A divorce settlement divides assets and establishes legal rights, but it does not resolve every tax question that follows. Filing status, child-related benefits, property basis, retirement transfers, and prior joint return liability all require a separate tax review. Understanding where the settlement ends and tax law begins can help you avoid costly surprises after the divorce is final.
Tag: Albany
SECURE 2.0 Amendments and Provisions Now in Effect: An Overview
The SECURE 2.0 Act of 2022 brought sweeping changes to the retirement plan landscape. Many of those provisions are now operationally effective, and plan sponsors face a fast-approaching deadline to formalize the required written amendments. For advisors helping clients maintain compliant retirement plans, understanding what must happen, and when, is essential. The December 31, 2026… [keep reading…]
IRS Raises the Standard Mileage Rates for the Second Half of 2026
The IRS raised the standard mileage rates for the second half of 2026, effective July 1st, with the business rate increasing from 72.5 cents to 76 cents per mile. Taxpayers who use their vehicle for business, medical, or qualifying moving purposes will need to track mileage separately for each half of the year. Learn what the new rates mean for your deductions, reimbursement policies, and recordkeeping.
Turning Plan Costs into Tax Savings: A Retirement Plan Credits Guide for Advisors
Tax credits are one of the most compelling reasons a small employer will say “yes” to starting a retirement plan. Yet, many business owners never claim them because no one raised the topic. Advisors are uniquely positioned to educate clients on these incentives. Understanding the basics can help advisors turn a cost objection into a… [keep reading…]
Controlled Groups: What Every Advisor Should Know
Most advisors will encounter controlled group issues at some point. While the rules can become complex, understanding the basics can help identify potential problems early and ensure retirement plans remain compliant. Why Controlled Group Rules Matter The controlled group rules exist to prevent business owners from dividing employees among multiple entities to avoid retirement plan… [keep reading…]
S Corporations 101: FAQs for Business Owners
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren’t automatic – they depend on your income level, involvement in the business, and whether you’re ready to manage the added compliance responsibilities. Here’s what you need to know about how S-corps work, who they’re right for, and what’s required to maintain one.
When and Why Every Business Owner Needs a Business Valuation
Most business owners carry a rough estimate of what their company is worth, but that mental number is not a valuation, and the gap between the two can be costly. A formal, methodology-based business valuation is required in a wide range of situations, including selling or transferring a business, estate planning, lending, divorce, equity compensation, and shareholder disputes. Working with a credentialed valuator and involving your CPA early ensures the resulting number is defensible when it matters most.
Financial Strategy When Preparing for Retirement
The years leading up to retirement are one of the most critical windows in financial planning, offering opportunities to maximize savings, reduce future tax burdens, and position your portfolio for what comes next. From Roth conversions and catch-up contributions to Social Security timing and healthcare planning, the decisions you make now can have a lasting impact on retirement readiness. Read on to learn how a coordinated pre-retirement strategy can help you make the most of the time you still have.
It’s Wedding Season! The Tax Changes Couples Miss
Getting married triggers significant tax changes that catch many couples off guard, from a new filing status that takes effect the moment you say “I do,” to withholding gaps that can result in an unexpected tax bill in April. Beyond filing and withholding, newlyweds also need to address name and address updates, healthcare coverage decisions, HSA eligibility changes, and dependent-related credits before year-end. Tackling these adjustments proactively, rather than waiting until tax season, helps couples avoid penalties, protect their refunds, and start their financial life together on solid footing.
Mergers and Acquisitions: How They Impact Retirement Plans
A merger or acquisition can create significant retirement plan issues, even when the business transaction itself seems straightforward. The buyer, seller, and their advisors should address retirement plans early, because the deal structure may determine whether a plan is maintained, merged, terminated, spun off, or left behind. Why Deal Structure Matters. In a stock purchase… [keep reading…]