Business & Tax Articles

It is too easy to focus only on complying with the rules regarding required minimum distributions (RMD). Your planning should encompass not only distributions upon death, but should also include a lifetime distribution strategy that is coordinated with your estate plan.

Before taking any distribution prior to age 59½, every participant and IRA owner should review the available exemptions from the premature distribution penalty and confirm that an available exemption applies.

2022 mergers and acquisitions among insurance agencies and brokers in the U.S. and Canada declined 17% from the record set in 2021.

On January 18, 2023, Erie City Council passed “Erie City Official Ordinance 3-2023” which will create a new series of requirements and fees for lenders instituting foreclosure actions and owners of vacant houses located in the City of Erie.

On January 5, 2023, the Federal Trade Commission (FTC) published a proposed rule that would prohibit employers from enforcing and imposing non-compete agreements on workers. It is debatable whether a final rule will ultimately be published.

As highly anticipated, the U.S. Congress passed SECURE 2.0 in late December 2022. Following is an overview of certain provisions with which retirement plan sponsors and custodians will want to become familiar. Some, if not all of these changes will call for interim plan amendments which as of now are not required until the last day of the plan year beginning on or after January 1, 2025 (or 2027 for governmental plans).

The Q3 2022 Merger & Acquisition Update prepared by Optis Partners shows 554 property and casualty related transactions in the U.S. and Canada for the first three quarters in 2022 as compared to 644 transactions in the first three quarters of 2021.

Pennsylvania Act 122 of 2022 amends Title 15 of the Pennsylvania Consolidated Statutes dealing with Corporations and Unincorporated Associations, which now requires an annual report filing for various entities organized or authorized to do business in Pennsylvania.

Because of the delay between the passage of the SECURE Act and the timing of the proposed regulations and the divergence of guidance regarding the manner in which the 10-year rule would be applied to the post-death RMDs, the IRS issued Notice 2022-53 on October 7, 2022 to provide some relief.

With the release of Notice 2022-55 the IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2023 tax year.

The EEOC has just announced the release of the updated poster, “Know Your Rights: Workplace Discrimination is Illegal.” Employers are legally required to display this poster in “a conspicuous location in the workplace where notices to applicants and employees are customarily posted” or face possible penalties.

The Internal Revenue Service has issued IR-2022-162 to provide guidance addressing the improper forgiveness of a Paycheck Protection Program loan (PPP loan).

A look at women and retirement planning, including guidance from the U.S. Department of Labor.

It is not uncommon for U.S. tax exempt organizations to make donations to foreign charities.
The Internal Revenue Service has specific regulations governing such activities.

You would not think that it is necessary to issue this kind of update, but the IRS has issued a helpful reminder in its Tax Tip 2022-62: don’t ignore mail from the IRS.