By Joseph M. Becht, CPA, CGMA, Senior Manager In recent years, many states including New York have established programs to make it easier for businesses to provide retirement benefits and help employees save money for their future retirement. Due to a considerable number of individuals not having a retirement plan through their employer, New York […]
The Social Security Fairness Act was signed into law on January 5, 2025, and ends the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions reduced or eliminated the Social Security benefits of over 3.2 million people who were receiving a pension based on work that was not covered by Social Security (non-covered […]
The Affordable Care Act (ACA) introduced important changes to the healthcare system, one of which is the Medical Loss Ratio (MLR) provision. This provision is designed to ensure that insurance companies spend a significant portion of the premiums they collect on medical care and services, rather than on administrative costs or profits. Specifically, insurance carriers […]
As featured in our previous newsletter: “Understanding and Evaluating your Personal Financial Statements,” we learned that personal financial statements refer to a document or spreadsheet that highlights an individual’s financial position at a given point in time. The statements include information about the individual, such as a name or address, along with a personal balance […]
We often think of financial statements in the context of the business world where they are common place and are frequently used to gauge financial performance, determine a company’s value, satisfy bank and loan requirements, aid in strategic planning, amongst a host of other uses, the list is endless. On the flipside, we will focus […]
The Internal Revenue Service (IRS) has recently issued a clear reminder that taxpayers must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return. The question appears at the top of Form 1040 and was also added to additional tax forms for estates and […]