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August 13, 2024

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Real Estate Commission Changes Around the Corner

In March 2024, the National Association of Realtors (NAR) reached a landmark $418 million settlement after losing an antitrust lawsuit filed by a group of home sellers. As many as 50 million people who paid commissions on homes sold in recent years could receive a small amount from the class-action settlement. The powerful industry group […]

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June 5, 2024

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Tax Treatment of Home Energy Rebates

The IRS has guided the federal income tax treatment of certain home energy rebates offered by states, with funds provided by the U.S. Department of Energy (DOE). Background The Inflation Reduction Act of 2022 created two rebate programs. These programs support home energy efficiency retrofits and home electrification or appliance upgrades. State energy offices will […]

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May 31, 2024

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Relief for Certain RMDs from Inherited Retirement Accounts for 2024

In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of […]

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May 2, 2024

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What to Know About T Plus 1 Trade Settlement

On May 28, 2024, settlement cycles on U.S. stocks and other securities will shift from two business days to one. For most investors, this shift will have little or no impact. But it will affect some investors and certain types of transactions. It may be helpful to understand the basics of this important change. T+1 […]

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April 23, 2024

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Tax Relief Legislation in Progress

Legislation that could benefit parents and business-owners is currently moving through Congress. The House has passed the Tax Relief for American Families and Workers Act of 2024. It now faces an uncertain future in the Senate. The legislation would make changes to the child tax credit and certain business tax provisions. Some significant provisions in […]

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February 16, 2024

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There’s Still Time to Fund an IRA for 2023

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50\ or older by December 31, 2023) up until your tax return due date, […]

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November 8, 2023

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With Holidays Ahead, Can Consumers Keep Carrying the Economy?

Consumer spending accounts for about two-thirds of U.S. gross domestic product (GDP), so it plays an outsized role in driving economic growth or slowing it down. For the last 18 months, U.S. consumers have kept the economy strong despite high inflation and rising interest rates. The question now is whether consumers can maintain this momentum […]

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October 26, 2023

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Medicare enrollment started on October 15th, 2023

If you are covered by Medicare, it’s time to compare your current coverage with other available options. Medicare’s Open Enrollment period begins on October 15 and runs through December 7. Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or […]

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October 10, 2023

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Rising Oil Prices Could Pose the Latest Threat to the Economy

Oil prices have increased more than 30% since late June, driving up transportation costs for consumers and businesses and putting financial markets on edge. On September 27, West Texas Intermediate crude — the U.S. benchmark for oil prices — topped $93 per barrel, the highest level since August 2022. Brent crude (the global oil benchmark) […]

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September 17, 2023

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U.S. Economy: Soft Landing or Delayed Recession?

Economists have been predicting a recession for the U.S. economy ever since the Federal Reserve began aggressively raising interest rates in 2022. This is Econ 101. High interest rates, which make it more expensive to borrow, are intended to tame inflation by slowing business and consumer spending. A rapid and extreme increase in rates, as […]

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