Virtually all large corporations, and many mid-sized enterprises as well, know the value of their dedicated Chief Financial Officers (CFOs).
And if they don’t, they ought to! New research (published in October 2024) by OneStream as part of their Finance 2035 initiative, shows that investors consider a CFO’s skills, acumen, and performance even more important than those of a company’s Chief Executive Officer (CEO)!
But what if you are the owner of a smaller, closely held enterprise? Very few such companies have a dedicated CFO – most often, the owner combines the functions of CEO and CFO (and usually wears more hats than those two!).
But under those circumstances – and in the fast-moving business world – it can be difficult, if not impossible, for business owners to give their CFO duties the attention, care and expertise – not to mention the objective view and dispassionate mindset necessary – for a CFO to function at optimal levels.
This can lead to the business being less efficient, less effective and less profitable, than it could be – which obviously isn’t good for the business, the business owner, their clients, or their team members.
So, what is the solution for these business owners? One answer might be:
A Virtual CFO
A virtual CFO (also known as a fractional CFO), can provide your closely held business with all the benefits of a CFO at a fraction of the cost of a full-time, dedicated executive.
In addition, a virtual CFO, being outside your organization, can provide objectivity of observation as well as a dispassionate outlook at all the factors impacting your organization’s profitability.
We are invested, certainly – in your and your business’s long-term success, not just in an individual projected project’s coming to fruition. Some projects you contemplate may not be in your business’ best interests at all. Others may be good ideas, but not for implementation in the near term. Still others may be exactly what you and your business need. Your virtual CFO will help you discern which contemplated project falls into which category.
A good virtual CFO can guide you, gently and in partnership with you, toward the paths that will lead your business to its optimal state – an efficient, profitable concern, and a happy working environment for you and your team. Not to mention happy, well-served clients!
What Can a Virtual CFO Do for Your Business?
Quite a lot – or a minimum. That depends on you, the business owner. Because a virtual CFO is nothing if not flexible and adaptable. And our services are scalable to your business’ changing needs.
At RFG, we begin conversations with potential new virtual CFO service clients by asking questions – and listening carefully to your answers:
- What do you and your business need right now?
- What would you like your business to achieve over the next year? The next 3 years? In the long term?
- What do you envision as the steps to get you to your goals?
- What risks does your business face at present? What risks do you foresee in the long term?
- What are your personal goals, for yourself and your family?
Once the above answers are established, your virtual CFO can help you develop:
- Streamlined financial processes, including a “financial dashboard” which will give you access to your business’ current status at any time.
- Key performance indicators (KPIs) relevant to the success of your individual business (not all businesses, even of the same size and in the same industry, will necessarily have identical KPIs – so much depends on the current state of the business and, most of all, on the owner’s goals).
- Budgets and financial forecasts, and in-depth analyses of results. Because, while budgets and forecasts are and will always need to be dynamic (i.e., subject to change at any time, based on realities), and will therefore be imperfect compared with actual results, it is even more important to understand why results differ from projections than that they differ.
- Plans for capital improvements to the business – or empirically-based counsel on why to postpone facility improvements, strategic new hires, or equipment purchases and upgrades.
In one case, a client of ours who traveled extensively for business-related conferences was frustrated by the long lines, waiting times, and delays of commercial airlines, and wanted to purchase a private plane. We analyzed the financial picture, searched for other potential solutions, and recommended this client band with others in his industry to charter planes together for travel to and from conferences.
By this means, the client was able to bypass the expense of the plane’s purchase price, the costs of maintaining hangar space for it, and the annoyances of commercial air travel.
Your virtual CFO is, in essence, your most trusted business advisor. Someone you can go to with questions, secure in the knowledge that we either know the answer now or can find it faster than you will on your own. We know what questions to ask and who to ask them of, and where to look for further information.
We bring not only our own team of experts, but a network of experts in various fields, built over decades.
When Does Your Business Need a Virtual CFO?
If you’re asking that question, call us and find out whether the answer, for you and your business, is “next year” or “yesterday!”
Some of our virtual CFO clients actually came to us to assist them as they made plans to transition from employees to entrepreneurs.
These start-up businesses varied as to industry, outlook, and owners’ temperaments. But they all followed our advice, their businesses were profitable within 2 years, and are all still profitable, going concerns.
Another client hired us when he and several partners decided to purchase a going business. They have been using our virtual CFO services since before the purchase was complete and are making a very nice success of their endeavor.
Really, is it ever too early to think about making your business efficient, effective and profitable?
Final Thoughts
A virtual CFO can:
- Provide your business with all the benefits of a CFO at a fraction of the cost of a full-time hire.
- Give you a better understanding of where your business is now, and how to get it to where you want it.
- Streamline your financial processes and procedures, providing you with a clear picture of your financial situation.
- Advise on strategic decisions.
- Be your most trusted, your go-to, business advisor.
- Make your business more profitable, more effective, and more efficient.
If you are serious about your business’ long-term flourishing, we invite you to talk with us – our expert virtual CFOs are as serious about your business as you are!
And we know it all starts, and ends, with you. Not only do we know that, we love it – being all about you is what we are all about!
Please click here to email us directly – Rigby Financial Group’s trusted, expert team are always at your service – that’s what we are here for! And serving you is also our passion.
Until next time –
Peace,
Eric
I was looking up something else entirely when I came across an old Forbes article about multitasking and how it can damage one’s brain. The article was published in 2014; it references a study from Stanford University that attempted to discern what made multitaskers good at what they do. What the researchers came up with surprised them—multitaskers aren’t good at a lot of things. They aren’t even as good at multitasking as those who habitually focus on taking one thing at a time.
Stanford published this study in 2009.
Since then, there has been a growing body of writing promoting focus rather than the embrace of distraction—which is a pretty good description of multi-tasking (and I speak as someone who has to remind myself not to multi-task more often than I’d like). There’s Cal Newport’s Deep Work and Digital Minimalism, both of which have impressed me greatly—my very first blog post (and doesn’t that take me back!) was inspired by Deep Work.
The human brain can truly focus on only one thing at a time. According to another study published in 2015 by the University of London, trying to tackle multiple cognitive tasks at once can actually make us less intelligent—declines in IQ of up to 15 points were seen in some multitasking men.
Multitasking isn’t even efficient from a time perspective. The brain takes time to switch gears—if we’ve been working with numbers and stop rushing off an email, our brains have to shift from math to writing. If we leave a task unfinished while we go do something else and then leave that unfinished as well to move to a third issue, we will have to keep changing those gears, back and forth, and all these gear switches will waste our time.
Think of those incremental time savings, and let’s focus on doing one thing at a time. Focused work on a single project seems to be the way to maintain (maybe improve?) our IQs, save us time and make us more efficient and effective. Let’s take a minute when we’re done—or as far along as we can get now—and breathe, allowing our brains to relax before the next gear change.
Then, let’s tackle the next project—and only that, for as long as we’re working on it.
We can commit to staying focused, keeping our minds on what we’re doing, and not trying to do more than we can at our best. We can decide not to check our phones for email, messages, or the latest news while we’re in a meeting—and we can stick to it.
We can strive for deep focus, deep work, and deep thought, and for living in the present task rather than chasing future tasks. This will put us in a much better position than trying to make our brains do what they cannot accomplish effectively.
What techniques do you use to focus on the one thing you must do now?
Please click here to email me directly – I’d love to hear your strategies!
Until next time –
Peace,
Eric
When it comes to retirement planning, no amount of care can be called too much. And, speaking of “much,” most of us have a number of options on the retirement plans we have available as vehicles for saving.
If your employer offers this, one of these options may be a Roth 401(k). Roth 401(k)s were enacted effective January 1, 2006, and they are becoming more widespread and popular. In 2023, fully 93% of 401(k) plans in the United States offer a Roth option.
But is a Roth 401(k the best fit for you? That’s a discussion you should have with your virtual CFO or your trusted financial advisor, but here are some general notes:
Traditional 401(k) Plans
Initially created as part of The Revenue Act of 1978, signed into law by President Jimmy Carter, and governed by regulations initiated in 1981 and to date, 401(k) accounts held some $8.9 trillion at the close of the third quarter of 2024.
These plans were created as a measure to offer lower-tier employees a retirement savings option – a number of employers had allowed such perquisites only to executives.
Traditional 401(k) plans are funded by employee contributions of effectively deferred earnings since the contributions are made in pre-tax dollars, with tax liabilities imposed upon withdrawal.
Additionally, employers may contribute to their employees’ 401(k)s—in 2024, some 98% of employers offered “matching” contributions, though usually lower than the employees’ own contributions.
In 2023, the average employee contribution to a 401(k) represented 8% of their annual compensation. The average employer matching contribution ranges between 4 and 6 percent.
Participants in 401(k) plans must take required minimum distributions at some point following retirement – but no later than April 1 of the year following the year you turn 73, unless you are still working. In that case, you can defer your withdrawals from the 401(k) plan you have with your current employer.
Withdrawals can be made from a traditional 401(k) plan’s vested balance at any time, but if the participant has not reached age 59½, not only is the withdrawal subject to income tax liabilities but also to a penalty equal to 10% of the withdrawal. This penalty can be abated if the withdrawal is for an allowable purpose—e.g., a first-time home purchase, unreimbursed medical expenses, or the birth or adoption of a child.
Saving via a traditional 401(k) is at least in part predicated on the idea that following retirement, your income tax bracket will fall, meaning (greatly simplified) that you will pay less in taxes upon withdrawal of your assets than you would have during your working life.
But, as noted, that is, if anything, oversimplified. Tax rates and brackets change over time under new administrations and new Congresses.
You may be in a high tax bracket now and an even higher one later – if tax rates go up, if you expect a significant inheritance after your retirement, a business sale, or another kind of windfall.
In that case, you might consider choosing a Roth 401(k).
Roth 401(k) Plans
As noted, Roth 401(k)s are a relatively new option, compared with traditional 401(k) plans.
Like Roth IRAs, Roth 401(k)s are funded via after-tax contributions. The participant pays taxes on these contributions when earned, not, as with traditional 401(k) plans, when they are withdrawn.
In addition, Roth 401(k) disbursements are not taxable, provided the account has been open for at least 5 years and the participant has reached 59½.
Another benefit of Roth 401(k) plans is that, under the SECURE 2,0 Act of 2022, participants do not need to take RMDs at all. Account holders can pass their accounts to their beneficiaries intact, with withdrawals tax–free.
Before the SECURE 2,0 Act became law, Roth 401(k) participants were subject to the same RMDs that traditional 401(k) plans and IRAs mandate – but no longer.
However, under the provisions of the first SECURE Act, signed into law in December 2019, certain beneficiaries of an inherited Roth 401(k) must take RMDs over a period of 10 years.
Those beneficiaries of an inherited 401(k), whether traditional or Roth, who need not take RMDs are:
- The deceased account owner’s spouse.
- A disabled beneficiary.
- A chronically ill beneficiary.
- A beneficiary not over 10 years younger than the deceased account owner.
- A minor beneficiary who is the child of the deceased account owner (the 10-year distribution rule will only become effective when the beneficiary reaches the age of majority).
If your employer’s 401(k) allows it, you can convert a traditional 401(k) to a Roth 401(k), subject to tax liabilities on the amount converted, as with converting a traditional IRA to a Roth IRA. Figure this carefully if you choose conversion – we do not recommend paying the taxes owed on the assets you convert out of your retirement funds. Use another source – such as your non-retirement investments.
So, Which is Right for You?
There is no simple answer to whether a traditional or a Roth 401(k) is your best option.
It depends on too many factors:
- Whether you feel it’s wiser to pay taxes on your retirement savings now or after you retire.
- Whether you want to leave your retirement savings to a beneficiary free of taxes.
- Your current financial picture.
- Your family situation.
- How you see things changing as the years go by.
- What you want out of retirement.
We strongly suggest you consult with your virtual CFO or other trusted financial advisor (and at RFG, we’ve been advising our clients on retirement and other financial planning concerns for decades) to determine the best options.
For you. For your family. For your legacy.
If you have any questions about traditional or Roth 401(k)s, IRAs, or other retirement plans available to you, please click here to email us directly. We are here to answer your questions and help you plan your retirement so you can enjoy the assets your efforts have brought you—however you choose to do so.
Until next time –
Peace,
Eric
If you are married, and your spouse is a homemaker, you might think only you can make contributions toward retirement via eligible retirement accounts and plans.
But that isn’t the case! A spousal IRA can allow both partners to save toward their retirement years on a single income.
What is a Spousal IRA?
“Spousal IRA” is a descriptive term, not a true separate type of IRA.
A spousal IRA is an individual retirement account (it can be either a traditional or a Roth IRA), owned by the non-working spouse in whose name it is opened, even as the working spouse makes the contributions.
To open and contribute to a spousal IRA, the couple must file their taxes jointly, and the working spouse must earn at least as much as s/he contributed to both their own and their spouse’s IRA each year.
Contributions made by the working spouse are subject to the rules governing traditional or Roth IRA contributions, as applicable.
These include:
For Traditional IRAs
In brief:
- A traditional IRA is funded via pre-tax dollars, and its investments grow with taxes on both contributions and growth deferred until the account owner makes withdrawals.
- Subject to certain income limits, and whether the account owner (or spouse) is covered by an employer-sponsored retirement plan, contributions to an IRA may be tax deductible in whole or in part.
- Withdrawals, whether via required minimum distributions (RMDs), rollover to another retirement account, or other form of withdrawal, can be made at any time – but if funds are withdrawn prior to the account owner’s reaching age 59½ , they are subject not only to income tax, but also a penalty equal to 10% of the amount withdrawn. There are some specific circumstances and purposes which may eliminate the imposition of the 10% penalty.
- Contributions to a spousal IRA can be made if there is sufficient income from employment, up until RMDs must be taken – the deadline is April 1 of the year following that in which the account owner turns 73 (if you did not reach age 72 before December 31, 2022).
For Roth IRAs
Roth IRAs are different from traditional IRAs:
- A Roth IRA is funded with post-tax dollars, rather than pre-tax.
- Once assets have been held in a Roth IRA for 5 years, the full amount contributed to the account can be withdrawn at any time by the account owner and are not subject to income tax, since tax was paid on the contributions.
- Once the account owner reaches age 59½, investment earnings held in the Roth IRA can be withdrawn tax- and penalty-free, providing the assets have been held at least 5 years.
- Withdrawals made before the Roth account has been held for 5 years or the owner is under 59½ years old may be subject to both income tax and a 10% penalty.
- Roth IRAs are not subject to RMDs – no withdrawals of any kind are required, and a Roth account can be passed along to a beneficiary intact, no matter the age of the account owner at death.
- For 2025, to be eligible to open a Roth IRA, a married joint-filer must have no more than $245,999 in modified adjusted gross income (MAGI), though for contribution of the full amount of the 2025 limit (which is set annually by the IRS), no more than $236,000 can be earned. This threshold is also set by the IRS, usually during the quarter prior to the start of the year for which it will be applicable.
Should You Open a Spousal IRA for Your Homemaker Spouse?
A spousal IRA can be a great way to save extra money toward retirement:
- By having IRAs for both spouses, you can contribute the maximum allowable amount to both accounts – twice the retirement savings! If the working spouse has an employer-sponsored retirement plan, that’s an additional avenue for savings, not an “instead of.”
- For 2025, the limit for contributions to a traditional or Roth IRA is $7,000, with an additional $1,000 “catch-up” contribution allowed by those over age 50.
If it fits with your family’s current situation, your income, goals, and inclinations, a spousal IRA might be the right move, to protect and enhance your retirement, to protect your spouse’s future – but we urge you to consult with your virtual CFO (if you don’t have one for your business, Rigby Financial Group can help you determine whether that, too, would be a good move!) or other trusted financial advisor. S/he can help you navigate the waters of retirement planning, in light of your own unique family, life, and goals.
Because one size never fits all – and at RFG, we are never looking to offer cookie-cutter solutions – every service we offer is tailored to the individual client’s needs and desires.
So, come to us for bespoke tailoring – of your financial, tax, retirement, and estate plans, of ensuring your company’s financial well-being into the future, of helping you navigate through the complex issues and details arising from the sale or purchase of a business.
If you are wondering whether an IRA for your homemaker-spouse is a good idea for your family, consult RFG. We have the expertise and experience to give you the facts – and counsel – so you can come to a decision you have confidence in.
Please click here to email us directly – let us know how we can help – that‘s what we are dedicated to and passionate about.
Until next time –
Peace,
Eric
President Trump campaigned on a good many issues – but taxes were high on the list. He proposed no income tax on Social Security, overtime pay, or tips. The tax cuts enacted in the 2017 Tax Cuts and Jobs Act (TCJA) would be made permanent or at least extended.
Costly proposals, all of them! And at present, the President and Congressional Republicans, along with the ubiquitous Elon Musk, the unpaid head of the newly created Department of Governmental Efficiency (DOGE) are exploring the ways they might cut – spending cuts in energy, transportation, education, health, welfare, customs, immigration, infrastructure, federal workforce levels are being discussed. So are income taxes and tax breaks.
According to reports, a number of time-honored tax breaks (and some newer ones, too) are under consideration for amendment or elimination.
Among these are:
Home Mortgage Interest Deduction
Prior to enactment of the TCJA, home mortgage interest on mortgage indebtedness for a primary or secondary family home of up to $1,000,000 was tax deductible via itemization on Schedule A of an individual income tax return.
The TCJA pared that back on residences acquired after December 15, 2017 – currently, for these properties, interest on $750,000 is deductible.
If Congress takes no action with respect to taxes, the lower TCJA cap would expire, and interest in $1,000,000 of family home mortgage debt would again be allowed.
However, on Capitol Hill they are discussing further lowering the mortgage debt cap to $500,000.
We can hope they don’t eliminate this deduction altogether – but we don’t think that’s likely.
SALT Deduction
Prior to the TCJA, taxpayers could deduct income, sales, and property taxes paid at the state or local level (state and local taxes = SALT)
The TCJA capped the deduction at $10,000.
The deduction used to have its own line item on individual income tax returns; now, to receive the deduction, the taxpayer has to itemize deductions on Schedule A.
This cap, like many provisions of the TCJA, is set to expire as of midnight, December 31, 2025.
Options being discussed on this subject include:
- A bipartisan bill to repeal al caps on SALT deductions was introduced in the U.S. House of Representatives just a few weeks ago.
- Total elimination of the deduction is another option under discussion.
- Some proposals would keep or increase the cap – by extending the $10,000 limit, but allowing married taxpayers to deduct $20,000, or increasing the cap to $15,000 for single filers, and allowing deductions up to $30,000 for married joint filers.
We consider some version of the last item more likely than either wholesale elimination of the deduction or full passage by both House and Senate of the bipartisan House bill.
Education Tax Breaks
There’s some enthusiasm and momentum behind a push to eliminate several higher-education-related tax breaks and/or credits:
- The $2,000 Lifetime Learning Credit for qualified tuition and related expenses for college and postgraduate students. This credit is available annually, with no limit on the number of years it can be claimed, to eligible students enrolled in an eligible educational institution.
- The American Opportunity Tax Credit (AOTC), a partially refundable $2,500 tax credit to help with tuition and other expenses such as certain required fees and course materials (but not including room and board). This credit is only available during the first four years of a student’s post-secondary education.
- The individual income tax return lime item credit of up to $2,500 for student loan interest.
Also being discussed is making grants for scholarships and fellowships taxable.
Whether any of these proposals will become effective is anyone’s guess – but I’d think not all of them, if indeed, any, are likely to survive.
Tax Breaks For Families
Also on the chopping block are some tax breaks targeted to families with dependent children:
- The child and dependent care credit. The child must be under age 13, and the dependent can be a spouse or other dependent of any age who is either physically or mentally unable to care for themselves, or who is a full-time student and also disabled. Taxpayers who pay outside caregivers while working or looking for work can claim this credit, but earned income of some amount is necessary.
- The head-of-household filing status – individuals now qualifying for this status would have to file as ordinary individuals. This would mean they get a lower standard deduction (in 2025, the individual standard deduction is $15.000, while the head-of-household’s is $22,500), and loss of the special tax brackets for current head-of-household filers.
There’s also discussion of requiring social security numbers for parents claiming the $2,000-per-child tax credit. At present, social security numbers are only required for the child or children.
But this last is certainly revenue neutral.
Other Tax Breaks Under Review
Other proposals concerning tax breaks which are being scrutinized for possible elimination include:
- Green energy initiatives enacted as part of the Inflation Reduction Act of 2022 might well vanish.
- Changes to the Affordable Care Act’s healthcare insurance premium subsidies are being looked at.
- The employee tax exclusion for employer-paid meals, transportation, and other perquisites could be eliminated.
- Private colleges currently pay a 1.4% excise tax on net investment income of private colleges; on the table is an increase to 14%.
- The exclusion of private individual donations to non-profit healthcare organizations, including hospitals, from the list of deductible charitable contributions.
We don’t know what is going to happen with all of this – or any of it. As Yogi Berra famously said,
“It’s tough to make predictions, especially about the future.”
These discussions are unusual – it’s more common – with both parties – to put forth proposed tax cuts or tax breaks of other kinds than to propose eliminating them once they are part of the tax code.
But we will certainly keep our ear to the ground, and what we hear we will report to you, our faithful readers.
If you have, or develop, any concerns about your tax situation, please call Rigby Financial Group. We have an expert tax team ready to help answer any questions and resolve any concerns you have.
Please click here to email me directly – I and my team are always here for you!
Until next time –
Peace,
Eric
When did you last take a careful review of your retirement planning?
Have you even started making plans – beyond saving, which we assume you are all doing?
Because retirement can be an extraordinary opportunity to live your dreams – but only if you’ve funded those dreams!
In our latest whitepaper, we offer suggestions on making the most of your retirement income – and if you need to plan, reach out to us – we are experts at retirement planning, and will be delighted to help assure you can reach every goal and aspiration you desire,
To help you start planning, Rigby Financial Group is delighted to offer you a free copy of our latest whitepaper – 5 Tips to Make the Most of Your Post-Retirement Income!
Find out more – click here to get your free copy!
Until next time –
Peace,
Eric
Seneca wrote, “There is no more stupefying thing than anger, nothing more bent on its own strength. If successful, none more arrogant, if foiled, none more insane—since it’s not driven back by weariness even in defeat, when fortune removes its adversary, it turns its teeth on itself.”
As a person of Irish descent, I know a little bit about anger, and it can really a short-term motivator, can’t it? Anger can make us feel powerful and impatient for action – and this has to be a good thing, right?
Or is it? Remember that anger is an emotional state, which releases epinephrine, also known as adrenaline, mainly from the medulla of the adrenal gland into the body, which impedes reasonable thought. Now, acting from such a state, surely, is not a good thing under most circumstances.
If I act out of anger, I’m not rationally arriving at the practical solutions. I’m not calmly addressing a team member’s needs and concerns – in fact, my anger is almost certainly counterproductive.
Anger, in fact, can blind us to the path we need to take to get out of the situation or problem which angered us.
It’s a fuel, all right, but toxic fuel, and if we make that fuel our go-to, we’re going to find ourselves with burned out motors.
Those angry brain chemicals leave a bad taste in the soul. An unwholesome feeling in the heart and mind.
Ambrose Bierce wrote:
“Speak when you are angry and you will make the best speech you will ever regret.”
It’s akin to hate, and, in the words of Dr. Martin Luther King, Jr.:
“Hate is too great a burden to bear.”
So is anger.
Let’s jettison our anger. Restrain ourselves—take a few minutes to breathe, pray, or meditate until we are cool-headed and can address whatever problems face us from a place of reason, calm, and strength.
How do you counter anger, when you feel it looming?
Please click here to email me directly – I’d love to know your strategies.
Until next time –
Peace,
Eric
The SECURE 2.0 Act, signed into law on December 29, 2022, built on the foundational changes to retirement plans enacted in the Setting Every Community Up for Retirement Enhancement Act (SECURE) in December of 2019, made a few significant changes to the rules governing the administration of and contributions to retirement plans.
Initially planned to be effective beginning January 1, 2025 or later, the IRS has postponed some of these changes’ effective date until January 1, 2026.
Some of the changes will be newly effective; whether in 2025 or 2026; these include:
401(k) Plans
As we noted in December of last year, the 2025 contribution limit for 401(k), 403(b), and most 457 plans will rise from $23,000 in 2024 to $23,500 for employees under 50. For those over 50, a catch-up contribution of up to $7,500 annually is permitted – no change from 2024 – allowing you to contribute up to $31,000, assuming your employer-sponsored retirement plan is structured to allow catch-up contributions.
In addition, starting this year, for employees between ages 60 and 63, an additional catch-up of the greater of $10,000 or 150% of the 2024 catch-up limit of $7,500, or $11,250. This bring the total contribution permitted for those ages 60, 61, 62, and 63 to $34,750, or the base contribution limit of $23,500 plus the maximum catch-up for those ages of $11,250.
A further change for 2025 is that, for 401(k) plans established on or after December 29, 2022, employees must be automatically enrolled in the plans. Initial automatic contribution levels must represent at least 3% of compensation, but not more than 10%, with a 1% increase annually until the contribution level reaches at least 10% but not more than 15%.
Employees are required to be automatically enrolled but are not required to participate or to contribute – they can change their contribution rate to 0% if they choose.
SIMPLE IRAs
For SIMPLE IRAs (Savings Incentive Match Plan for Employees) the 2025 maximum contribution will rise to $16,500, up from $16,000 for 2024. If you are over 50, a catch-up contribution of up to $3,500 – unchanged from 2024 – is permitted.
In addition, beginning in 2025, SIMPLE IRA account owners between the ages of 60 and 63 can make catch-up contributions of the greater of $5,000 or 150% of the over-50 catch-up, which would be $5,250. For 2025, those aged 60-63 can make total contributions of $21,750 ($16,500 basic contribution limit plus $5,250 catch up for those 60-63) to SIMPLE IRAs. Cost of living adjustments will be made to this catch-up limit starting in 2026.
10-Year Rule for Inherited IRAs to Become Effective in 2026
The SECURE Act of 2019 initially established a rule whereby inherited IRAs, unless inherited by certain “eligible designated beneficiaries,” must be fully paid out within 10 years of the original account owner’s death. Previously, beneficiaries of inherited IRAs could withdraw the account’s funds over their lifetimes.
However, the new 10-year payout rule created significant confusion, resulting in appeals to the IRS, which has not been rigorously enforcing this provision and, indeed, has been forgiving some penalties for not withdrawing inherited IRA funds.
But this can has almost reached the end of the road. Inheriting owners of IRAs must begin taking their required minimum distributions by December 31, 2026 and, if they do not, a penalty of 25% of the RMD not taken will be imposed.
Eligible designated beneficiaries, who need not take distribution of inherited IRAs within 10 years are:
- The deceased account owner’s spouse.
- A disabled beneficiary.
- A chronically ill beneficiary.
- A beneficiary not more than 10 years younger than the deceased account owner.
- A minor beneficiary who is the child of the deceased account owner. The 10-year rule will become effective when such a beneficiary reaches majority.
Final Thoughts:
The changes impacting RMDs on inherited IRAs are postponed until January of 2026, though taxpayers are exhorted to “apply a reasonable, good-faith interpretation of the statutory provisions underlying the amendments.”
However, the special catch-up contribution allowance for those between ages 60 and 63 is effective for 2025., as is the requirement that all eligible employees be automatically enrolled into an employer’s 401(k) plan, if that plan commenced on or after December 29, 2022.
While the IRS will be penalizing those beneficiaries of inherited IRAs for not taking required minimum distributions from these accounts starting in 2026, confusion on this issue has yet to be entirely dispelled.
If you have any questions about an inherited IRA, or about leveraging these new contribution limits to maximize your retirement assets, reduce your tax liabilities, and plan for a secure and happy retirement, our vCFOs / financial planners are always here to help.
Please click here to email us directly – let us help you navigate the new changes – that’s what we are here to do!.
Until next time –
Peace,
Eric
For more on the SECURE and SECURE 2.0 acts, see:
SECURE 2.0 Enacted – Key Highlights
Payout Rules for Beneficiaries of Inherited IRAsHow the SECURE Act Changed Retirement Plans
While we at Rigby Financial Group advise all our clients to have wills drafted and to update them regularly for any life-changing event (e.g., the birth of a child or grandchild, divorce, marriage or remarriage, the death of a loved one), not everyone has a will in place.
In fact, some 43% of people aged 50 and older are on track to die intestate (i.e., the State will step in to divvy up the assets left behind). For those over 50 who live alone and are childless, the percentage is even higher, at 50%.
This can have surprising results – surprising, at least, for recipients who may be relations, however distant, but have never met – or, in some cases, even heard of – the relation from whom they are inheriting.
Since people cannot be expected to feel much grief at the passing of someone they have never known, and since everyone can be expected to react happily to an unexpected windfall, such beneficiaries are called “laughing heirs.” And why not? They are, after all, laughing – all the way to their bank!
However, it’s easy enough to avoid enriching those distant relations and/or connections you have no acquaintance with (such as your fifth cousin’s adopted son’s widow, perhaps).
Here are some suggestions:
Make a Will!
It’s of first importance to make your will. Have an experienced estate attorney draw it up for you – if you don’t have one, let us make a recommendation; we work with a number of excellent estate attorneys.
Choose your heirs carefully – if you are married and have children, that’s where you start. But there are other bequests – to charity, to friends, etc., which you may want to specify as well.
Keep your will up to date. Review it carefully on a periodic basis, even if you think nothing in your situation or wishes has changed. You may surprise yourself and want to make changes without having realized it before you actually look at your will.
In addition, review your will upon:
- The birth of a child or grandchild
- Divorce (yours or one of your beneficiaries’)
- Marriage, or remarriage (again, whether it’s your own or a beneficiary’s)
- The death of a loved one, whether they were one of your chosen heirs or not. Sometimes the death of someone close can change the way you want your assets handled when you are gone.
Designate Beneficiaries Wherever Possible
For many assets, including insurance policies, retirement accounts and many non-qualified investment accounts, you can designate beneficiaries. Appropriate beneficiary designations should be in effect for any asset that allows such designations (even some bank accounts can have beneficiaries designated for them).
Having designated beneficiaries (provided you keep such designations up to date, and avoid having accounts designated for beneficiaries who have either pre-deceased you or are no longer the people you want to inherit the account or insurance proceeds removes these assets from probate – and the courts governing estates concern themselves only with probate assets.
But accounts and insurance policies which can, but do not, designate beneficiaries must go through probate.
So, make sure you have your beneficiary designations in place and up to date at all times. Review them (along with all components of your estate plan) periodically, and upon life-altering events such as those listed above.
Have a Comprehensive Estate Plan
Especially if you have substantial assets to leave, we strongly urge you to have an estate plan (if you don’t already), and again, to ensure it is kept up to date.
An estate plan is the best way to ensure that all your assets are designated to those you want them to go to.
Begin with your virtual CFO, or other trusted financial advisor. We at RFG have been advising on estate and financial planning for many years and would be delighted to be your first step on your own estate planning journey.
Your estate attorney, too, is invaluable in ensuring your wills, powers of attorney, and any trusts you want set up are exactly as you want them.
Final Thoughts
While life will always be unpredictable – that’s part of its beauty – not everything needs to remain uncertain.
We highly recommend avoiding uncertainty as to where your assets will end up when you no longer have use for them.
Please – we urge you – make 2025 the year you visit your financial advisor and your estate attorney, draw up your will, your powers of attorney, and any trusts advisable for your unique, individual situation.
And if you already have these in place, make this the year you review them very thoroughly to ensure they are still as you need and want them to be.
Please click here to email us directly – Rigby Financial Group’s trusted financial and estate advisors are always at your service – that’s what we are here for!.
Until next time –
Peace,
Eric
Well, here they are – and maybe there they go, at least a couple of them. Tariffs figured significantly in President Trump’s campaign, and he wasted little time in springing them.
Of course, we’ve been hearing about them in prospect, and since President Trump announced, on February 1, 2025, which was a Saturday, that tariffs of 25% would be imposed on Canadian and Mexican imports, and of 10% on Chinese imports, effective at 12:01 AM Tuesday, February 4, we might be forgiven for channeling our inner Jan Brady (it dates, us, but don’t most of us remember, “Marcia, Marcia, Marcia!”).
We might also be forgiven for feeling a touch of mental whiplash. By the end of Monday, February 3, announcements from President Trump, Mexico’s President Claudia Sheinbaum, and Canada’s Prime Minister (still, if temporarily) Justin Trudeau confirmed that, following negotiations, concessions from Mexico and Canada on border issues, and agreements between these countries and the U.S., that the tariffs imposed on these countries have been paused for 30 days.
During that time, working groups on both sides, in each case, will work toward a more permanent agreement to avoid the imposition of these tariffs.
Predictably, China is another cup of tea entirely. More on that below.
However, there is much that needs to be hammered out, and 30 days is a short window of time.
And we strongly recommend you take precautions now to protect your business as much as possible:
How Can I Protect My Business Against Tariffs’ Impacts?
You may know, or you may not, whether your suppliers rely on Canadian, Mexican, or Chinese imports.
Find out.
Review all contracts carefully – if you have any questions, run them by your virtual CFO or other trusted business advisor.
This is especially critical to those with long-term pricing commitments.
Check the provisions in your contracts on force majeure and any other provisions which might open up the possibility of re-negotiation.
Get in touch with your suppliers:
- Discuss any options for sourcing products or raw materials either domestically or from countries not subject to tariffs.
- Negotiate with those suppliers affected by the tariffs – can they perhaps absorb the increased cost? Possibilities include price concessions and/or volume discounts.
- Discuss potential timing and logistical concerns (think increased U.S. Customs scrutiny) with your suppliers.
- Be in contact with logistics providers to ensure you dot every ‘i” and cross every “t” you can.
Cultivate and discuss your concerns and issues with transfer pricing experts, consultants with expertise in tariffs, and international tax professionals. Do this as soon as possible. They can potentially help you with rules on:
- Country of origin
- Product classification
- Exemption requests.
All these were critical in developing effective strategies for businesses back in 2018, when then-and-now President Trump imposed tariffs before.
Last, but not least in importance, ensure you have a consistent communication strategy – with your suppliers, your customers / clients, and your team. Every stakeholder concerned in this issue should have the same clear understanding of your stance and strategy.
Now, what response to President Trump’s tariffs did each country make? What concessions, if any, were offered?
Mexico
President Scheinbaum has announced the dispatch of 10,000 Mexican National Guard members to the U.S. border.
They will be charged with helping curb both illegal immigration and the inflow of fentanyl across the border.
Mexico has also agreed to accept reinstatement of the “Remain in Mexico” policy which requires asylum seekers to apply for that privilege from a nation outside the U.S., waiting there until their case has been adjudicated.
Canada
Prime Minister Trudeau is implementing a $1.3 billion border-security effort. This project was announced in December of 2024.
Canada has also promised to create a “fentanyl czar” to develop policies to address the drug’s impact, both internally and in regard to smuggling operations which send the dangerous substance across the U.S. border.
Canada has been ramping up efforts to increase border security over the past year (give or take a few months), and has shown significant progress with respect to illegal border crossings – the findings were shared with the new Administration here in the U.S.
China
China, of course, is a notorious non-appeaser. They hit back – and hard.
In response to the imposition of the new tariff, which did go into effect at 12:01 AM on Tuesday, February 4, 2025, the ruling Chinese Communist Party (CCP) announced that they will challenge this new tariff with the World Trade Organization.
In addition, China has imposed a retaliatory tariff of 15% on coal and liquified natural gas imported from the U.S.
New restrictions on exports to the U.S. of certain minerals used in manufacturing high-tech products have been imposed as well.
And China is initiating an investigation into Google, ostensibly in connection with concerns over its supposed “monopoly.”
We believe President Trump is playing a potentially dangerous game; we will not attempt (certainly not at this point!) to predict long-term “winners” and / or “losers.”
But tariffs so often result in higher prices that the real losers may be American businesses and consumers – at least in the short-term.
We urge you to work as diligently and swiftly as possible to “tariff-proof” you business, to the degree that is feasible.
If you have any questions on how tariffs might impact your bottom line, please give us a call – Rigby Financial Group is here to help you answer those questions and provide expert guidance.
But don’t neglect your other consulting needs with respect to tariffs – and we may be able to help you find the right contacts, too!
Please click here to email me directly – I and my team are always here for you!
Until next time –
Peace,
Eric
2025
- Why Hire a Virtual CFO? Because It Pays!15 April 2025
- It’s 2025 – Why Are We Still Multi-Tasking?8 April 2025
- Choices—Is a Traditional 401(k) or a Roth 401(k) the Best Fit for You?1 April 2025
- The Spousal IRA – is it Right For Your Family?25 March 2025
- On the Chopping Block – Tax Breaks Under Fire in Congress18 March 2025
- Our Latest Whitepaper – 5 Tips to Make the Most of Your Post-Retirement Income11 March 2025
- Acting Out of Anger is Running Your Motor on Bad Fuel3 March 2025
- SECURE 2.0: Changes to Retirement Plans for 2025 – IRS Postpones Effective Date on Some Until 202625 February 2025
- The Laughing Heir – and How to Avoid Leaving Your Assets to One (or More!)18 February 2025
- Tariffs, Tariffs, Tariffs! What Can You Do to Protect Your Business?11 February 2025
- Dealing With the Unexpected – Record-Breaking Snowfall in New Orleans4 February 2025
- What to Leave OUT of Your Will28 January 2025
- IRS Proposes Regulations Governing Retirement Plan Catch-Up Contributions Under SECURE 2.021 January 2025
- We Celebrate Serving You!17 January 2025
- The Future of the Biden Overtime Rule . . . ?14 January 2025
- Will the New Administration Extend the TCJA’s Provisions?7 January 2025
2024
- 2025 – A New Year In, Meditations and Resolve30 December 2024
- Happy Holidays from Rigby Financial Group!23 December 2024
- IRS Announces Increased Retirement Plan Contribution Limits for 202517 December 2024
- Succession Planning for Business Owners – Part II!10 December 2024
- IRS Announces 2025 Income Tax Bracket Limits3 December 2024
- These Are a Few of My Thankfulness Things . . .26 November 2024
- Don’t Put Your Dream Retirement at Risk! 6 Common Retirement Planning Mistakes – and How to Avoid Them19 November 2024
- Take These Steps the Year Before You Retire12 November 2024
- Succession Planning For Business Owners – Part I12 November 2024
- Retirement: Pros and Cons of Rolling Your 401(k) to Your IRA5 November 2024
- Have a Spooky – But Safe – Halloween!29 October 2024
- Do You Really Want Your Ex Inheriting Your Retirement Account(s)?22 October 2024
- Reporting Beneficial Ownership Information to FinCEN – the Clock is Ticking!15 October 2024
- Non-Compete Agreements – Current Status of the New FTC Rule Explained8 October 2024
- Overdoing It? Don’t Let Your Strengths Become Weaknesses1 October 2024
- Top Estate Planning Factors for Real Estate Investors24 September 2024
- IRS Provides Tax Relief for all Louisiana Victims of Hurricane Francine17 September 2024
- New RFG Whitepaper – Succession Planning For Business Owners – Part I!10 September 2024
- Want to Transition from Employee to Entrepreneur? RFG Can Help You Do It Right!3 September 2024
- Happier Employees Are More Productive! How We Can Foster Happiness27 August 2024
- Entrepreneurs & Risk Exposure – Mitigation Strategies20 August 2024
- The Cost of Money for Closely Held Businesses13 August 2024
- Why You Need to Know the Value of Your Closely Held Business6 August 2024
- Get It on Paper! Why Written Agreements Are Essential for Any Business30 July 2024
- Eric and Meghan Rigby’s European Vacation23 July 2024
- Compensation Irregularities in Family-Owned Businesses – Why They Matter, and How to Avoid Them16 July 2024
- Considering a Roth Conversion? Timing Matters!9 July 2024
- Independence Day 20242 July 2024
- The Balancing Act – Estate Planning for Your Heirs25 June 2024
- Bill Walton / The Grateful Dead – Two Passions, One Spirit18 June 2024
- It Takes An Entrepreneur to Know One – But it Took Me a While to Realize . . . I Am One11 June 2024
- Avoid These 5 Common Mistakes When Planning For Retirement!4 June 2024
- IRS Waives Penalties for Some Missed RMDs on Inherited IRAs28 May 2024
- Business Owners: Often Overlooked Business Tax Deductions28 May 2024
- Attention, Real Estate Investors! Do You Know How Cost Segregation Can Help You Save on Your Taxes?21 May 2024
- Jazz Fest 2024 – Showing the Kids How It’s Done!14 May 2024
- RFG Whitepaper: Often Overlooked Business Tax Deductions!7 May 2024
- Do You Need to Report Your Confidential Business Information to the Federal Government?30 April 2024
- Top Tips for Residential Real Estate Investors23 April 2024
- Official Release Today – Eric Rigby’s New Book! Get Your Free Copy!16 April 2024
- Is Your Estate Plan Due For a Check-Up?9 April 2024
- What Your HSA Can Do for You – Now and in the Future2 April 2024
- Management Skills for Business Scaling26 March 2024
- Spring is Coming!19 March 2024
- How to Hire Top Talent in a Tight Labor Market12 March 2024
- How to Rent Out Your Home Tax Free – The Masters Rule5 March 2024
- The Circle of Life27 February 2024
- IRS: 2024 Income Tax Bracket Thresholds – Inflation Strikes Again!20 February 2024
- Mardi Gras – Truly a Moveable Feast!12 February 2024
- Be Prepared! Bi-Partisan Tax Relief Passes House6 February 2024
- Increased Retirement Plan Contribution Limits for 202430 January 2024
- How to Scale Your Business For Future Growth23 January 2024
- Cash Flow & Your Business – Best Practices From a Virtual CFO16 January 2024
- IRS More Than Doubles Interest Rate (Penalty) on Estimated Tax Underpayments Over 2021 Rate9 January 2024
2023
- 2024 – New Year In, Old Year Out26 December 2023
- Happy Holidays from Rigby Financial Group!19 December 2023
- Roth IRAs and Income Tax Liability – How to Protect Your Assets12 December 2023
- Income Tax Provision – Let’s Talk Taxes!5 December 2023
- Valuations – What Is Your Business Worth?28 November 2023
- Gratitude Amid Uncertainty – Happy Thanksgiving!21 November 2023
- This Thanksgiving, Let’s Keep it Kind15 November 2023
- How Are C Corporations Taxed?14 November 2023
- What Are Virtual CFO Services?7 November 2023
- Happy Halloween!31 October 2023
- Why You Need to Update Your Beneficiary Designations25 October 2023
- Plan NOW For Your 2023 Taxes!18 October 2023
- Tax Deadline Relief Due to Saltwater Intrusions!11 October 2023
- Changes Coming for RFG!4 October 2023
- Don’t Get Scammed!27 September 2023
- The Portability Election – And Why It’s Important!20 September 2023
- When Do You Need a Trust?13 September 2023
- The Family Meeting on Your Financial Affairs – and Why You Need to Have One6 September 2023
- Why You Need a Financial & Estate Organizer – and What to Put in It30 August 2023
- The Unlimited Spousal Deduction Explained24 August 2023
- Wills and Powers of Attorney – Why You Need Both16 August 2023
- When a Change of Scene Brings a Change of Perspective2 August 2023
- You’ve Sold Your Business – Sunset, or Sunrise? Your Call!26 July 2023
- Passing the Baton: After-Sale Transitions19 July 2023
- When Should You Start Planning to Exit Your Business?12 July 2023
- Independence Day5 July 2023
- Explained – Goodwill in Business Sales28 June 2023
- Opportunity Knocks – RFG is Seeking One Great Tax Manager27 June 2023
- C Corp to S Corp Conversion – is it Right for Your Business?21 June 2023
- Selling Your Business – Taxation of Asset Sales14 June 2023
- AICPA ENGAGE 23!7 June 2023
- Welcome, Summer!31 May 2023
- Selling Your Business – Taxation of a Stock Sale25 May 2023
- What is Your Closely Held Businesses Worth?17 May 2023
- Valuing Your Closely Held Business For Sale10 May 2023
- Getting Your Closely Held Business Ready for Sale26 April 2023
- Temperance and Discipline – on These Hang Other Virtues12 April 2023
- The Smartest People are Often Unhappy – But They Don’t Have to Be!5 April 2023
- U.S. and International Banking – How Many More Shoes Will Drop?29 March 2023
- Strategies to Boost Productivity and Reduce “Busyness”15 March 2023
- Are We Too “Busy” To Be Our Most Productive?8 March 2023
- Preview of Upcoming Email Series8 February 2023
- Leverage the 2023 Estate and Gift Tax Exemptions – While They Last!1 February 2023
- SECURE 2.0 Enacted – Key Highlights25 January 2023
- Emerging Business Opportunity: Peer-to-Peer Loans18 January 2023
- Yes, You Really Can Schedule Creativity!4 January 2023
2022
- Happy New Year! It’s Time for Our Resolutions for 2023!28 December 2022
- Happy Holidays from Rigby Financial Group!21 December 2022
- Retirement Plan Contribution Limits for 202314 December 2022
- Act Now to Take Advantage of 2022 Tax Breaks!7 December 2022
- Self-Care is Also Care for Others30 November 2022
- Thankfulness in Difficult Times23 November 2022
- Payout Rules for Beneficiaries of Inherited IRAs16 November 2022
- Remote Work is Here to Stay9 November 2022
- IRS: Inflation Drives Up 2023 Income Tax Bracket Thresholds2 November 2022
- IRS: 2022 Taxes – Inflation Adjustments26 October 2022
- IRS Proposes Changes to the New 10-Year Payout Rule on Inherited IRAs19 October 2022
- The End of the Stretch IRA – and Ways to Compensate12 October 2022
- 2022 Retirement Plan Contribution Limits5 October 2022
- Ensuring a Happy Retirement28 September 2022
- Taxation in Retirement – Be Prepared!21 September 2022
- Roth IRAs – To Convert, or Not to Convert?14 September 2022
- How Much Stuff Do We Really Need?7 September 2022
- Should You Roll Your 401(k) Into an IRA When You Retire?31 August 2022
- Beneficiary Designations and Why They Matter17 August 2022
- The Ins and Outs of RMDs – Explained10 August 2022
- Allocating Your Retirement Portfolio27 July 2022
- Planning for Retirement in a Volatile Market20 July 2022
- How the SECURE Act Changed Retirement Plans13 July 2022
- When to Hire a Newbie versus an Experienced Pro6 July 2022
- Keep it Going – Forecast v Actuals29 June 2022
- Monthly Financial Forecasts – Explained22 June 2022
- Forecasting Business Goals15 June 2022
- Why It’s Better to Focus on Your Strengths than on Your Weaknesses8 June 2022
- Top Tips to Consider When Selling Your Business1 June 2022
- Buyer’s Tax Considerations When Purchasing a Closely-Held Business25 May 2022
- At Last! JazzFest Returns to New Orleans18 May 2022
- When to Trust Your Gut – and How to Listen to It11 May 2022
- Life After Selling Your Business – What Comes Next?4 May 2022
- Transitioning Out of Your Former Business27 April 2022
- Executing and Closing the Sale13 April 2022
- Life is Finite; Death is Final. In the Meantime . . .6 April 2022
- The Purchase Agreement: Explained30 March 2022
- Effective Sell-Side Due Diligence23 March 2022
- New Proposed IRS Regulations on RMDs16 March 2022
- Amanda Doherty’s Journey9 March 2022
- Allocating the Purchase Price2 March 2022
- Qualified Small Business Stocks – IRS Section 1202 Explained23 February 2022
- Structuring the Sale16 February 2022
- Partnership Buy-Sell Agreements9 February 2022
- Letter of Intent: Explained2 February 2022
- How Do You Find a Buyer for Your Closely Held Business?19 January 2022
- Are You Ready to Sell Your Closely-Held Business?13 January 2022
2021
- New Year, New Goals29 December 2021
- Happy Holidays from Rigby Financial Group!21 December 2021
- It’s Almost 2022 – Are We Still Multi-Tasking?15 December 2021
- The House’s Version: The Build Back Better Act, Explained8 December 2021
- Changes to the Employee Retention Tax Credit in the Infrastructure Investment and Jobs Act1 December 2021
- So Much to be Thankful For24 November 2021
- C. S. Lewis’ “The Inner Ring”17 November 2021
- Measuring Success – Don’t Fall into the Gap!10 November 2021
- Avoid Worry and Anxiety – the Marcus Aurelius Way3 November 2021
- JazzFest’s Return Delayed – But Don’t Give up Hope!27 October 2021
- Hurricane Ida – Unreimbursed Business Losses20 October 2021
- Hurricane Ida – Insured Business Losses13 October 2021
- Hurricane Ida – Unreimbursed Personal Casualty Losses6 October 2021
- Hurricane Ida – Covered Personal Casualty Losses29 September 2021
- Roth Accounts – New Proposed Limitations Explained23 September 2021
- Explained: Proposed Tax Changes from the House Ways and Means Committee15 September 2021
- Hurricane Ida – Business Loss of Income Claims9 September 2021
- RFG is Here to Help Your Business Recover7 September 2021
- Hurricane Ida – Insurance Coverage & Mandatory Evacuations2 September 2021
- Tax Relief for Victims of Hurricane Ida31 August 2021
- How to Manage Your Work Day More Effectively25 August 2021
- Helping People, Giving Back18 August 2021
- Make Work Simpler: The Eisenhower Decision Matrix11 August 2021
- Understanding Effective Strategies for Wealth Management10 August 2021
- Update – PPP Loan Forgiveness4 August 2021
- How I Prioritize – The Four Burners Theory28 July 2021
- The Green Book – President Biden’s Tax Proposals21 July 2021
- The Privacy of Your Tax Data? Fuggeddaboutit!14 July 2021
- What JazzFest’s Return Means to Me7 July 2021
- Creating a Digital Estate Plan1 July 2021
- Expect the Unexpected IX –10 Things NOT to do in a Crisis30 June 2021
- Expect the Unexpected VIII – Top 10 Things to Do to Prepare for a Crisis23 June 2021
- Expect the Unexpected VII – Communicating Your Plan15 June 2021
- Strategies for Generational Wealth Transfer15 June 2021
- Expect the Unexpected VI – Testing Your Plan8 June 2021
- Expect the Unexpected V – Technological Risks2 June 2021
- Expect the Unexpected IV – Ensuring Business Continuity26 May 2021
- How Tax Increases May Impact Your Succession Plan: Things You Should Know25 May 2021
- Expect the Unexpected III – Designing Your Response Strategy19 May 2021
- Expect the Unexpected II – Identifying Your Risks12 May 2021
- What Are Some Things You Can Do in 2021 To Position Yourself and Your Business for a Potential Tax Increase?11 May 2021
- Expect the Unexpected – Why a Closely-Held Business Needs to Plan For Contingencies5 May 2021
- War Stories – Katrina28 April 2021
- Is Your Business Doing Enough – Or Any – Succession Planning?26 April 2021
- New Updates: PPP Loan Forgiveness, Part 221 April 2021
- New Updates: PPP Loan Forgiveness, Part 114 April 2021
- Are You Doing Enough — Or Any — Succession Planning?12 April 2021
- Remote Life7 April 2021
- New SBA Guidance Changes PPP Rules for Schedule C Filers31 March 2021
- SBA to Administer New Grant Program for Shuttered Venue Operators29 March 2021
- Learn Better – the Feynman Way24 March 2021
- IRS Extends 2020 Filing, Tax Payment Deadline to May 17, 202118 March 2021
- 2021 – Why You Should Plan for Your Estate This Year17 March 2021
- Anger: Don’t Run Your Motor on Bad Fuel10 March 2021
- Progress on COVID-19 Relief3 March 2021
- Expectation Versus the Open Mind24 February 2021
- Unpacking the Proposed House COVID Pandemic Relief Bill17 February 2021
- What’s Your Story?10 February 2021
- PPP Round II Loans – What’s New?27 January 2021
- Busy Does Not Mean Productive20 January 2021
- It Took Me a While to Realize . . .13 January 2021
- The ERC – 2020 v 20216 January 2021
2020
- COVID-19 Relief – Year-End Legislative Roundup31 December 2020
- Happy Holidays24 December 2020
- COVID-19 Relief? Not Yet!23 December 2020
- COVID-19 Relief? Negotiations Continue18 December 2020
- Congressional Compromise? $908 Billion for COVID Relief in Two Bills16 December 2020
- What a Biden Presidency Might Mean for Estate Taxes, Wealth Transfers, and Inherited Assets9 December 2020
- What a Biden Presidency Might Mean for Business Taxes2 December 2020
- New IRS Guidance – Expenses Paid with PPP Loan Proceeds Are Not Deductible25 November 2020
- What a Biden Presidency Might Mean for Individual Taxes18 November 2020
- 2021 – Tax Policy and the All-Important Senate11 November 2020
- SBA Issues New Requirements for PPP Loan Justification5 November 2020
- Can Our Smartphones Make Us Less Smart?28 October 2020
- How to Save Money in a Difficult 2020 With Tax Planning21 October 2020
- PPP Loans – New Guidance for Loans Under $50K, Clarification on Deadlines14 October 2020
- The Overscheduled Life – and How to Avoid it7 October 2020
- PPP Loans – Updated Guidance30 September 2020
- Unplug and Breathe23 September 2020
- Travel and Human Connection16 September 2020
- Humble and Kind9 September 2020
- How Do You Make a Beautiful Day?2 September 2020
- Independence or Interdependence? It’s a False Choice!26 August 2020
- What is Fellowship?19 August 2020
- Guidance on Executive Order Regarding Social Security Taxes12 August 2020
- Serendipity5 August 2020
- Education in the Time of Coronavirus30 July 2020
- Wait! Why it Doesn’t Make Sense to Apply for PPP Loan Forgiveness Yet22 July 2020
- Reap the Benefits of Deliberate Practice15 July 2020
- SBA Begins Accepting New PPP Loan Applications; Good Faith Certifications8 July 2020
- House Joins Senate, Passes Extension to Apply for PPP Loans2 July 2020
- PPP Loans – Early Forgiveness Available, SBA Issues New Forgiveness Applications24 June 2020
- PPP Loan Forgiveness – SBA Issues New Interim Final Rule17 June 2020
- New Guidance – Partial PPP Loan Forgiveness Intact10 June 2020
- Senate Passes Bill to Relax PPP Loan Forgiveness5 June 2020
- House Passes Bill to Relax PPP Loan Forgiveness3 June 2020
- Senate Unanimously Passes Extension to Apply for PPP Loans1 June 2020
- PPP Loan Forgiveness – SBA Issues 2 New Interim Final Rules28 May 2020
- SBA Issues PPP Loan Forgiveness Application20 May 2020
- PPP Maximum Allowable Forgiveness Amount13 May 2020
- IRS Now Says No Tax Deduction For PPP Covered Expenses6 May 2020
- UPDATE – House Passes Additional Funding for Small Business Relief29 April 2020
- The Virtual CFO Minute Episode V29 April 2020
- Senate Passes Additional Funding for Small Business Relief22 April 2020
- The SBA Changes its Mind Again – New Guidance on PPP Loan Applications For Partnerships15 April 2020
- The Paycheck Protection Program Could Help Your Business Now7 April 2020
- Senate Reaches Agreement on Third Coronavirus Stimulus Bill25 March 2020
- Fact versus Fiction – Tax Filing and Payment Deadlines19 March 2020
- Be Safe, Be Alive!18 March 2020
- Talent – or Skill?11 March 2020
- The Virtual CFO Minute – Episode IV4 March 2020
- To Be Or Not To Be Overwhelmed – It’s Your Choice26 February 2020
- Know What to Expect19 February 2020
- The Virtual CFO Minute – Episode III12 February 2020
- The Virtual CFO Minute – Episode II5 February 2020
- The SECURE Act of 201929 January 2020
- The Virtual CFO Minute22 January 2020
- Overcoming Obstacles15 January 2020
- January 2020 Challenge7 January 2020
2019
- Happy Holidays!18 December 2019
- Success11 December 2019
- How to Spark Joy in Your Life3 December 2019
- An Umbrella is Not a Satsuma27 November 2019
- Margins – When is it Better to Color Inside the Lines?20 November 2019
- In Crisis? Text 741741 to be Seen and Heard13 November 2019
- Employing Family Members6 November 2019
- The Future is Female31 October 2019
- Dashboards – How Can They Help You Run Your Business?23 October 2019
- The Third Biggest Reason to Hire a Virtual CFO16 October 2019
- The Second Biggest Issue We See With Not Having a Virtual CFO – And How To Overcome It!9 October 2019
- The Biggest Issue With Not Having a Virtual CFO2 October 2019
- The Power of Having a Virtual CFO24 September 2019
- 9 TO 517 September 2019
- Keeping Up With the Joneses11 September 2019
- Use Your Best Judgement28 August 2019
- Post For 201913 August 2019
- The Amazing Internet7 August 2019
- Are You Really Listening?31 July 2019
- Wimbledon 2019 – Never, Never, Never Give Up!24 July 2019
- The Mountain and I17 July 2019
- Tax Planning for 2019 – It’s Time!10 July 2019
- Be More Effective – Put Some Slack in Your Schedule19 June 2019
- Invictus12 June 2019
- Chainsaw or Scalpel?5 June 2019
- This Will NOT “Only Take A Minute”29 May 2019
- The Meditative Mind in the Digital Age22 May 2019
- Got Worries?15 May 2019
- I Think I Have the Post Jazz Fest Blues8 May 2019
- Qualified Opportunity Zones – New Proposed Regulations1 May 2019
- Make Things Better – A Controversial Statement?29 April 2019
- 5 Steps To Make Your Presentation More Persuasive10 April 2019
- To Outsource, or Not to Outsource? It Turns Out That is a Question3 April 2019
- Proper Prior Planning Prevents Poor Performance27 March 2019
- The Avocado Principles17 March 2019
- Practice Makes . . .13 March 2019
- Four Rules for Deep Work · Rigby Financial Group27 February 2019
- Do-Overs20 February 2019
- Can We Make Ourselves More Intelligent?20 February 2019
- The Power of Authenticity13 February 2019
- This is Marketing6 February 2019
- Opportunity Zones – Deferral of Gains Offers Flexibility for Investors30 January 2019
- Saints Rammed by the Zebras23 January 2019
- Slow Down and Appreciate Life16 January 2019
- After the Holidays . . .9 January 2019
2018
- Happy Holidays!19 December 2018
- 2018 Year-End Top Tax Planning Tips12 December 2018
- Christmas Reflections – What Are You Grateful for This Year?5 December 2018
- Put a Shine on Your Shoes and in Your Heart28 November 2018
- What Will You Be Drinking This Thanksgiving?21 November 2018
- Be Great, Be Remarkable!14 November 2018
- Free Days and Why They Matter7 November 2018
- Should You Play Trick or Treat with This Stock Market?31 October 2018
- How to Save on Your Taxes Through Investment in Qualified Opportunity Zones24 October 2018
- A Thing of Beauty is a Joy Forever10 October 2018
- The Hidden Brain26 September 2018
- Thoughts on Hurricane Florence19 September 2018
- Thoughts on a Legend’s Retirement13 September 2018
- Autumn Transitions and Opportunities29 August 2018
- Qualified Opportunity Zones Offer Potential Tax Savings22 August 2018
- Qualified Business Deduction of 20%15 August 2018
- Post For 201813 August 2018
- Don’t Limit Your Own Happiness – 5 Traps to Avoid8 August 2018
- How to Implement Your Goals1 August 2018
- 7 Characteristics Shared by the Most Productive People25 July 2018
- Make Your Vacation Last Longer11 July 2018
- Focus and Create: 10 Thoughts for Entrepreneurs27 June 2018
- 5 Tactics to Help You Get Through Hard Days20 June 2018
- How to Avoid the Top 5 Mistakes Entrepreneurs Make13 June 2018
- 7 Steps to Take While in Transition6 June 2018
- Stop Being Your Harshest Critic!23 May 2018
- Being Worthy of Trust16 May 2018
- Can Slowing Down Make You Happier? More Productive?9 May 2018
- There’s Only One Happiness in This Life – to Love and be Loved2 May 2018
- Free Days – Rest and Rejuvenation Matter!25 April 2018
- Self-Talk – How the Tough Get Going18 April 2018
- Avoiding Financial Envy11 April 2018
- Practicing Creative Gratitude4 April 2018
- Everybody’s Got Somebody to Thank28 March 2018
- How to be Better Informed While Reading Less21 March 2018
- Does Vulnerability Lead to Confidence?14 March 2018
- Finding Better Solutions7 March 2018
- Hope Springs Eternal28 February 2018
- 4:00 A.M. – The Most Productive Time of Day21 February 2018
- Be Present and Avoid FOMO14 February 2018
- Explore New Places and Expand Your Mind7 February 2018
- How to Take More Time Off and Be More Productive31 January 2018
- One Key to Success – Doing Less!24 January 2018
- Tax Reform 2017 – What Does It Mean For Your Business?17 January 2018
- Tax Reform 2017 – What Will it Mean For You and Your Family?3 January 2018
2017
- Success With Humility – The Manning Way27 December 2017
- The Search For Happiness19 December 2017
- Proper Prior Planning Prevents Poor Performance13 December 2017
- Risk Management and Snow Skiing29 November 2017
- Who Says You Can’t Buy Happiness?22 November 2017
- Investing – a Marathon, not a Sprint15 November 2017
- Why Does Money Matter to You?9 November 2017
- Breaking News – White House and Congressional GOP Leaders Announce Tax Reform Blueprint28 September 2017
- Senate Agreement Opens a Road to Tax Reform27 September 2017
- Succession Planning: What Business Owners Need to Know6 September 2017
- The Outlook for 2017 Tax Reform8 August 2017
- U.S. Economic Performance: January 1 through June 30, 201720 July 2017
- Tax Reform: 1031 Exchanges22 June 2017
- Tax Reform Status25 May 2017
- What We Think Tax Reform Should Look Like27 April 2017
- Deep Work – How to Get More Done in Less Time15 February 2017