CPA Blog

Watch out for “income in respect of a decedent” issues when receiving an inheritance

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Published: Tuesday, 23 April 2024 15:32

Written by Phillip Strickler, CPA.CITP

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If you have large balances in an IRA or other retirement account — or inherit such assets — IRD may be a significant estate planning issue.

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Why some businesses choose to execute a pivot strategy

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Published: Monday, 22 April 2024 12:31

Written by Phillip Strickler, CPA.CITP

When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses sometimes choose to pivot, too.

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Don’t have a tax-favored retirement plan? Set one up now

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Published: Monday, 22 April 2024 12:28

Written by Phillip Strickler, CPA.CITP

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.

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A general look at generative AI for businesses

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Published: Wednesday, 03 April 2024 11:54

Written by Phillip Strickler, CPA.CITP

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted.

ChatGPT and other similar chatbots are what’s known as “generative” AI. The operative word there refers to software that’s able to generate new content based on input from users and existing data either inputted during development or gathered from the internet.

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