Category: Taxes
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Donor-Advised Funds
Donor-advised funds have become an increasingly prominent feature in modern financial planning, offering a flexible and tax-efficient approach to charitable giving. Although often associated with year-end contributions, their benefits extend throughout the year, making them a valuable tool for both clients and advisors seeking to integrate philanthropy into broader financial strategies. Simply defined, a donor-advised…
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Locating Lost Retirement Savings
People who have lost track of retirement savings from previous employers can now utilize a valuable resource: the Labor Department’s Retirement Savings Lost and Found Database. Launched in late December 2024, this initiative aims to help individuals reconnect with their forgotten funds. Key Statistics Although the Labor Department does not track the outcomes after users…
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A Guide for Section 530A Accounts
The One Big Beautiful Bill Act introduced a new category of tax-advantaged savings vehicle for children: the Section 530A account. While early coverage has focused almost exclusively on the federal government’s one-time $1,000 pilot contribution, the full planning opportunity is considerably richer. These accounts offer families, grandparents, employers, and advisors a powerful new tool for…
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IRS’ 2026 “Dirty Dozen”
The IRS has released its 2026 “Dirty Dozen” list, an annual compilation of prevalent tax scams that threaten taxpayers, businesses, and tax professionals. Published as part of a broader awareness initiative led by the Internal Revenue Service in coordination with the Security Summit, the list highlights evolving fraud schemes and reinforces the importance of vigilance,…
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Upcoming Charitable Giving Changes
The One Big Beautiful Bill (OBBB) introduces significant changes to the tax treatment of charitable contributions beginning January 1, 2026. These updates will reduce the value of deductions for many taxpayers—especially high earners and individuals who itemize. Understanding these changes now provides a critical planning opportunity for 2025, the final year under the more favorable…