03.05.24
Proposed Donor-Advised Fund Regulations Could Affect Your Financial Advisor’s Suggestions
Donor-advised funds (DAFs) have become a very popular vehicle for donors interested in securing significant tax benefits, but a proposed IRS regulation may deter financial advisors from recommending DAFs to their clients.

02.29.24
Independent Contractor vs. Employee Status: The DOL Issues New Final Rule
The test used by the U.S. Department of Labor (the “DOL”) for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule to replace the employer-friendly test that was developed in 2021 (the “2021 Independent Contractor Rule”). The new, more employee-friendly rule takes effect March 11, 2024.

11.03.23
ORBA Wealth Advisors Welcomes Collin Woulfe as a Private Client Associate
ORBA Wealth Advisors, providing wealth management for high-net-worth individuals and families, is pleased to announce the appointment of Collin Woulfe as its new Private Client Associate.

02.01.24
The IRS Unveils Employee Retention Tax Credit (ERC) Relief Program For Employers
Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program presents a valuable, but temporary, opportunity for eligible employers.

01.30.24
2024 Tax Calendar
To ensure that you do not miss any important 2024 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar contact your ORBA advisor if you have any questions about the deadlines or would like assistance in meeting them.

01.02.24
1099-MISC vs 1099-NEC and New E-Filing Requirement
In 2021, the IRS released a new form: Form 1099-NEC.  This form is still in use for 2023, along with Form 1099-MISC. However, there seems to be some ongoing confusion over which form to use. This Client Alert will provide you with some general guidelines and resources to help you determine whether you should file Form 1099-NEC or Form 1099-MISC. It will also address the new e-filing requirement that has been implemented for the upcoming filing season.

12.22.23
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and it is anticipated that more than 30 million businesses (including single member LLCs) will be subject to this reporting requirement.

12.20.23
Reporting Requirements for Recipients of Form 1099-K
The IRS is once again delaying the requirement for a third party settlement organization (“TPSO”) to issue a Form 1099-K to anyone who received more than $600 from the TPSO in third party payment network transactions. 

12.06.23
Five Strategies to Cut your Company’s 2023 Tax Bill
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. This Client Alert covers five strategies — some tried-and-true and others particularly timely — that you can execute before the turn of the new year to minimize your company’s tax liability.

11.22.23
The 2024 Cost-Of-Living Adjustment Numbers Have Been Released: How Do They Affect Your Year-End Tax Planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. For instance, the Social Security wage base is increasing from $160,200 to $168,600, which is a lesser increase than the $13,200 increase that occurred from 2022 to 2023. As you implement 2023 year-end tax planning strategies, be sure to take these 2024 adjustments into account.