The Employee Retention Credit remains one of the best tax benefits for small to medium businesses and tax-exempt entities. The ERC provides eligible employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021 and a reduced benefit for 2020. Businesses and tax-exempts can still apply for the ERC on an amended return. However, slow processing of amended returns has meant significant delays in business owners and charities getting much-needed relief checks in their hand. In addition, the limited interaction between the IRS and taxpayers asking about the status of their ERC refund applications has only served to heighten taxpayers’ frustration.

The overall impact is that taxpayers do not realize the benefits of ERC in a timely manner. The delays are even discouraging some eligible taxpayers from even taking the ERC. As much attention and focus Congress and the Treasury place on creating tax credits and incentives, equal attention and focus are needed on administering these tax credits and incentives if they are going to be utilized by small and medium businesses. With Congress recently increasing funding for IRS staffing, the Treasury and IRS need to make a priority of taxpayer service, and a good place to start would be with the ERC program.

IRS Processing Of ERC Claims

The Treasury Inspector General for Tax Administration recently issued a report on IRS administration of ERC and other Covid-19 tax relief. The report notes a backlog of 447,435 unprocessed 941-X Forms, although the IRS says that number is now down to 207,000 unprocessed 941-X Forma as of August 31, 2022.

The delay in processing means some business owners have to take funds out of pocket and pay taxes now, while they may wait many months for these pandemic relief funds. Delays are bringing real costs and burdens to small and medium businesses. Adding to the frustration for business owners is not having any sense of timing or update from the IRS on when their ERC payment will be processed and check issued. Business owners and their CPAs should not have to spend hours on the phone to finally get through to talk to someone at the IRS. Further, too often, when they finally speak to an IRS representative, they cannot provide any substantive and useful information about the specific claim and when a check will be issued.

IRS Needs To Focus On Taxpayer Services

With Congress recently emptying the money sacks for IRS staffing – an additional $80 billion over ten years – the Treasury and IRS need to make a priority of taxpayer services and a good place to start would be with the ERC program. The new funds for the IRS have a strong tilt toward enforcement but not nearly enough for taxpayer services. Of the $80 billion in additional money, about 57% of funds are for enforcement, with only 4% for taxpayer services and 6% in new money for business systems modernization.

The Treasury Secretary outlined priorities in a memorandum to the IRS Commissioner, clearing the backlog of filings to be processed, including the ERC; improved taxpayer service; systems modernization; and hiring. The Secretary’s taxpayer service and processing priorities are heartening, although the proposed budget numbers are not balanced to reflect those priorities. The Secretary and Commissioner need to establish clear benchmarks for services to taxpayers and their tax advisors and provide sufficient funds and staffing to meet those goals.

The ERC dollars have been extremely meaningful for many small and medium businesses as well as charities. However, the impact of the difficulties of administration of ERC and processing of amended returns requesting ERC funds should serve as a great caution to Congress since it provides a window to the problems for small and medium businesses when there is no focus on tax administration and providing meaningful taxpayer service. The new funding provides an opportunity to fix these problems and ensure that taxpayer service is of high quality and that processing is done promptly.

Talley’s team of tax professionals provides comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on your assets and wealth to the next generation. We welcome the opportunity to discuss the current options available for you. For more information, contact us today.

The Internal Revenue Service is providing penalty relief to most individual taxpayers and businesses that filed their 2019 or 2020 returns late due to the COVID pandemic by refunding $1.2 billion in penalties. The IRS is going further to help the taxpayers who have already paid the penalties by refunding them with automatic payments expected to be completed by the end of this month. Along with providing relief to individuals and businesses affected by the COVID-19 pandemic, the IRS will be able to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.

The relief applies to the penalty imposed for failing to file, which is usually assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in the Form 1040 and 1120 series and others listed in Notice 2022-36. To qualify for the relief, any eligible income tax return must be filed on or before Sept. 30, 2022.

The IRS also offers penalty relief to banks, employers, and other businesses required to file various information returns, such as those in the 1099 series. To qualify for relief, eligible 2019 returns must have been filed by Aug. 1, 2020, and eligible 2020 returns must have been filed by Aug. 1, 2021. As both deadlines fell on a weekend, a 2019 return will still be considered timely for purposes of relief provided under the notice if it was filed by Aug. 3, 2020, and a 2020 return will be considered timely for purposes of relief provided under the notice if it was filed by Aug. 2, 2021. The notice provides details on the information returns that are eligible for relief.

The notice also provides details on relief for filers of various international information returns, such as those reporting transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations. To qualify for the relief, any eligible tax return needs to be filed on or before Sept. 30, 2022.

The penalty relief is available for Form 1040 and related forms, as well as Form 1041 and related forms, Form 1120 and related forms, Form 1066, Form 990-PF, and related forms. It also applies to some international information returns, including Forms 5471 and 3520. For businesses, it applies to Forms 1065 and 1120-S. The relief also relieves penalties for failure to timely file certain information returns that meet the following requirements: 

  • 2019 information returns filed on or before Aug. 1, 2020, with an original due date of Jan. 31, 2020, Feb. 28, 2020 (if filed on paper) or Mar. 31, 2020 (if filed electronically), or Mar. 15, 2020; and
  • 2020 information returns filed on or before Aug. 1, 2021, with an original due date of Jan. 31, 2021, Feb. 28, 2021 (if filed on paper) or Mar. 31, 2021 (if filed electronically), or Mar. 15, 2021.

However, the penalty relief does not apply to any penalties not explicitly listed in the notice or fraud situations. It also does not apply to an accepted offer in compromise, a settled closing agreement, or a finally determined judicial proceeding.

Talley’s team of tax professionals provides comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on your assets and wealth to the next generation. We welcome the opportunity to discuss the current options available for you. For more information, contact us today.

Since its approval in July 2021, much information has been written about the California Pass-Through Entity Tax Credit. The California Small Business Relief Act established the PTE tax credit largely in reaction to the $10,000 limit on the amount that individual filers could deduct in state taxes on their federal tax returns as a result of the 2017 Tax Cuts and Jobs Act.

For instance, a taxpayer earning $200,000 in a state with a 10% tax rate incurs a $20,000 state tax, but only $10,000 of that amount is potentially deductible on their Form 1040. The $10,000 SALT deduction limitation includes all state, local, real, and personal property taxes. To offset this limitation, the legislature of California and 26 other states sought a workaround, and the result was the PTE, pass-through entities.

What is the PTE all about? The California Franchise Tax Board states that for taxable years beginning on or after Jan. 1, 2021, and before Jan. 1, 2026, qualifying PTEs, which are usually private partnerships or S corporations, may annually elect to pay an entity-level state tax on behalf of its members. The elective tax is 9.3% of the entity’s qualified net income. Eligible taxpayers receive a credit for their share of the entity-level tax, reducing their California personal income tax; any unused credits can be carried over for up to five years. The FTB specifies that a qualified taxpayer is a partner, member, or shareholder of an electing qualified entity that is:

  • An individual, fiduciary, estate, or trust subject to California personal income tax; or,
  • A disregarded single-member LLC owned by an individual, fiduciary, estate, or trust subject to California personal income tax.

A taxpayer must consent to have their pro rata or distributive share and guaranteed payments included in the qualified net income of the electing qualified PTE. An annual election is made on an original, timely filed tax return. Once the election is made, it is irrevocable for that year and is binding on all partners, shareholders, and members of the PTE.

In February 2022, the California State Senate made changes to the PTE tax and tax credit using Senate Bill 113. These changes include:

  • PTE credits reduce net tax below a taxpayer’s tentative minimum tax;
  • Qualified partnerships can have partners who are partnerships;
  • Qualified taxpayers can include certain single-members LLCs;
  • Qualified net income includes guaranteed payments; and,
  • Other state tax credits will be used before the PTE tax credits.

What should filers and tax preparers be aware of? The law has only been on the books for one tax season. With the 2022 filing year upon us, California entities, owners, and their preparers must recognize the many issues affecting their PTE tax credit. If a pass-through entity has nonresident shareholders, members, or partners, the credit is applicable only for the California-sourced income. Additionally, S corporations must be cautious when making the election for qualified owners. Compensating distributions must be made to non-qualified shareholders to avoid jeopardizing the entity’s S corporation status.

The PTE’s timely filing is critical, as the pass-through entity must make minimum estimated tax payments on or before June 15, 2022, and each succeeding year through 2026. For California only, each qualified taxpayer is entitled to a nonrefundable credit that can be carried forward for up to five years or until used up. It is crucial that whoever oversees financial reporting for the entity should ensure that all the owners are aware of their elections and the amount paid on their behalf.

What can we expect going forward? For 2022 and subsequent years, the PTE elections must be made in a timely manner, and any overpayment that results in a refund needs to be applied to that year’s estimated tax payment. Thus, ample time should be provided to evaluate the election’s benefits and to obtain consent from eligible taxpayers.

Talley’s team of tax professionals provide comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on your assets and wealth to the next generation. We welcome the opportunity to discuss the current options available for you. For more information, contact us today.

On August 18, 2022,  President Biden signed the Inflation Reduction Act into law. This act has a lesser-known provision that may benefit many small business startups, allowing them to potentially double the amount they can claim on the research and development tax credit from $250,000 to $500,000 per year against payroll taxes. Under current law, small businesses that may not have enough income tax liability to take advantage of their research and development credit can apply up to $250,000 of the credit toward their Social Security payroll tax liability.

To qualify for the expanded credit, the small business would need less than $5 million of gross receipts and be less than five years old. The Inflation Reduction Act would permit an additional credit of up to $250,000 to be applied against the Medicare payroll tax for tax years starting after December 31, 2022. The expanded R&D tax credit will not show up on tax returns until 2024 since it can first be claimed for tax year 2023, but it could boost small businesses, particularly the startups it can incentivize.

Many are waiting for additional guidance on claiming the tax credit to be released by the Internal Revenue Service and the Treasury Department. As more details will be needed, the Inflation Reduction Act essentially raises the cap for small businesses from $250,000 to $500,000, which will be allowed against the Medicare hospital insurance coverage. A recent study shows that only about half the people who are qualified to take the credit actually take it. With more opportunities coming to use the credit and the higher limits, many more opportunities will be created to fund innovation for today’s R&D customers. 

However, there will be some hurdles as the IRS has been increasing the requirements lately for documenting R&D activities. A September 2021 memorandum from the IRS Office of Chief Counsel said it wants more detailed information about all the business components for that year’s research credit claims. For each business component, companies will need to identify all the research activities they have performed and name the individuals who performed each research activity, along with the information each individual sought to discover. Refund claims for the research and development credit will also need to detail the total qualified employee wage expenses, total qualified supply expenses, and total qualified contract research expenses for the claim year, using Form 6765. The additional requirements have led to some consternation among companies and tax professionals. However, expanding the R&D credit under the Inflation Reduction Act should spur more interest in claiming the credits among companies, especially tech startups.

Talley shares the same entrepreneurial spirit that has helped propel our clients to their current levels of success. With over 25 years of experience assisting high net worth individuals and business owners, Talley has the expertise necessary to help entrepreneurs throughout their entire journey, from formation to succession.

In early July, the IRS issued a new procedure that can extend the portability of estate tax for up to five years after the death of a spouse. 

What is a Portability Election? Portability Election is a method to prevent any applicable exclusion not used by a decedent with a surviving spouse from being lost. If an estate makes the portability election, any unused exclusion at this first death is made available to be used by the surviving spouse and, or their estate for subsequent transfers. No transfer taxes will be due on any amounts transferred to the decedent’s surviving spouse.

Why did the IRS Make the Change? Due to receiving a number of requests for those who could not meet the 2-year deadline, the IRS decided to extend the deadline. This decision was not only to extend this relief to five years but to make certain changes to reduce the number of PLR requests the agency receives.

What are the Impacts on the Surviving Spouse? If the 706 is filed promptly, the surviving spouse will receive the unused exclusion (DSUE)  amount from the deceased spouse for application on the surviving spouse’s transfers that were made on or after the date of death. If the surviving spouse had made taxable gifts before the estate took advantage of the relief and had to pay a gift tax transfer, then the surviving spouse may file a claim for a refund of the gift tax that the DSUE would have offset. The same can be done with paid estate tax returns of the surviving spouse. However, suppose the surviving spouse’s applicable exclusion amount, caused by the addition of the decedent’s DSUE as of the decedent’s date of death, results in an overpayment of gift or estate tax by the surviving spouse or their estate. In that case, no claim for credit or refund may be made. Something to keep in mind is that if a surviving spouse files a claim for a refund before filing Form 706 under this Revenue Procedure, that filing will be treated as a protective claim for a refund. 

Do I Qualify? This relief is available to the executor of a qualified estate or, if no executor has been appointed, a “non-appointed executor” as provided for in the regulations at Treasury Regulation. To be able to take advantage of this relief, the following conditions must be met:

  • The decedent was (1) survived by a spouse, (2) died after December 31, 2010, and (3) was a citizen or resident of the United States on the date of death
  • The executor was not required to file a federal estate tax return based on the value of the gross estate and adjusted taxable gifts and without regard to the need to file for portability purposes
  • The executor did not file an estate tax return within the time required by section 20.2010-2(a)(1) for filing an estate tax return
  • The executor files Form 706 under the procedures outlined in this Revenue Procedure to make a late portability election.

Though your options are virtually limitless, proper estate planning -deciding on the “who, what, when, and how” and executing this with the least amount paid in taxes, legal fees, and court costs can be a challenging and emotional affair to wrestle with alone. For more information, contact Talley LLP today.

From Olympic medals to national championships, the world of elite sports is full of inspiring stories of hard work and determination. Similar to the career of an entrepreneur, success in this profession doesn’t come easy. Being a star player often requires long hours, creative thinking, and commitment to the team. Although physical talent is key to an athlete’s success, their mindset is even more critical and can teach entrepreneurs a few lessons on how to be equally victorious in the board room.

Continue to set goals and improve. Plateauing is both an athlete’s and an entrepreneur’s worst enemy. An athlete must set performance goals and create a plan to achieve new career milestones. Consistent practice and self-evaluation allow them to perform their best as a competitor. Likewise, entrepreneurs should set overall goals to keep their businesses moving in the right direction. They should focus on making a game plan that will help them improve as they continue to grow. Breaking their overall goals down into micro-goals is one way they can make tracking their progress more manageable.

Don’t be afraid to take risks. Most successful athletes did not get where they are by playing it safe. Risk and reward often go hand in hand, so pushing that extra mile or taking that final shot are what differentiate elite athletes from the average player. Finding a balance between risk and recklessness is also critical for entrepreneurs. Being too scared of change will inhibit growth, and changing too much at once will cause failure. Calculated risks are the solution to keeping a business ahead of competitors while taking potential concerns into account.

Keep your head in the game. The greatest athletes in the world are also recognized as leaders. Their hard work, ambition, and drive are qualities any director, CEO, or business influencer can aspire to possess. If an athlete makes a mistake, being able to separate their failures from their present performance allows them to continue reaching for success. Entrepreneurship may be one of the most challenging business environments, but business owners must maintain a level head throughout the ups and downs. Entrepreneurs need to stay confident in themselves even when the odds are stacked against them.

Talley shares the same entrepreneurial spirit that has helped propel our clients to their current levels of success. With over 25 years of experience assisting high net worth individuals and business owners, Talley has the expertise necessary to help entrepreneurs throughout their entire journey, from formation to succession.

Senate Majority Leader Chuck Schumer’s plan to increase taxes on some businesses to bolster Medicare raised alarms about inflation, potentially complicating attempts to pass a broad economic package. Schumer’s plan would expand a 3.8% net investment income tax to the profits pass-through entities distribute to their owners, so long as those individuals earn more than $400,000. Under current law, the investment tax only applies to individuals and estates.

Lawmakers expressed concern about the impact of federal spending on inflation just hours after the government reported that the consumer price index shot up 9.1% in June. Due to this, some lawmakers urge that the proposal rolled out to increase taxes on pass-through entities, like limited partnerships and other small businesses, should be analyzed to ensure that it does not fuel inflation or harm taxpayers. Despite weeks of talks between lawmakers about a climate, health, and deficit reduction plan funded by tax hikes, there are few public signs of progress in reaching an agreement. Business groups are urging lawmakers to scale back the proposed levies, while progressives are urging lawmakers to preserve the tax increases for wealthy individuals.

In addition to the debate over the tax increase on pass-throughs, progressives are urging Senators to preserve other tax increases that would affect the wealthy. One focus is the millionaires’ surtax, which would put a 5% surcharge on incomes over $10 million and an additional 3% levy on incomes over $25 million, which is at risk of being cut from the package. Last year, other tax hikes, such as raising the top tax bracket or increasing capital gains rates, were eliminated from the negotiations. Progressives fear that dropping proposals like the pass-through tax expansion and a surcharge on the ultra-wealthy would mean that high net-worth individuals would face little to no tax increases in a bill initially envisioned as a significant tax hike on top earners.

Talley’s experienced team of tax professionals provides comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on to the next generation the assets and wealth that you have worked hard to build. We welcome the opportunity to discuss the current options available to you. For more information, contact us today.

In the CARES Act of 2020, Congress created the ERTC, Employee Retention Tax Credit , to reward and encourage businesses to keep their employees on payroll during the COVID-related shutdowns. The ERTC aimed to incentivize employee retention by offering employers a quarterly credit for each qualified employee. The ERTC has a maximum credit of $5,000 per employee in 2020 and $21,000 per employee in 2021. Employers can still retroactively take advantage of this credit against federal employment taxes on qualified wages paid to their employees from March 13, 2020, through September 30, 2021.

ERTC Eligibility. Eligibility rules changed from 2020 to 2021, as well as the amount of wages available to claim. Eligible businesses or tax-exempt organizations that conduct a trade or business must have experienced one or both of the following criteria:

  • The business was forced to partially or fully suspend or limit operations by a federal, state, or local governmental order.
  • The business experienced a 50% decline in gross receipts during any quarter of 2020 versus the same quarter in 2019 and a 20% decline in gross receipts in 2021 against the same quarter in 2019.

Claiming ERTC. Your ERTC claim will include total qualified wages and healthcare costs. To claim the credit, start with these steps:

  • Amend previously filed 941
  • For each qualifiable quarter, fill out and submit a 941X

Qualifying Wages. For 2020, if you averaged more than 100 full-time employees (FTEs), only wages for those you retained who are not working can be claimed. If you employed 100 or fewer FTEs, you can claim wages for all employees whether or not they are working. For 2021, the threshold is raised to 500 full-time employees, meaning if you employ more than 500 FTEs, you can only claim the ERTC for those who are not providing services. If you have 500 or fewer FTEs, you can claim the credit for all of them, working or not.

How does it work? The Employee Retention Credit is taken off the employer’s share of Social Security taxes. However, the credit is fully refundable. So, if the credit were to exceed the employer’s total amount owed to Social Security in any calendar quarter, the excess is refunded to the employer.

The credit was initially set to expire on January 1, 2022, allowing employers to claim it for all four quarters of 2021. However, in November of 2021, a bipartisan physical infrastructure law included a provision changing the ERTC’s timeframe to only apply for the first three quarters of 2021 and not Q4.

Talley’s professionals have spent literally hundreds of hours reviewing the law, regulations, and FAQs issued on an almost daily basis regarding the ERC and PPP, and we are happy to assist you in the process. We are available to simply answer a quick question or assist in the application and/or refund process.

Data collected in November 2021 from a survey of more than 10,000 knowledge workers offers a snapshot of just how popular hybrid arrangements have become. In the survey, about 95% of people want flexible hours, compared with 78% of workers who want location flexibility. Many people would rather work whenever they can than at home or in an office. The survey also found that 72% of workers who were not happy with their level of flexibility, time, or location, are more likely to seek out a new opportunity in the next year.

Many employers have reluctantly embraced long-term hybrid and remote work arrangements after repeatedly postponing return-to-office dates or finding that workers pushed back on going to the office. That has some executives thinking differently about in-person arrangements. Some employers believe that their workers should meet in person only for necessities. Employers are also seeing agreements between team members about when people in the group will work are growing in popularity. Many also believe flexible schedules are likely to endure beyond the pandemic.

The Future Forum survey, which was conducted between Nov. 1 and Nov. 30, also found that the share of people working in hybrid models, where they split their time between an office and a remote location, increased by 12 percentage points since May, as more workers have returned part-time to their traditional workplaces. More than two-thirds of those surveyed said a hybrid setup was their preferred working method. Many workers have found their productivity surged while working from home, and they achieved the work-life balance they had been seeking. 

While many large companies have decided that most of their employees will combine remote work with in-office days, hybrid work has downsides. Executives have growing concerns that hybrid work could increase inequity among rank-and-file employees, especially women, working mothers, and people of color, who said they were more likely to prefer flexible arrangements when surveyed. Among executives surveyed, 71% said they work in the office at least three days a week; 63% of non-executive employees said they go in just as often. Executives working remotely were far more likely than non-executives to say they wanted to work at least three days a week in the office. Some employers have concerns about large meetings since it will be harder to conduct if some people are in the office and some are remote. Many people inside companies complain about the lack of energy in the workplace when it is sparsely populated. Forcing a one-size-fits-all solution across a large workforce can also seem risky to managers.

Talley’s experienced team of tax professionals provides comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on to the next generation the assets and wealth that you have worked hard to build. We welcome the opportunity to discuss with you the current opportunities available to you, your family, and business. For more information, contact us today.

Last February, the Internal Revenue Service jolted financial planners by introducing a potential rule for a recent law under which heirs must drain accounts within ten years. Under its proposal, the tax agency said that heirs would be required to take minimum distributions in years one through nine. It was an about-face from the IRS’s previous guidance in May 2021 that suggested the tax-deferred accounts simply had to be emptied by year ten. That information had led many wealth advisors to assume that more money could be left in the accounts to grow during an heir’s lifetime. It also prompted some planners to tell clients they could skip taking a payout last year. Now, some heirs are facing potentially hefty tax bills and penalties. Required minimum distributions, or RMDs, are taxed at ordinary rates, currently a top 37% for the highest earners. Under the current law, investors who fail to take a full payout in a given year face a costly penalty equal to 50% of the unwithdrawn amount.

The ten-year rule. The agency’s contested proposal stems from a major law passed in 2019 that changed how tax-deferred retirement accounts are passed to beneficiaries. Under prior law, heirs used to be able to “stretch out” required distributions from IRAs and 401(k)s over their lifetime. That meant they would leave more money in the accounts to compound over time and pay the tax bills later. The SECURE Act of 2019 ended the “stretched” IRAs and 401(k)s by requiring heirs to empty them by the end of the tenth year after the original owner’s death. The law applies to beneficiaries of accounts whose owner died on or after Jan. 1, 2020. Heirs who came into possession of an account earlier were grandfathered. The only exceptions to the 10-year rule were heirs who are a spouse, a minor child, disabled, ill, or not more than ten years younger than the account’s original owner. Suppose a beneficiary inherits an IRA seven years after the original owner died, perhaps because that heir was very young or the account was held in a complicated trust. In that case, they only have three years to drain it. The new law also raised the age at which savers must take RMDs from retirement plans to 72 from 70 ½. While owners of Roth IRAs are not required to take minimum annual payouts, people with Roth 401(k)s are. The 10-year rule also catches heirs of Roth plans.

Say what? Many retirement savers appear unaware of the IRS proposal’s annual payout requirement for inherited plans and assume they could wait until year ten to empty the accounts. The issue was made more confusing when lawmakers temporarily suspended all RMDs in 2020 under a pandemic relief bill known as the CARES Act. It resumed the requirement in 2021. The proposal for annual distributions would be a significant hardship for those who did not take an RMD in 2021, and now it is too late without a 50% penalty. Advocates point out that many beneficiaries who do not have professional tax help are also unaware of the ten-year rule. The IRS had misled IRA custodians and trustees into assuming that the ten-year rule did not require distributions in years one through nine.

‘Friction.’ Policy experts and lawmakers are worried about Americans’ readiness for retirement, especially as people live longer. A recent report says that 55% of Americans are in danger “of not fully covering even estimated essential expenses like housing, health care, and food” after they leave the workforce. The IRS proposal does not help things, according to critics. Many believe that taking money out of RMDs needlessly complicates the distribution process for heirs and their financial advisors, and introduces friction into the retirement savings process, which would raise costs for record-keepers, custodians, advisors, accountants, and attorneys servicing retirement assets. 

Talley’s experienced team of tax professionals provides comprehensive tax compliance and consulting services so you can preserve, enhance, and pass on to the next generation the assets and wealth that you have worked hard to build. We welcome the opportunity to discuss the current options available to you. For more information, contact us today.


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