Business Wisdom Blog

Monday, 26 July 2021

Webinar | Empowered Planning: Your Quarterly Update (Q2)

Written by The Rehmann Team

Empowered Planning: Your Quarterly Update Empowered Planning: Your Quarterly Update provides insight and real-time examples of organizations and individuals like yourself who are seeking to build and maintain a strong financial foundation during these changing economic times, particularly as tax laws are expected to evolve under a new administration. Our Empowered Planning series of webinars is focused on planning ideas to help you move forward confidently...

Published in COVID-19
Wednesday, 21 July 2021

Child Tax Credit 2021: Payments, eligibility, and opting out

Written by Broadridge

With the IRS now sending monthly advanced payments of the 2021 Child Tax Credit (CTC) to qualified families – the first installment hit taxpayers’ bank accounts this month – it’s important to know the details of this federal benefit and whether it makes sense for your family to take advantage of it. While the CTC has been in place for many years, this is the first time it’s being sent out automatically on a monthly basis, as part of ongoing pandemic-related relief for Americans. About 35 million U.S...

Published in Tax
Tuesday, 20 July 2021

Proposed estate tax changes: prepare now to preserve your assets

Written by Sandy Richards

This is the first in a series of articles explaining the importance of exploring estate planning strategies in anticipation of expected tax changes that could be enacted under the Biden administration. The proposed American Family Plan (AFP) legislation currently working its way through Congress underscores the importance of thorough and agile estate planning because it challenges several longstanding tax concepts and strategies: capital gains deserve a lower tax rate than wages and are an incentive to invest without discouraging sales; people should inherit assets without paying capital gains taxes based on unrealized gains; and taxes should be limited on income already taxed at another level, such as assets purchased with after-tax funds. Most economists agree estate and capital gains taxes amount to a second or third layer of tax on the same income. The Tax Cuts and Jobs Act of 2017 (TCJA) addressed this situation by increasing estate, gift tax, and generation-skipping tax (GST) exemptions and effectively eliminating the federal estate tax for all but the ultra-wealthy...

Published in Tax
Thursday, 15 July 2021

Will the FASB expand income statement disclosures?

Written by Thomson Rueters

The devil is in the details when it comes to financial reporting, and investors want to know exactly what those details are, according to Financial Accounting Standards Board (FASB) Chair Richard Jones. “Investors and other allocators of capital have indicated support for more disaggregation of financial reporting information,” said Jones during a Securities and Exchange Commission and Financial Reporting Institute Conference held virtually in June. The income statement has been targeted as a key area where investors want more granular information. “This would help them better assess the results of operations and estimates of future cash flows and risks, such as risks relating to earnings, foreign currencies, legislation, reputation and income taxes,” said Jones...

Published in Audit & Assurance
Thursday, 15 July 2021

Update on government assistance disclosures

Written by Thomson Rueters

The Financial Accounting Standards Board (FASB) unanimously voted to finalize a revised version of rules it proposed about six years ago on government assistance disclosures. This decision on May 26 is an important step towards consistency in the way companies report those items. Inconsistency in practice Government assistance refers to perks and other incentives policymakers provide to lure large companies to establish a business in their states with the goal of driving economic growth by boosting jobs for residents. Under existing U...

Published in Audit & Assurance

The M&A market is currently hot in many industries. However, due to uncertainty in the marketplace, many buyers are tying a portion of the purchase price to whether the company achieves prescribed financial benchmarks after the deal closes. Subsequent reporting of so-called “contingent consideration” can be confusing, especially for companies new to the M&A arena. The Financial Accounting Standards Board (FASB) is evaluating ways to simplify the requirements, while preserving investors’ needs for robust information...

Published in Audit & Assurance

In early 2020, Governor DeWine issued executive order EO 2020-01D, which declared a state of emergency due to the COVID-19 pandemic and required most employees to work from their homes.  Additionally, emergency relief was passed via HB 197, Section 29, that temporarily permitted employers to continue to withhold Ohio city income taxes based on an employee’s principal place of employment, not taking into consideration whether they were forced to work from their homes due to the pandemic. Governor DeWine lifted executive order EO 2020-01D on June 18, 2021.  This triggered the expiration of the emergency withholding relief provision effective as of July 18, 2021...

Published in Tax
Tuesday, 13 July 2021

7 Ways to Reduce Fiduciary Liability

Written by RPAG

In 2020, nearly 100 lawsuits alleging breach of fiduciary duty were filed. And with the number of 401(k) lawsuits on the rise targeting plans both large and small, sponsors are well-advised to consider taking additional measures to mitigate fiduciary risk where practicable. Here are a few to consider.  Create and follow an IPS...

Published in Wealth Management
Wednesday, 23 June 2021

Life Insurance Beneficiary Mistakes to Avoid

Written by Broadridge, Inc.

Life insurance has long been recognized as a useful way to provide for your heirs and loved ones when you die. Naming your policy's beneficiaries should be a relatively simple task. However, there are several situations that can easily lead to unintended and adverse consequences you may want to avoid. Not Naming a Beneficiary The most obvious mistake you can make is failing to name a beneficiary of your life insurance policy...

Published in Wealth Management
Wednesday, 23 June 2021

Don't Let Debt Derail Your Retirement

Written by Broadridge, Inc.

Debt poses a growing threat to the financial security of many Americans — and not just college graduates with exorbitant student loans. Recent studies by the Center for Retirement Research at Boston College (CRR) and the Employee Benefit Research Institute (EBRI) reveal an alarming trend: The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise. Debt Profile of Older Americans In the 20-year period from 1998 to 2019, debt increased steadily for families with household heads age 55 and older; in recent years, however, the increase has largely been driven by families with household heads age 75 and older. From 2010 to 2019, the percentage of this older group who carried debt rose from 38...

Published in Wealth Management
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