs Act (TCJA) will soon be put to a new test. The U.S. Supreme Court will hear the case of Moore v. United States. It involves a married couple who owned shares in a …
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Beating the heat with a cool tax break

Print this page Residential energy tax credit can help defray upgrades An estimated 190 million Americans, from Texas to Alabama, Arizona and beyond, have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool …
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