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Category: Planning Solutions Services

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Estate and Gift Planning in Uncertain Times

By: Derek Gray, CPA, Director, and Chuck Mallick, CPA, Senior Manager On the campaign trail, President Biden frequently mentioned significant changes to the estate tax. His proposals generally centered around three prongs: first, to raise the estate tax rate from 40% to 45%; second, to drop the lifetime exemption amount from $11.7 million to $3.5 […]

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IRS Extends Tax Filing Deadline

On March 17, the IRS ended weeks of speculation and issued an information release (IR-2021-59), which provides individual taxpayers an additional month to file their income tax returns. Individuals now have until May 17, 2021, to file their Form 1040, and no interest or penalty on taxes due will begin to accrue until that date. […]

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Most Required Minimum Distributions Waived for 2020

Did you know that as of March 27, 2020, most Required Minimum Distributions (RMDs) were waived for the 2020 calendar year? That means that if you normally take an RMD from your IRA or business retirement plan, except for pension plans, you are not required to take that distribution for 2020. In most cases, if […]

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COVID-19 Relief: Information for 401(k) and Retirement Plans

by Mickie Murphy, Blue Benefits Consulting | This article was originally published on March 24th and was most recently updated on June 4th. It is being updated as new information becomes available.  We have answers to questions employers are asking about their plans: Changes to Plan Contributions Can employees stop their deferral contributions? Employees may […]

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Transition Planning Part I (ESOPs/employees)

Eventually, the ownership of every privately-held business will be transitioned in one way or another.  There are many options available to transfer ownership, but they basically fall into one of the following categories: Sale/transfer to family Sale/transfer to other current owners Sale to outside parties Give to charity Initial public offering (i.e. “go public”) Liquidation […]

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More Retirement Plan Options for Smaller Businesses

Small businesses now have more options available to them related to retirement plan participation.  The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to […]

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Are you looking for a way for to have your business fund your retirement?

If you are interested in larger contributions than a 401(k) plan will permit, a cash balance pension plan may be right for you. Someone 60 years or older can possibly receive $200,000 or more in pretax contributions in a cash balance plan, whereas the maximum 401(k) contribution limit for someone age 60 would be closer […]

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The Gift of Business Valuations for Estate Planners

By Miranda Aavatsmark In case you had not heard, never watch the news, or do not regularly check your Twitter, the estate and gift tax exemption doubled from about $5.5M to $11.2M starting in 2018. This change was included in The Tax Cuts and Jobs Act of 2017 that was passed on December 22, 2017. […]

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What do the 2019 Cost-of-Living Adjustments Mean for You?

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning. Bear in mind that under […]

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Physician Fee Schedule: 2023 CMS Final Ruling

The Centers for Medicare & Medicaid Services (CMS) operates within a budget neutral approach. This occurs at the same time the healthcare community continues to try and find balance between reducing administrative burdens, accurately recognizing and recording services provided, and upholding the highest quality care possible. Over the last three years, there have been significant […]

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Blue & Co., LLC acquires Alerding CPA Group

Blue & Co., LLC acquires Alerding CPA Group

Carmel, Ind. (November 23, 2022) – The accounting and consulting firms of Alerding CPA Group (Indianapolis, Ind.) and Blue & Co., LLC (Carmel, Ind.) have announced their merger. The combined firm will operate as Blue & Co., LLC (Blue & Co.), effective December 1, 2022. This acquisition will provide Blue & Co. with greater market […]

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Not-for-Profit Single Audit Requirements – Evaluation of Revenue Sources

By: Holly Fields, CPA, Senior Manager Not-for-profit organizations (NFPs) that receive federal financial assistance over certain levels, either directly from a federal agency or indirectly through state or local agencies, may be required to have a single audit performed under Federal Uniform Guidance. Single Audit Requirements A single audit includes not only an audit of […]

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