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Articles of Interest

Minimizing Tax Planning Challenges for 2023/2024

Minimizing taxes isn’t easy, but in times of legislative and economic uncertainty, it can be a real challenge. To maximize your outcomes, you need be aware of relevant tax law changes that are going into effect – or that have expired, while keeping an eye out for any new tax law changes that might still be signed into law this year.
Magnifying glass focuses on the word "AUDIT"

10 Red Flags for IRS Audits

Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August 2022. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you reduce your audit chances? Watch for these 10 red flags that can trigger IRS scrutiny:
artwork of man balancing on a rising and falling index graph representing a volatile stock market

What a difference six months can make

Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s death, estate tax could be owed on value that has disappeared. This article details how an executor can ease estate tax liability in this situation by electing to use an alternate valuation date.
Clipboard with header "Roth IRA Rules"

Beware the Five-year Rule for Roth IRA Withdrawals

What makes Roth IRAs so appealing, primarily, is the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules taxpayers must follow, including the widely misunderstood “five-year rule.” This article explains the ins and outs of this rule.

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