These brief tips explain steps to take to hold on to a passport when one has seriously delinquent tax debt; detail the benefits of a cash balance retirement plan; and discuss why having a formula-funding clause in an estate plan can unintentionally disinherit a spouse.

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 you can’t contribute directly, there’s not 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.

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.

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.

To help people save more for retirement, limits on the amounts they can contribute to many types of retirement plans have increased. This article looks at some common retirement plans and specifies how the limits have changed for each one. The article suggests that boosting contributions this year could both reduce this year’s tax bill and increase retirement savings.

If your company, like most, leases equipment, vehicles or other assets, you’ll need to prepare for the Accounting Standards Update Leases (Topic 842)-often referred to as ASC 842. For public companies and certain others, the rule is effective this year. For nonpublic companies, this new lease accounting standard goes into effect for fiscal years beginning after December 15, 2019.

For years, charitable givers have benefited from tax breaks that provided them with extra incentive to donate substantial amounts to charities of their choice. With the passage of the Tax Cuts and Jobs Act (TCJA), however, that incentive has been reduced for many taxpayers. This article discusses the potential tax impact in light of the new rules. By understanding the impact of the new tax rules on giving, individuals can set up a giving plan that benefits everyone involved.

The Tax Cuts and Jobs Act (TCJA) more than tripled depreciation allowances for “luxury autos.” It also temporarily enhanced “bonus” depreciation for some business assets, boosting first-year depreciation deductions for passenger autos and allowing businesses to immediately deduct the full cost of heavier vehicles. This article suggests that, to reduce the costs of purchasing one or more vehicles for business purposes significantly, business owners may be able to take advantage of these enhanced tax breaks.

It’s a well-known truism in the corporate world: Organizations that don’t evolve run the risk of becoming obsolete. But instead of anticipating and reacting to market demands like their for-profit counterparts, many not-for-profits hold on to old ideas about how their organizations should be run. Here are a few things your nonprofit can learn from the business world.

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life insurance continues to offer estate planning benefits.