Individual Provisions of the American Rescue Plan Act of 2021

Posted by Jordon N. Rosen, CPA, MST, AEP® (Distinguished) On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our clients and friends to be aware of. The full legislative text can be reviewed here: H.R.1319 – American Rescue Plan Act of … Continued

Post-Election Tax Outlook: Income Tax Components

Posted By: Jordon N. Rosen, CPA, MST, AEP® (Distinguished) With the results of the 2020 presidential and congressional elections behind us, President Biden has begun pursuing his agenda to tackle many pressing issues, including the downturn in the economy, which was brought on by the COVID-19 pandemic. Along with additional stimulus checks for individuals and various grant programs, there are numerous tax-related … Continued

COVID-19 Relief Bill Provisions Affecting Individuals

Posted by Jordon N. Rosen, CPA, AEP (Distinguished) Since March, BLS has been keeping our clients and friends apprised of new legislation and changes that have occurred due to COVID-19. This edition of our BLS Important Update is an overview of key provisions in recent COVID relief legislation (COVID-related Tax Relief Act of 2020 (the Act) and the Taxpayer Certainty … Continued

Considerations Before Meeting with Your Estate Planner

Posted By Jordon Rosen, CPA, MST, AEP The coronavirus pandemic has only punctuated a point that planners have been making for years. Everyone needs an estate plan. Admittingly, the process can seem overwhelming, so we’ve broken down several items you can begin to think about prior to your first meeting with your CPA or estate planning attorney. Here’s what you … Continued

High-Level Multidisciplinary Teaming

Posted By Jordon Rosen, CPA, MST, AEP Multi-disciplinary teaming, also known as collaboration, occurs whenever two or more advisors work together in a process that is “client-centric” to design, recommend, and implement specific strategies to the client. The issue at hand could be as simple as recommending a Roth conversion strategy, but also includes planning for retirement, education, portfolio management, … Continued

COVID-19 Update: FAQ Updates for Economic Impact Payments

Posted by Jordon N. Rosen, CPA, AEP The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below.   EIP Update Highlights:   EIP FAQs Related to Double Payments Eligible taxpayers who filed … Continued

2020 Income Tax Planning in Light of COVID-19

Posted By Jordon Rosen, CPA, MST, AEP In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and rentals. This session looks at how those income sources could impact your overall tax picture and offers timely suggestions for planning for the … Continued

The Need for Estate Planning

Posted By Jordon Rosen, CPA, MSP, AEP With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state estate tax liability. For this and other reasons, many Americans are wrongfully thinking there is no longer the need for estate planning. This … Continued