Taxation Insights

The potential pitfalls of electing to take an employer's matching 401(k) plan contributions as Roth contributions.

U.S. citizens are subject to federal gift and estate taxes on transfers of their assets during life (via gift tax) or at death (via estate tax). However, they enjoy certain exemptions, such as exclusions and deductions. For individuals who aren’t U.S. citizens, traditional estate planning tools may not adequately minimize their gift and estate tax exposure.

There are many several positive reasons for rolling over funds from one IRA to another, or from a 401(k) plan or other employer retirement plan to an IRA. They include wanting to consolidate retirement savings into one account or moving funds from one account into another that offers more attractive investment options. Care should be taken to avoid the common mistakes that can happen when rolling over.

Did you underpay your 2023 taxes? Consider filing an amended tax return.

At one time, businesses were able to claim a tax deduction for most business-related interest expense. But that changed with the enactment of the Tax Cuts and Jobs Act (TCJA). The TCJA created Section 163(j), which generally limits deductions of business interest to 30% of a company’s adjusted taxable income, with certain exceptions.

On December 13th MBK Partner James Krupienski, Manager Dan Eger, and Tax Supervisor Olivia Calcasola joined EANE President Allison Ebner for a special hybrid Roundtable discussion with business leaders of the Northeast.

Before year end, assess your investment portfolio and implement year-end investment strategies that can potentially minimize your tax bill. A tried-and-true strategy is harvesting gains or losses.

What if there were a way to support a preferred sponsoring organization while also receiving a valuable tax benefit? Giving to a donor-advised fund (DAF) might be your answer!