Corrigan Krause Supervisor Logan Siebert recently talked with Smart Business. Below is the full interview, which appeared in the May 2024 issue of Smart Business. Real estate has had a unique past five years. Significant fluctuations in the sector from interest rates, supply chain and labor issues, and pandemic-era trends have impacted both the commercial and residential markets. So, while real estate has essentially always been a stable long-term investment, in the short term, changes can be dramatic. That’s why it’s important for those considering a real estate investment for ..read more

Taxpayers can now rollover certain 529 plans that went unused for educational purposes to a Roth IRA in the name of their beneficiary. Here’s what you need to know about the new 529-to-Roth rollover provision: This provision takes effect in 2024. The 529 plan must be open for at least 15 years. The lifetime limit for the rollover is $35,000 per beneficiary. The Roth IRA must be in the name of the beneficiary of the 529 plan where the rollover is coming from. Any contributions to the 529 plan made within the past five years (and earnings on those contributions) are ineligible to be moved into ..read more

Why is it important to update accounting systems? As a business leader, you know every business needs an accounting system to track revenue and expenses, plan for taxes and assess how the business performs over time. Much like your own industry, the accounting world is constantly innovating and adapting to changing conditions, so it’s important to match those changes with new accounting strategies and systems. Making regular adjustments to your company’s accounting system can have many benefits including: Improved workflow Reduction in excess or unnecessary costs Planning and preparation for ..read more

Corrigan Krause Senior Valuation Analyst Jason Morel recently talked with Smart Business. Below is the full interview, which appeared in the March 2024 issue of Smart Business. When it comes to taxes, the prevalent feeling among business leaders is that they just want to get through it. However, while taxes may seem as if they’re just numbers, according to Jason Morel, Senior Valuation Analyst at Corrigan Krause, a company’s taxes can tell an important story about the state of the business and where it’s headed. “Taxes tell the story of a company’s performance,” Morel says. “The ..read more

The IRS recently introduced a new requirement that impacts Syndication Groups with Self-Directed IRA (SDIRA) investors: Beginning in tax year 2022, if you have a Self-Directed IRA partner in your partnership, the SDIRA partner in your partnership must report their IRA EIN on Form 1065 Schedule K1 Line 20 code AH.  Per the IRS, if the IRA partner had Unrelated Business Taxable Income (UBTI) in excess of $1,000 in any previous year, the IRA was required to file a Form 990-T, Exempt Organization Business Income Tax Return, reporting the UBTI and paying the applicable tax on that income. To f ..read more

The US House recently passed a bipartisan bill that extended several expired tax credits and deductions, as well as changed certain filing deadlines. These changes may affect your tax obligations. The bill now heads to the US Senate where it will be debated and voted on. The Tax Relief for American Families and Workers Act of 2024 includes these provisions: Expanding the refundable portion of the Child Tax Credit for years 2023, 2024, and 2025. Shortening the Employee Retention Credit filing deadline from April 15, 2025, to January 31, 2024. This significantly shortens the time business owner ..read more

Effective January 1, 2023, the Secure Act 2.0 expanded the existing startup tax credit on employer plan costs and created a substantial new startup credit for contributions employer make on behalf of participants. The tax credits are available for start-up retirement plans and are now allowed if an employer begins participating in an existing MEP or PEP. An employer’s plan is considered a start-up if they have not covered substantially the same employees in a 401(k), 403(b), SEP or SIMPLE IRA plan in the three preceding tax years. TAX CREDIT FOR EMPLOYER PLAN COSTS For 50 or fewer employees, t ..read more

The Corporate Transparency Act is now in effect. It is essential you understand the potential impact this may have on your business. What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) was enacted in 2021 to combat illicit business activities, such as tax fraud, money laundering, financing terrorism, and more. The CTA also aimed to prevent individuals with malintent from hiding or benefitting from the ownership of U.S. entities to engage in illegal operations. To achieve this, the new legislation requires businesses that meet certain criteria must submit a Beneficial O ..read more

The beginning of a new year is a great time to start getting organized for tax season. Here are four tips from our tax team to help you get started: 1. Find a home for your documents. Create a folder on your computer’s desktop to save your electronic documents in PDF form to make it easier to send everything to your tax professional. If you’re working mostly with paper documents, “home” could be a shelf, drawer, or envelope to hold all of the documents you’ll need during tax season. 2. Double-check that you have all of the necessary documentation. These documents might include W-2s, 1090s, pro ..read more

Cyberattacks are an increasing threat for manufacturers because of the advanced level of technology that governs many processes and activities. Manufacturing companies are especially vulnerable in three key areas: 1. Your Supply Chain Your business partners, suppliers and other members of your supply chain may pose a very real threat to your systems. Each day, they send your company emails, promotions and invoices. You may even share software programs that are critical to your manufacturing processes. Because the sender appears familiar, your employees may quickly and automatically respond to ..read more