With the 2024 Summer Olympics commencing in Paris, we thought it would be fun to dig into the obscure corners of the tax code and offer up this fun tidbit. Prior to 2016, an Olympian who received a medal was ..read more

We are inviting you to join us on Wednesday, June 26th at 11:30am for an hour webinar to learn about all the options one has to “exit” out of their business AND get paid their fair share. It’s all about knowing what your options are for your retirement. WHAT WILL YOU GET OUT OF YOUR BUSINESS? Without proper planning, you may only get a fraction of your business’ actual worth.  Is the right choice for you: Sale to third party Buyout by a current ownership partner or key employees ESOP We’ll cover the advantages, disadvantages, and nuances of each of these options, as well as other c ..read more

The SECURE Act (Setting Every Community Up for Retirement Enhancement) of 2019 significantly changed a number of rules governing retirement accounts and minimum distributions from them.  Certain non-spouse inheritors of IRAs were among those most affected.  Previously, under so-called “stretch” provisions, such individuals were allowed to take required minimum distributions (RMDs) based on their own life expectancies – and even pass them along to their own heirs. SECURE eliminated stretch provisions and required IRAs inherited after January 1, 2020 to be zeroed-out within 10 years ..read more

In December of last year, we sent out notice that most businesses will need to file statements identifying their primary owners.  Subsequently, we have received additional information about filing deadlines.  We also want to reiterate that penalties for failing to file are significant.  If you are a principal owner of a business, you will need to be aware of this and act on it in a timely manner.  Many business owners will wish to seek the advice of an attorney.  Your AKM CPA will be happy to provide a referral if you need one. In 2021 Congress passed The Corporate Tra ..read more

On March 18, 2024, 12pm ET, Warren Bergstein, CPA, AEP® will present this myCPE Webinar. Register here ..read more

Learn about how the Corporate Transparency Act will impact you & your small business and get tips on how to survive the changes. There will be an opportunity to speak to the experts, Warren M. Bergstein, CPA, AEP and Jack Gold, CPA. Partners in the Accounting Firm of Adelman, Katz & Mond LLP Thursday, January 11, 2024 @ 10:00am via Zoom Registration Required This 12th annual seminar will cover tax preparation and planning for both individuals and small business owners. There have been many changes at both the federal and state level. This informative session will cover those chang ..read more

In 2021 Congress passed The Corporate Transparency Act (“CTA”) to identify bad actors and fight various illegal activities, including laundering money and providing funding for terrorists.  CTA specified that various business entities would need to file information with the Financial Crimes Enforcement Network (FinCEN) identifying their primary owners.  The final regulations were recently issued and encompass more businesses than previously anticipated. Who Is Affected CTA filing requirements impact most business entities, including domestic and foreign privately held entities that a ..read more

U.S. taxpayers who have foreign accounts that have aggregated more than $10,000 in 2022 and/or 2023 are required to file a report of Foreign Bank and Financial Accounts (FBAR). The IRS has issued new guidance for these forms and is in the process of implementing additional reporting requirements for those with foreign holdings. In summary, the implemented and anticipated changes include: Automatic extension of FBAR filing deadline to October 15, 2023, with no taxpayer action required. Reduced penalty for FBAR non-compliance, due to a February 2023 ruling by the US Supreme Court (Bittner v. Un ..read more

Owners of closely-held businesses rely on their AKM CPA teams to help with tax planning and compliance. But did you know that there’s a lot more we can do for you? Read more ..read more

Tax planning is a critical challenge for higher-income taxpayers This year’s tax provides a great deal of useful information to help with your tax and financial planning – particularly if you are a higher-income taxpayer or business owner. As usual, the tax guide was prepared by a trusted third-party provider and is intended to offer food for thought.  If something piques your interest or raises a question, your AKM CPA can help you evaluate your own circumstances and consider your best strategic options. AKM Tax Guide 2022-2023 Contents of the 2022-2023 Tax Guide Income and deduction pla ..read more