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My guess is by now you have heard the news of the recent passing of the legendary "Queen of Soul", Aretha Franklin, on August 16. The music world mourns the loss of this great talent to be sure. It was revealed in court filings August 28 (that sure didn't take long), that unfortunately, Aretha died without a will in place. Like other celebrities before her, such as Prince and Amy Winehouse to name a couple, ...

Over the years since its enactment, much has been hashed and rehashed about the Patient Protection and Affordable Care Act, i.e., Obamacare, both pro and con. However, in my practice as a CPA and financial consultant, there is one element of Obamacare that can have a significant detrimental financial consequence if the situation is right, but doesn't seem to have gotten the press I feel it should. It involves the health insurance "Premium Tax Credit" ...

Would You Pay More for a Better Employee Retirement Plan? If that trade-off sounds worthwhile, rest assured you are not the only one who feels that way. Sixty-six percent of the working Americans surveyed late last year by consulting firm Willis Towers Watson said that they would defer a greater percentage of salary than they currently do if their potential retirement benefits were upgraded, and 61% said that they would increase their plan contributions if ...

Historically, when a business purchased real estate for use in the business, title to the real estate has commonly been held by the business. Many business owners of late are choosing a different route, where ownership of business-related real estate assets are owned separately from the business itself. And for good reason! What if there are injuries that occur on the property - could the business be held responsible? Or what about legal issues and ...

Dear Client:  Earlier this year we informed you of the significant tax changes taking effect in 2018 under the new tax law, the Tax Cuts and Jobs Act. One of those changes should provide a substantial tax benefit to individuals with qualified business income from a partnership, S corporation, LLC or sole proprietorship. This income is sometimes referred to as “pass-through” income.  The deduction is generally equal to 20% of your qualified business income (“QBI”) ...

EGP, PLLC CPAs and Consultants is hosting one of Dave Ramsey's Financial Peace University classes beginning at 6:30 pm on Thursday, September 20th, at our Heber Springs location. This nine-week class is packed with the information you need to get control of your finances once and for all. Dave Ramsey, via DVD lectures, gives a step by step process on how to budget, get out of debt, build wealth, and give. The class gives the ...

Thursday, August 30, 2018Reception 6:00 - 7:00 pmDinner/Program 7:00 - 9:00 pm Statehouse Convention Center,Wally Allen BallroomLittle Rock, AR Tickets http://www.arwomenshalloffame.com/purchase-tickets/ EGP's Director of Human Resource and Communications, Holly Fish, is Chair of the 4th Annual Arkansas Women's Hall of Fame. This year's inductee class of Arkansas trailblazers does not disappoint! A NOTE FROM THE CHAIR "Each time a girl opens a book and reads a womanless history, she learns she is worth less" said ...

As mentioned before, from time to time I am asked for information and thought on issues related to retirement, both for those already enjoying it, as well as for us who still have it in our future. So, as promised, periodically I will offer in this space, as it says above, musings for current and future retirees. I hope you enjoy this second offering on the subject. What Will $50,000 Be Worth in 25 Years? ...

Did you know that, according to the Federal Trade Commission (FTC), 34 percent of identity (ID) theft fraud is employment or tax-related, or that 29.4 percent is tax fraud? According to the FTC in 2016, there were over 3,050,000 fraud and ID theft complaints filed. Further, 1,093 data breaches and records were exposed that same year, per the ID Theft Resource Center. Clearly, tax-related ID theft is a national crisis, and one for which you ...

There is no denying the huge need existing in Arkansas and beyond for available foster homes and for families to adopt children in need of a forever home. As I write this, I am thinking of some friends who this very day celebrate "adoption day" in honor of the four they have adopted. If you have lived around Arkansas very long, you likely have heard of the incredibly important and special organization, The CALL, or ...

Recently, a friend/client who is considering applying for Social Security (SS) benefits asked an intriguing question, "Are there any decisions I might make right now that could make my family and me poorer?" Friends, that's a great question! And the answer is a resounding, yes, there are! The fact is, for most retirees, SS benefits will account for a large portion (perhaps the largest portion) of their income during retirement, once they begin drawing benefits. ...

Seems like a silly question doesn't it? How can voluntarily paying taxes on anything serve to reduce total taxes in any way? Paradoxically, in certain situations, it can! First, a bit of background. The tax code says that scholarships and grants used to pay tuition and fees can be excluded from gross income and consequently are not taxable. On the other hand, scholarships and grants not used for tuition and fees, but used to pay ...

From time to time I am asked for information and thoughts on issues related to retirement, both for those already enjoying it, as well as for us who still have it in our future. Along those lines, periodically in this space I plan to offer, as it says above, musings for current and future retirees. At times this will be informational, while occasionally sprinkled in with the humorous, and hopefully always enjoyable and helpful. What ...

We all know that identity theft and hacking is a serious problem and can lead to major financial loss.  Much has been written about that. But did you know that even your social security accounts are at risk to be hacked and benefits stolen? Sadly, that is exactly what happened in a situation that recently came to my attention. In this case, the victim received an unexpected letter from the Social Security Administration (SSA) expressing ...

Tax filing season; a time many people find stressful enough without having to worry about unsubstantiated myths and fears regarding their tax returns. Let's face it, you're busy, and the last thing you need is to worry about things that you may have heard, but just simply are not true! Here is what the IRS currently considers as the most prevalent tax-filing myths and what you should know about them. So read on, and then ...