Viewpoints by Personal Financial Management Community

Small Business Retirement Plans
Cynthia L. Turoski, CPA/PFS, CFP®

We all know we need to save for retirement, especially as another year has passed us by. But as a small business owner, what is the best way to do so? That depends on a number of things. There are various small business retirement plans available, but picking the right one for your situation depends on how much cash you want to put into it, your tax situation, your goals for providing for your employees, the time of year, etc. Let’s look at a general overview of some options and then some things to consider when deciding on which plan would be best for your situation.

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Taxes are only one aspect of your financial life – What about the rest?
Cynthia L. Turoski, CPA/PFS, CFP®

How about a financial checkup?

As individuals delve into gathering their tax information this time of year, they often get thinking about their finances in general. Why not take advantage of your focus in this area to do a financial checkup?

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Generation-Skipping Transfer Tax Update
Cynthia L. Turoski, CPA/PFS, CFP®

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law has created a federal generation-skipping transfer (GST) tax savings opportunity, but you must act quickly!

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Form 1099’s Reporting Requirements

Seeking ways to improve voluntary compliance and increase tax collections, the IRS has implemented a number of far-reaching reporting requirements that will take effect over the next several years.  And while the new reporting requirements will not result in increased tax liabilities for most law-abiding businesses and individuals, it will significantly increase their paperwork burden.   Leah Powell, CPA and Principal weighs in on what to do so as not to be caught off-guard.  

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Estate Tax Update

If Congress fails to enact federal estate tax legislation before the end of the year the status of the estate tax in 2001 will return on January 1, 2011.  That means a 55% top rate will apply to estates in excess of $1 million.

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Beware…Tax Bite is Coming!
Alan Ekstein, CPA

Keep a close eye on Congress, warns Alan Ekstein, CPA and Bonadio Principal.  Alan offers suggestions to protect your income and ease your tax burden, if the Federal tax reductions of 2001 expire this year.  Should the Federal law sunset, there will be numerous items that will drive a significant tax increase.  Read on to learn if they could affect you, and what you can do about it.

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Estate Tax and It's Impact
Cynthia L. Turoski, CPA/PFS, CFP®

A 2010 estate tax repeal allowed many heirs to maintain a significantly larger chunk of their wealth.  (Had it been 2009 or next year, they wouldn’t be singing the same tune, and a retroactive law change is still a possibility.)  Bonadio Wealth Advisors’ Cindi Turoski explains how these things shouldn’t be left to chance, and in addition to the impact from changing legislation, often there are many unintended consequences that have nothing to do with taxes.  Read on to hear which steps you need to take, now.

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New Healthcare Tax Laws
Debbie Zarzycki, CPA

The new healthcare reform package is massive, and keeping up with the new compliance requirements will be no small feat for any business or individual.  While the end result of the legislative process is related to expanding healthcare coverage, new tax law plays a major role in its implementation.  In this Viewpoint, Debra Zarzycki highlights some of the top provisions (including their respective tax credits, subsidies, penalties, fees and surtaxes designed to pay for it), and how The Bonadio Group can help you minimize their impact.

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Failures in Succession Planning
Gordon Robbie, CPA

Developing a succession plan is the most important thing you can do to protect the value of your business. Sadly, most business owners are "forced" to sell—without the time to prepare correctly—and as a result, leave their companies at the worst time possible.

In this Viewpoint, Gordon Robbie, CPA and a Bonadio partners, talks about what a well designed plan can do for you, and six essential components for creating a successful plan.

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Making Your Personal Brand

Now, more than ever, business owners, business developers and organizational management in the NFP/TE world need to distinguish themselves quickly across a series of different platforms.  If you are a business owner, executive, thought leader, or even someone just looking to build your career, then it’s time to think about your personal brand. In this Viewpoint, Alan Vitberg, Bonadio’s Director of Marketing talks about what a personal brand is, how to build personal brand equity, and why it’s important.  Parts of this Viewpoint are excerpted from Alan’s July 2010 Journal of Accountancy article “How to Build Your Personal Brand”

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