March 2023

What is Life Insurance? A life insurance policy is a legal agreement between you and an insurance provider. You pay premiums to the firm, which then guarantees to pay out a certain amount of money if you die while the policy is still in effect. The most common types of life insurance are term and […]

Bookkeeping is the process of documenting, categorizing, and arranging financial transactions for a firm. It is a crucial aspect of running a successful business, yet many entrepreneurs overlook or ignore it. Failure to maintain good bookkeeping can lead to a variety of issues that can jeopardize a company’s financial health and stability. In this blog

An Offer in Compromise (OIC) is an IRS program that allows taxpayers to settle their tax bills for less than what they owe. While it might be an appealing alternative for people suffering with tax burden, the IRS does not approve all OIC petitions. Every year, a considerable number of applications are refused. In this

Choosing the correct legal structure is one of the most critical decisions you’ll make when launching a new firm. Limited Liability Companies (LLCs) and S Corporations (S-Corps) are two popular solutions for small businesses. While both LLCs and S-Corps provide their owners with limited liability protection, there are significant variations between the two forms that

Most individuals focus on retirement savings, stock market investments, and debt management when it comes to financial planning. However, many financial plans omit a critical approach that may have a major influence on long-term asset preservation – tax avoidance. Income taxes are a reality of life for most individuals, and they may eat a large

As a trust company, we frequently encounter individuals who believe that all trusts are the same. They assume that once you’ve seen one trust, you’ve seen them all. This couldn’t be further from the truth. Trusts can vary greatly based on its purpose, structure, and terms. Don’t be duped by the common idea that all

The IRS (Internal Revenue Service) files a Notice of Federal Tax Lien (NFTL) when a person owes at least $10,000 in unpaid taxes and neglects to pay or make payment arrangements with the IRS. The NFTL serves as a public notice that the government has a legal claim against the taxpayer’s property and assets, and

The US files the Notice of Federal Tax Lien (NFTL) to publicly notify creditors that the government has a legal claim on a taxpayer’s property as a result of unpaid taxes. The NFTL is a legal document filed with the county or state recorder’s office, which notifies the public that the taxpayer has an outstanding

PPLI, or Private Placement Life Insurance, is a complex financial planning tool and specialized insurance product that is primarily used by high-net-worth individuals and families who are seeking to protect, grow their wealth and minimize tax liabilities. While PPLI has been around for decades, it is still not widely known or understood by many attorneys

CPAs are not typically taught about Private Placement Life Insurance (PPLI) because it is a relatively new and specialized financial planning strategy. PPLI is often used to provide tax and estate planning benefits to high-net-worth individuals, and the laws and regulations governing PPLI can be complex and constantly evolving. As a result, traditional CPA education