Tag: financial planning

Creating a comprehensive and actionable succession plan is rarely easy for business owners. It’s certainly a challenge for most contractors, who may find it difficult to step away from the day-to-day hustle and bustle of building to envision life without a hardhat. If all this sounds familiar, know that there are ways to go about succession planning in a slow, methodical manner that can make it relatively easier. In fact, it may strengthen the plan you eventually devise. Lay Down a… Read more ›

Financial planning during and after a divorce can be overwhelming. Financial resources that had supported one household now must support two.  Having a clear picture of your income, expenses (including taxes), and assets post-divorce is crucial.  Understanding your cash flow now and into the future can play an important role in creating financial peace of mind for your life post-divorce. Income and Assets After Divorce After a divorce, each spouse’s financial resources will generally be reduced due to division of… Read more ›

Embarking on a journey toward higher education is an exciting endeavor for young adults. For some, college is the first step of adulthood, living on their own and discovering a new world of opportunities. Over the past few decades however, the cost for this journey to self-discovery has gotten expensive. According to a report from U.S. News, college tuition has risen more than 125% over the last two decades. It is becoming increasingly imperative for parents and students to create… Read more ›

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act of 2022, allocated $80 billion to the IRS, most of it designated for enforcement activities. However, the Fiscal Responsibility Act, enacted in May 2023, will claw back $21.39 billion of that amount by the end… Read more ›

President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next presidential election. The FRA also makes a variety of changes related to domestic spending, although it falls far short of the cuts included in the Republican bill that the House passed in April 2023, with no changes to… Read more ›

Abbie Niehoff, senior divorce financial analyst at Councilor, Buchanan & Mitchell, has been named treasurer of Collaborative Dispute Resolution Professionals (CDRP), a Washington, DC-area not-for-profit organization founded upon the principles of collaborative law. Niehoff, a years-long member of CDRP, focuses her practice on helping individuals, couples and their attorneys resolve the financial aspects of their divorce. Her experience in divorce financial planning and analysis includes collaborative, mediated, negotiated, and litigated divorce cases. She also helps couples preparing to get married… Read more ›

Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress have stepped forward with proposals that aim to tackle the problem. The Impending Shortfall Social Security currently provides benefits to more than 66 million recipients. The Congressional… Read more ›

This blog discusses content from CBM’s Maximizing Social Security Benefits and Avoiding Mistakes webinar. To watch the webinar click here. Previous webinars can be found here. Like the content? Get alerts about future webinars here. Anyone who gets a paycheck knows that Social Security exists, by the little tax line. But do you know how it works? An important part of financial planning is knowing where your money is going and what you will get in return. This post discusses… Read more ›

Click here to learn more about our tax, accounting and advisory services for attorneys and law firms. Once you get some legal experience under your belt, you may think about opening your own firm. Setting up and running a law practice can be a daunting prospect, but taking certain steps will help to ensure that your firm grows and remains profitable. Here are some guidelines to help accomplish the task successfully: Develop a strategy You really can’t proceed before you target… Read more ›

Building long-term financial security is a marathon, not a sprint. Many younger professionals, however, may start the race without the best understanding of strategies and decisions they can make to win the… Read more ›