The legislation known as the Secure Act of 2019 changed the tax rules for heirs of an individual retirement account (IRA) from someone who passed away on Jan. 1, 2020, or later.
First, it divided these heirs into three different types: eligible designated beneficiaries (EDB), non-designated beneficiaries (NDB) and...
As a senior citizen ages in her home, she begins to understand a problem that has been brewing for years or decades. The house that she bought many moons ago with her husband has slowly appreciated in value over the years. Maybe she bought it in the 1980s...
The year 2022 was challenging with the U.S. stock market posting a -19% return and the U.S. bond market not far behind at -13%. However, enough time has passed to where it is beneficial to conduct an after-action review. This isn’t an examination of what the ideal investment...
Taxable retail sales posted strong gains in the first quarter of 2022, including in Benton, Franklin and Walla Walla counties.Retail sales rose 5.5% in Benton County, 37% in Franklin and 9.3% in Walla Walla, according to the most recent figures released by the Washington Department of Revenue. Statewide, taxable retail...
CPA / PartnerPorterKinneyChris PorterNumber of employees you oversee: 18Brief background of your business:Soon after moving to the Tri-Cities in 2006, I started a small, home-based tax preparation company in addition to my full-time job. In 2012, I quit my day job and transitioned my company to a full-time CPA firm....
Deadline coming for Benton, Franklin property taxesOct. 31 is the deadline for property owners to pay the second half of their property tax bill.In Benton County, property owners can pay online by electronic check, credit cards or Visa debit cards. Transaction fees are charged.Avoid the fees by leaving payments in...
Will my taxes go up or down in retirement?Sneaky sneaky, asking such a loaded question, when everyone knows the answer is, “it depends.” But it’s a very interesting question to ponder, so let’s take a look at some key issues that could impact the answer.The answer centers on one thing:...
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.”Taxes come in a wide variety of flavors – income taxes, property taxes, sales taxes and gift taxes.But, perhaps one of the most misunderstood taxes is colloquially called the “death tax” –...
New $67 user fee applies to estate tax closing lettersA new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return starting Oct. 28, the Internal Revenue Service has announced.Closing letter requests must be made using Pay.gov.By law, federal agencies are...
