by Bruce E. Bell | Oct 2, 2024 | Tax Corner, Bruce E. Bell
Question:       My company maintains a buy sell agreement funded by insurance. What must I do in light of the recent U.S. Supreme Court decision? Answer:          You will need to review your company’s buy sell agreement. There likely are alternative structures you...
by Bruce E. Bell | Aug 7, 2024 | Tax Corner, Bruce E. Bell
Question:Â My accountant failed to timely file my income tax return through the e-filing system and I was assessed late filing and late payment penalties by the IRS. Can I get these penalties abated? Â Â Answer:Â Absent other compelling circumstances, you cannot get...
by Bruce E. Bell | Jun 4, 2024 | Tax Corner, Bruce E. Bell
Question:  I have attained age 59 ½ and have the opportunity to withdraw funds from my company 401(k) plan and contribute them to my IRA. Should I do so? Answer: Employees who have attained age 59 ½ often have the option under their company sponsored 401(k) or other...
by Bruce E. Bell | Apr 2, 2024 | Tax Corner, Bruce E. Bell
Question: I am contemplating giving to my daughter stock which has decreased in value below my purchase price. Is my daughter entitled to a tax loss if she sells the property? Answer:Â The unrealized loss existing at the time of the gift cannot be deducted by your...
by Bruce E. Bell | Feb 20, 2024 | Sales Rep Articles, Bruce E. Bell
For many small business owners, the key retirement plan decision is not what type of plan to adopt, but where the 401(k) plan funds should be invested. While 401(k) plans are the overwhelmingly popular plan of choice for employers, consider that alternative plan...
by Bruce E. Bell | Feb 1, 2024 | Tax Corner, Bruce E. Bell
Question: My widowed father recently died and failed to designate myself nor any of my siblings as beneficiaries of his IRA. Is there an opportunity to have these funds paid out over a prolonged period of time and avoid the...
