About Topel Forman
ALERTS AND ARTICLES
Stay up to date with the most recent industry news and what’s happening at Topel Forman
Summers At Topel Forman
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.
Three tax breaks for small businesses
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.
How to avoid the early withdrawal tax penalty on IRA distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a ...
The GST tax and your estate plan: What you need to know
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.
Weathering the storm of rising inflation
Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both ...
How to account for collaborative agreements
Today, many companies share research or technology to develop new products. For example, manufacturers might enter ...
How to use the cost approach to valuing a business
The balance sheet — which shows a company’s assets and liabilities — is a logical starting point for valuing ...
Develop Your Career at Topel Forman
At Topel Forman, we know that our greatest strength is people. We are always seeking to add talented professionals ...
The HSA: A healthy supplement to your wealth-building regimen
An HSA must be coupled with a high-deductible health plan (HDHP). For 2022, an HDHP is a plan with a minimum deductible of $1,400 for individuals and $2,800 for family coverage, and maximum out-of-pocket expenses of $7,050 for individuals and $14,100 for family coverage. The IRS recently issued inflation-adjusted amounts for 2023: the minimum HDHP deductible for individuals will be $1,500 and $3,000 for family coverage. The maximum HDHP out-of-pocket cost will be $7,500 for self-only coverage and $15,000 for family coverage.
IRA charitable donations: An alternative to taxable required distributions
To benefit from a QCD for 2022, you must arrange for a distribution to be paid directly from the IRA to a qualified charity by December 31, 2022. You can use QCDs to satisfy all or part of the number of your RMDs from your IRA. For example, if your 2022 RMDs are $10,000, and you make a $5,000 QCD for 2022, you have to withdraw another $5,000 to satisfy your 2022 RMDs.
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still ...
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Fortunately, there are several alternative methods that may allow you to withdraw cash from a corporation while avoiding dividend treatment. Here are five areas where you may want to take action:
No results found.
Summers At Topel Forman
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.
Three tax breaks for small businesses
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.
How to avoid the early withdrawal tax penalty on IRA distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a ...
The GST tax and your estate plan: What you need to know
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.
Weathering the storm of rising inflation
Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both ...
How to account for collaborative agreements
Today, many companies share research or technology to develop new products. For example, manufacturers might enter ...
How to use the cost approach to valuing a business
The balance sheet — which shows a company’s assets and liabilities — is a logical starting point for valuing ...
Develop Your Career at Topel Forman
At Topel Forman, we know that our greatest strength is people. We are always seeking to add talented professionals ...
The HSA: A healthy supplement to your wealth-building regimen
An HSA must be coupled with a high-deductible health plan (HDHP). For 2022, an HDHP is a plan with a minimum deductible of $1,400 for individuals and $2,800 for family coverage, and maximum out-of-pocket expenses of $7,050 for individuals and $14,100 for family coverage. The IRS recently issued inflation-adjusted amounts for 2023: the minimum HDHP deductible for individuals will be $1,500 and $3,000 for family coverage. The maximum HDHP out-of-pocket cost will be $7,500 for self-only coverage and $15,000 for family coverage.
IRA charitable donations: An alternative to taxable required distributions
To benefit from a QCD for 2022, you must arrange for a distribution to be paid directly from the IRA to a qualified charity by December 31, 2022. You can use QCDs to satisfy all or part of the number of your RMDs from your IRA. For example, if your 2022 RMDs are $10,000, and you make a $5,000 QCD for 2022, you have to withdraw another $5,000 to satisfy your 2022 RMDs.
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still ...
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Fortunately, there are several alternative methods that may allow you to withdraw cash from a corporation while avoiding dividend treatment. Here are five areas where you may want to take action:
No results found.
Subscribe
Stay in the know. Sign up to get our monthly newsletter for insights, updates, and helpful resources.
Subscribe
Stay in the know. Sign up to get our monthly newsletter for insights, updates, and helpful resources.