529 plans are an investment vehicle that allows taxpayers to save for all levels of education. Contributions are made with after-tax dollars, but accumulated earnings and qualified withdrawals are tax-free for federal taxes. If savings towards education for your child or another beneficiary is a priority to you, this type
Gifts-in-Kind and the Importance of Donor Acknowledgement of these gifts for Taxes Purposes Happy Holidays from the Barnes Dennig family to yours. As we are quickly approaching the end of 2020, it’s a good time to evaluate recent standards updates and implementation plans. While a lot of focus has been
Indianapolis is the largest city in Indiana and serves as the state capital. It’s home to Lucas Oil Stadium, Indianapolis Motor Speedway, Monument Circle, and the Indiana State Capitol. Beyond the area’s rich history, there are a variety of businesses located in Indianapolis ranging from large publicly-held companies to small
The manufacturing sector has seen a sharp uptick in mergers and acquisitions over the past year, and the trend continues to accelerate. While COVID-19 initially stalled deal activity, within a few months production was back at pre-pandemic levels, and deal volume soared. The reality is that manufacturing is uniquely positioned
The Securing a Strong Retirement Act easily passed the House last week. Labeled “SECURE 2.0” by many, given it builds on some of the provisions recently passed by the SECURE Act. Designed to expand retirement plan coverage and increase savings, the proposed changes impact both individuals and companies. Here are
The United Kingdom (UK) officially left the European Union (EU) on January 31, 2020, in the midst of an extended period of confusion, back-and-forth negotiations and unanswered questions for many businesses and individuals that work and live in the area. With an 11-month transition plan that ended on December 31,
Hundreds of financial professionals joined Barnes Dennig’s annual Accounting and Auditing Standards event on September 16 to gain insight into accounting considerations for the COVID-19 recovery economy. In a 90-minute session jam-packed with information, insight, and real-world examples, accounting industry thought leaders Tom Groskopf and Matt Rosen led attendees on
2021 was a historic year for mergers and acquisitions, with deal volume exceeding $5 trillion – and the trend shows no signs of slowing down, despite increasing economic pressure from inflation and rising interest rates. As dealmakers on both the buying side and selling side look for new ways to
An Individual Retirement Account (or IRA) is an “individual retirement plan” that is funded through personal contributions. IRAs are a great addition to traditional 401(k)s and allow individuals to save for retirement with tax-free growth or on a tax-deferred basis, depending on the type of IRA. Basic Definitions There are
The Tax Cut and Jobs Act (TCJA) brought about numerous changes to many IRS forms. To more accurately calculate employee withholding, the W-4 Employee’s Withholding Certificate was altered for 2020. The previous form focused on personal exemptions, while the new form considers all aspects of income. The new W-4 has
There are many ways to evaluate how to spend your income earned: a portion on fixed expenses, another percentage on discretionary expenses, and the balance to future savings. But what happens when you have more than one savings goal? How should the total amount saved be allocated among goals? This
When the IRS announced the moratorium on Employee Retention Tax Credit (ERTC) claims processing last month there was also mention about new additional program designed to assist taxpayers which had already filed a claim. The first is aimed at helping those who may have erroneously filed an eligible claim (Withdrawal