Topel Forman Blog

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends, and modifies many climate and energy-related tax credits that may interest individuals.

Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer of a business to the owner’s children or employees over a period of years in a tax-advantaged way.

The law states that additional guidance will be issued before December 31, 2022. However, the current law has several additional provisions that take effect on January 1, 2023. It includes credits for preowned electric vehicles, changes to how the credits are calculated, bifurcations between mineral and battery requirements, and other limitations.

Topel Forman LLC was recently named one of the country’s top 200 accounting firms by INSIDE Public Accounting (IPA). The publication ranked Topel Forman as the 169th largest accounting firm in the U.S., and a 2022 Best of the Best Firm.

However, crypto is viewed as property, and the wash sale rules do not apply. The build back better bill was going to include a provision to expressly address this and have crypto fall under these provisions (or something similar) however, the bill did not become law.

At Topel Forman, we often talk about balance which can mean many things, including reconnecting, providing flexible time off, and more. In our field, by nature, we always have busy tax seasons. As a result, employee satisfaction has always been at the forefront of our strategy, and we have recently further embraced the concept of creating a work and life balance culture. We promote the well-being of our employees, both in and out of the office.

For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or their shareholders.

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age,...

The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great-grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan for the GST tax.

Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business owners to panic? Not at all. As of this writing, a full-blown recession is possible but not an...