With the passing of another busy season, accountants nationwide have begun to tunnel their way out from under the madness that is the April 15 deadline. It never ceases to surprise me the amount of work that goes through our door during this short timeframe. 

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The Roth IRA is an attractive savings vehicle, offering tax-free retirement income and other significant benefits. Unfortunately, income limitations prevent many people from contributing to these accounts. But even if one can’t contribute directly, there’s no limit on converting a traditional IRA into a Roth. This “backdoor Roth IRA” strategy allows anyone, regardless of income, to enjoy a Roth IRA’s benefits. This article examines how a backdoor Roth IRA works. A brief sidebar explains the aggregation rule.

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For many business owners, estate planning and succession planning go hand in hand. An owner of a closely held business likely has a significant portion of his or her wealth tied up in the business. Without proper estate planning steps to ensure that the business lives on after the owner has gone, his or her family may be placed at risk. This article explains the unique challenges presented by family businesses when older and younger generations may have conflicting financial needs.

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The Tax Cuts and Jobs Act eliminated most tax deductions for business-related entertainment, beginning in 2018. It also created confusion over the continued deductibility of business meals. Late last year, the IRS issued a notice clarifying that taxpayers may continue to deduct 50% of eligible business meal expenses and providing temporary guidance on the subject. This article details a five-point test to determine whether business meal expenses are deductible.

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