Author: Alexis Long

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2020 ELECTION TAX WATCH: COMPARING CANDIDATES’ POTENTIAL TAX POLICIES

The U.S. presidential election is just over a month away, yet neither candidate has released a formal, detailed plan addressing his vision for the tax code. We can, however, gain a sense of how their approaches differ through casual mentions of some aspects of tax policy on the campaign trail.

Tax policy underpins business decisions and consumer behavior, so an understanding of the candidates’ more detailed vision for tax policy will be intrinsic to successfully navigating the economic downturn triggered by the pandemic. Savvy businesses and individuals should pay close attention to how any proposed policy may ultimately alter their total tax liability.

It’s also important to keep in mind the fundamental role of Congress in passing tax legislation.  Depending on the makeup of the White House, Senate, and House of Representatives, passing tax legislation may be challenging.  For example, if both the Senate and House are of the same party as the successful presidential candidate, any changes in tax law may still have to be passed through the budget reconciliation process, because 60 votes in the Senate generally would be needed to avoid using the reconciliation process (and it is very doubtful that there would be 60 members of the Senate of the same party). Both in 2017 and 2001, passing tax legislation through reconciliation meant that most of the changes were not permanent; that is, they expired within the 10-year budget window. If any of the White House, Senate, or House are of a majority party different than the others, the chances of passing and enacting any agreed-to tax legislation becomes more doubtful.

The following table contains side-by-side snapshots of current and potential future tax policies of the presidential candidates as of September 22, 2020, from what has been mentioned informally on the campaign trail.

 

Current Tax Law
(TCJA–present)
Biden’s stated goals
Trump’s stated goals
Corporate tax rates
and AMT
Corporations have a flat 21% tax rate and no corporate alternative minimum tax (AMT), which were both changed by the TCJA.
These do not expire.
Biden would raise the flat rate to the pre-TCJA level of 28% and reinstate the corporate AMT on profits of $100 million or more.
Trump has not announced changes and has no plans to reinstate a corporate AMT.
Capital gains and dividends
The top tax rate is 20% for income over $441,450 for individuals and $496,600 for married filing jointly. There is an additional 3.8% net investment income tax.
Biden would eliminate breaks for capital gains and dividends for income above $1 million. Instead, these would be taxed at ordinary rates.
Trump would reduce the capital gains tax rates, index capital gains for inflation and create a capital gains tax holiday that would eliminate capital gains taxes for a period of time TBD.
Payroll taxes
The 12.4% payroll tax is divided evenly between employers and employees and applies to the first $137,700 of an individual’s income.
Biden would maintain the 12.4% tax split between employers and employees and keep the $137,700 cap but would institute
the tax on earned income above $400,000. The gap between the two wage levels would gradually close with annual inflationary increases.
Trump issued an executive order to temporarily postpone social security tax for employees from Sept. 1 through Dec. 31, 2020.
He has indicated he would make this temporary reprieve permanent.
Estate taxes
The estate tax exemption for 2020is $11,580,000.  Transfers of appreciated property at death get a step-up in basis.
The exemption is scheduled to revert to pre-TCJA levels, or $5,800,000, in 2025.
Biden would maintain the 2025 reversion and eliminate the current step-up in basis on inherited assets.
Trump would push to extend the exemption and would not change the transfer of appreciated property step-up in basis.
Individual tax rates
The top marginal rate is 37% for income over $518,400 for individuals and $622,050 for married filing jointly. This was lowered from 39.6% pre-TCJA.
Biden would restore the 39.6% rate for taxable income above $400,000. This represents only the top rate.
Trump would keep the current status quo of 37%. In addition, he would enact a 10% rate cut for middle-class taxpayers, which would lower the 22% rate to 15%.
For 2020, the 22% rate applies to income over $40,125 for individuals and $80,250 for married filing jointly.
Individual tax credits
Currently, individuals can claim a maximum of $2,000 Child Tax Credit (CTC)plus a $500 dependent credit.
Individuals may claim a maximum dependent care credit of $600 ($1,200 for two or more children).
The CTC is scheduled to revert to pre-TCJA levels ($1,000) after 2025.
Biden would increase the CTC to $8,000 ($16,000
for two or more children).
Trump would extend the $2,000 CTC past 2025, however, he would also require social security numbers to be eligible to take any of these credits.
Education
Forgiven student loan debt is included in taxable income.
There is no tax credit for contributions to state-authorized organizations that sponsor scholarships.
Biden would exclude forgiven student loan
debt from taxable income.
Trump would provide a tax credit for individual and corporate donations to state-authorized organizations that sponsor scholarships.
Itemized deductions
For 2020, the standard deduction is $12,400 for single/married filing separately and $24,800 for married filing jointly.
After 2025, the standard deduction is scheduled to revert to pre-TCJA amounts, or $6,350 for single /married filing separately and $12,700 for married filing jointly.
The TCJA suspended the personal exemption and most individual deductions through 2025.
It also capped the SALT deduction at $10,000, which will remain in place until 2025, unless repealed.
Biden would enact a provision that would cap the tax benefit of itemized deductions at 28%.
SALT cap: Senate minority leader Charles Schumer has pledged to repeal the cap should Biden win in November (the House of Representatives has already passed legislation to repeal to the SALT cap).
Trump would extend beyond 2025 and make permanent the deductions established by the TCJA.

While the candidates’ tax policy plans are not yet publicly formalized, more details may be released as we approach election day. We will be updating election tax policy content as it becomes available.

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Helpful Articles

Key points about bonus depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide variety of qualifying property. There are some important points to be aware of when it comes to this powerful tax-saving tool. For example, bonus depreciation is available for new and most used property. And it’s scheduled to phase out. Under current law, 100% bonus depreciation will generally be phased out in steps. An 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years. Asset depreciation can be a complex area of tax law. Contact us with questions about your situation.    

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Tax

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations.

  1. Working from home – Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at home, and communicate with your employer mainly by telephone, videoconferencing, email, etc. — you should know about the strict rules that govern whether you can deduct your home office expenses. Unfortunately, employee home office expenses aren’t currently deductible, even if your employer requires you to work from home. Employee business expense deductions (including the expenses an employee incurs to maintain a home office) are miscellaneous itemized deductions and are disallowed from 2018 through 2025 under the Tax Cuts and Jobs Act. However, if you’re self-employed and work out of an office in your home, you can be eligible to claim home office deductions for your related expenses if you satisfy the strict rules.
  2. Collecting unemployment – Millions of Americans have lost their jobs due to COVID-19 and are collecting unemployment benefits. Some of these people don’t know that these benefits are taxable and must be reported on their federal income tax returns for the tax year they were received. Taxable benefits include the special unemployment compensation authorized under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

In order to avoid a surprise tax bill when filing a 2020 income tax return next year, unemployment recipients can have taxes withheld from their benefits now. Under federal law, recipients can opt to have 10% withheld from their benefits to cover part or all their tax liability. To do this, complete Form W4-V, Voluntary Withholding Request, and give it to the agency paying benefits. (Don’t send it to the IRS.)

We can help

We can assist you with advice about whether you qualify for home office deductions, and how much of these expenses you can deduct. Contact your ATA representative to also answer any questions you have about the taxation of unemployment benefits as well as any other tax issues that you encounter as a result of COVID-19. © 2020

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Memphis, TN Nashville, TN Press Releases

ATA Welcomes New Partner for National Advisory Practice

Rick Schreiber

Jackson, TN – September 1, 2020 Alexander Thompson Arnold PLLC (ATA) is excited to announce the addition of Rick Schreiber as a partner to the firm. Rick comes to ATA with over 25 years of public accounting & advisory experience in helping companies increase the value of their businesses.

Schreiber was the National Leader of BDO’s Manufacturing & Distribution Practice, and the Southeast Regional Leader of BDO’s Retail & Consumer Business Practice.  He was also the National Co-Leader of BDO’s Industry 4.0 (Digital Transformation) Advisory Group and the managing partner of the Memphis BDO office. Rick holds numerous designations such as CPA, CVGA, CGMA, M&AP, and MBA, which enables him to work with IPO’s, secondary debt offerings, mergers & acquisitions, and value-growth advisory services. He has extensive experience in working with middle market and private equity backed companies.

“My background in both domestic and international companies in the manufacturing, distribution, retail, technology, and healthcare industries, has prepared me for this new role at ATA,” states Schreiber. “I’m looking forward to his new opportunity to help clients and their businesses on a national advisory level.”

“As a BDO alliance member, we have worked with Rick for many years and are very excited to welcome him to ATA,” said John Whybrew, Managing Partner. “As ATA expands its national advisory practice, Rick will be invaluable in providing the development and support our clients need.”

Most recently, Rick spent the last 13 years at BDO, where he was the Managing Partner for Assurance & Advisory Services at BDO Memphis. Prior to joining BDO, he worked at PricewaterhouseCoopers for 10 years in a number of their practice offices. Before joining PricewaterhouseCoopers, he worked for a local accounting firm providing assurance, tax, and broad-based business advisory services.

As National Advisory Practice Leader, Rick will expand the firm’s consulting practices and spread awareness of ATA’s Family of Firms, which are ancillary companies that provide business support to clients. He will oversee all advisory services for the firm, providing strategic direction for the consulting department, while building relationships and building our client base. He will come in as a Member/Partner, so he will also work cross-functionally with the partner/leadership group for the overall objectives of the firm.

Schreiber holds a Bachelor of Science degree in Accounting from Indiana University (IU) and has a Master’s in Business Administration degree concentrated in finance from IU as well.

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About Alexander Thompson Arnold PLLC (ATA)

ATA is a long-term business advisor to its clients and provides other services that are not traditionally associated with accounting.  For example, Revolution Partners, ATA’s wealth management entity provides financial planning expertise; ATA Technologies provides trustworthy IT solutions; Sodium Halogen focuses on growth through the design and development of marketing and digital products; Adelsberger Marketing offers video, social media, and digital content for small businesses; and Center Point Business Solutions is a comprehensive human resource management agency.

ATA has 14 office locations in Tennessee, Kentucky and Mississippi. Recognized as an IPA Top 200 regional accounting firm, it provides a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies and international corporations.  ATA is also an alliance member of BDO USA LLP, a top five global accounting firm, which provides additional resources and expertise for clients.

Categories
Helpful Articles Tax

Guidance on Payroll Tax Deferral

Background

On August 8, 2020 the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit and payment of certain payroll obligations.  Accordingly, the Secretary of the Treasury determined that employers that are required to withhold and pay the employee share of social security tax (FICA – 6.2%) or the railroad retirement tax equivalent could defer the withholding of that tax on payroll payments from September 1, 2020 to December 31, 2020 and collect from the employee (withhold) during the period January 1, 2021 to April 30, 2021.

Late on Friday, the IRS issued minimal guidance on the payroll tax deferral regarding the employee portion of social security taxes.

Implementing the payroll tax deferral

Under the guidance issued, this program is optional to the employer and is not an employee elected deferral. Employers can defer the withholding, deposit, and payment of certain payroll taxes on wages paid from Sept. 1 through Dec. 31, 2020. The deferral applies to the employee portion of the old-age, survivors, and disability insurance (OASDI) tax under Sec. 3101(a) and Railroad Retirement Act Tier 1 tax under Sec. 3201 (FICA – 6.2%). The due date for withholding and payment of these taxes is postponed until the period beginning Jan. 1, 2021, and ending April 30, 2021.

The deferral applies to any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000 (approximately $104,000 annually). The notice defines applicable wages, for these purposes, as wages as defined in [Sec.] 3121(a) or compensation as defined in [Sec.] 3231(e) paid to an employee on a pay date during the period beginning on September 1, 2020, and ending on December 31, 2020, but only if the amount of such wages or compensation paid for a bi-weekly pay period is less than the threshold amount of $4,000, or the equivalent threshold amount with respect to other pay periods.

The amounts to be deferred are ONLY the employee portion of the FICA / Railroad Retirement Act.  THERE IS NO DEFERRAL OF THE PAYMENT OF THE EMPLOYER’S PORTION OF TAXES OR THE EMPLOYEE’S WITHHELD FEDERAL INCOME TAX AND MEDICARE TAX.

Under the notice, the determination of applicable wages is to be made on a pay-period-by-pay-period basis — meaning that if the amount of compensation payable to an employee for a particular pay period is less than the threshold amount ($4,000 for biweekly pay periods), then the payroll tax deferral applies to that compensation, irrespective of the amount paid to that employee in other pay periods.

The notice requires affected employers to withhold and pay the deferred taxes from wages and compensation paid during the period between Jan. 1, 2021, and April 30, 2021. Interest, penalties, and additions to tax will begin to accrue on unpaid taxes starting May 1, 2021. The notice says, that, if it is necessary, employers can “make arrangements to otherwise collect the total Applicable Taxes from the employee” but does not provide details on that requirement. This would ultimately appear to place the liability on the employer.

Optional to the employer

Employers, if you defer your payroll taxes from your employees and your employee leaves for any reason and is not employed during the period beginning Jan. 1, 2021, and ending April 30, 2021, then employers would take the responsibility of paying the deferred taxes and not the employee. While the employer would have the right to attempt to collect these amounts from their former employee, it could be a difficult and time-consuming task.  This may lead many employers to choose not to defer the taxes. The decision is left up to the employers to decide if they want to implement the deferral.

We strongly recommend that you as an employer consider the consequences of deferring the withholding of the employee payroll tax. For further questions, contact your CPA at https://www.atacpa.net/our-leadership/.

Listen to a podcast from the Journal of Accountancy on implementing the payroll tax deferral.

Categories
News

CARES Act Made Changes to Excess Business Losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about the changes.

Deferral of the excess business loss limits

The Tax Cuts and Jobs Act (TCJA) provided that net tax losses from active businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other covered taxpayers, are to be treated as net operating loss (NOL) carryforwards in the following tax year. The covered taxpayers are individuals, estates and trusts that own businesses directly or as partners in a partnership or shareholders in an S corporation. The $500,000 and $250,000 limits, which are adjusted for inflation for tax years beginning after calendar year 2018, were scheduled under the TCJA to apply to tax years beginning in calendar years 2018 through 2025.

 

But the CARES Act has retroactively postponed the limits so that they now apply to tax years beginning in calendar years 2021 through 2025. The postponement means that you may be able to amend: Any filed 2018 tax returns that reflected a disallowed excess business loss (to allow the loss in 2018) and any filed 2019 tax returns that reflect a disallowed 2019 loss and/or a carryover of a disallowed 2018 loss (to allow the 2019 loss and/or eliminate the carryover). Note that the excess business loss limits also don’t apply to tax years that begin in 2020.

Thus, such a 2020 year can be a window to start a business with large up-front-deductible items (for example capital items that can be 100% deducted under bonus depreciation or other provisions) and be able to offset the resulting net losses from the business against investment income or income from employment (see below).

Changes to the excess business loss limits

The CARES Act made several retroactive corrections to the excess business loss rules as they were originally stated in the 2017 TCJA. Most importantly, the CARES Act clarified that deductions, gross income or gain attributable to employment aren’t taken into account in calculating an excess business loss. This means that excess business losses can’t shelter either net taxable investment income or net taxable employment income.

Be aware of that if you’re planning a start-up that will begin to generate, or will still be generating, excess business losses in 2021. Another change provides that an excess business loss is taken into account in determining any NOL carryover but isn’t automatically carried forward to the next year. And a generally beneficial change states that excess business losses don’t include any deduction under the tax code provisions involving the NOL deduction or the qualified business income deduction that effectively reduces income taxes on many businesses. And because capital losses of non-corporations can’t offset ordinary income under the NOL rules: Capital loss deductions aren’t taken into account in computing the excess business loss and The amount of capital gain taken into account in computing the loss can’t exceed the lesser of capital gain net income from a trade or business or capital gain net income.

Contact your ATA representative with any questions or email info@atacpa.net regarding how the CARES Act may affect your business. © 2020

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Agriculture Dyersburg, TN Henderson, KY Henderson, TN Jackson, TN Martin, TN Memphis, TN Milan, TN Murray, KY Paris, TN Trenton, TN Tupelo, MS Union City, TN

The Coronavirus Agricultural and Forestry Business Fund (CAFB Fund)

New support has been announced for agricultural and forestry businesses. This relief was established by the Tennessee Department of Agriculture in an effort to stabilize the food supply chain and agribusiness economy during the COVID-19 pandemic. Some of the eligible industries include: community food kitchens, craft breweries, farmers markets, food distributors, sawmills, and many more. Visit Tennessee Cares Act Management System for a full encompassing list. 

 

Applicants must be an agricultural, food, or forestry business, or nonprofit agricultural entity in Tennessee or have a project located in Tennessee. They must demonstrate business disruption impact from March 1, 2020 to December 30, 2020 under one of the four relief categories: 

  • Business Disruption
  • Pandemic Response
  • Supply Chain Enhancement
  • Increased Meat Processing Capacity
 

CAFB Funding is not a loan and does not need to be repaid. Funding is distributed on a reimbursement basis, which provides support from March 2020 until December 2020. Applications close Monday, August 31st; to apply visit, Tennessee Department of Agriculture website.  ATA can give guidance to applicants and help with any further questions. Contact your CPA at https://www.atacpa.net/ata-offices/.

 

Categories
General

Alexander Thompson Arnold PLLC Climbs Top 200 Firm List in the Nation

IPA Top 200
FOR IMMEDIATE RELEASE

ATA has increased its ranking from 147 to 136 on the 2020 INSIDE Public Accounting (IPA) Top 200 Firms list. This accolade is deemed by the IPA Annual Survey and Analysis of Firms.

 

IPA 100, 200, and 300 firms are ranked by U.S. net revenues and are compiled by analyzing the more than 550 responses received this year for IPA’s Survey and Analysis of Firms. This is IPA’s 30th annual ranking of the largest accounting firms in the nation.

“It’s a goal of ATA’s to expand our footprint. Over the last several years, our firm has focused on bringing additional service offerings to the markets we serve,” said John Whybrew, managing partner of ATA. “Thank you to our clients and business partners who have helped contribute to our success. We look forward to continuing our services with you,” said Whybrew.

This is an unprecedented time in the accounting industry. With the many changes that took place in early 2020, ATA has proven to be agile and adaptive through these unique circumstances. Continued growth and flexibility while working with clients during this time has proven ATA can arise to any challenge.

As the future arrives, ATA understands its need and responsibility to stay ahead of the curve as new trends and innovative approaches hit the accounting industry. ATA will continue to improve and expand the services that are offered as well as strategically grow its office footprint.

INSIDE Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning INSIDE Public Accounting newsletter and the award-winning National Benchmarking Report, along with other key reports on the profession. The Platt Group assists firms to become more successful through a variety of services.

ATA has 14 office locations in Tennessee, Kentucky, and Mississippi. Recognized as an IPA Top 200 regional accounting firm, we provide a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies, and international

corporations. ATA is also an alliance member of BDO USA, LLP, a top five global accounting firm, which allows us to utilize their resources and expertise for clients.

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Categories
General

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

PPP basics

The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April, Congress authorized additional PPP funding and it’s possible more relief could be part of another stimulus law. The PPP allows qualifying small businesses and other organizations to receive loans with an interest rate of 1%. PPP loan proceeds must be used by the business on certain eligible expenses. The PPP allows the interest and principal on the PPP loan to be entirely forgiven if the business spends the loan proceeds on these expense items within a designated period of time and uses a certain percentage of the PPP loan proceeds on payroll expenses.

An eligible recipient may have a PPP loan forgiven in an amount equal to the sum of the following costs incurred and payments made during the covered period: Payroll costs; Interest (not principal) payments on covered mortgage obligations (for mortgages in place before February 15, 2020); Payments for covered rent obligations (for leases that began before February 15, 2020); and Certain utility payments. An eligible recipient seeking forgiveness of indebtedness on a covered loan must verify that the amount for which forgiveness is requested was used to retain employees, make interest payments on a covered mortgage, make payments on a covered lease or make eligible utility payments.

Cancellation of debt income

In general, the reduction or cancellation of non-PPP indebtedness results in cancellation of debt (COD) income to the debtor, which may affect a debtor’s tax bill. However, the forgiveness of PPP debt is excluded from gross income. Your tax attributes (net operating losses, credits, capital and passive activity loss carryovers, and basis) wouldn’t generally be reduced on account of this exclusion.

Expenses paid with loan proceeds

The IRS has stated that expenses paid with proceeds of PPP loans can’t be deducted because the loans are forgiven without you having taxable COD income. Therefore, the proceeds are, in effect, tax-exempt income. Expenses allocable to tax-exempt income are nondeductible because deducting the expenses would result in a double tax benefit. However, the IRS’s position on this issue has been criticized and some members of Congress have argued that the denial of the deduction for these expenses is inconsistent with legislative intent. Congress may pass new legislation directing IRS to allow deductions for expenses paid with PPP loan proceeds.

PPP Audits

Be aware that leaders at the U.S. Treasury and the Small Business Administration recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. This safe harbor will protect smaller borrowers from PPP audits based on good faith certifications. However, government leaders have stated that there may be audits of smaller PPP loans if they see possible misuse of funds. Contact us with any further questions you might have on PPP loan forgiveness. © 2020

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Fortify your assets against creditors with a trust

You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now and later. After all, the better protected your assets are, the more you’ll have to pass on to loved ones. Creditors, former business partners, ex-spouses, “spendthrift” children and tax agencies can all pose risks. Here’s how trusts defend against asset protection challenges.

Tell creditors “hands off”

To protect assets, your trust must own them and be irrevocable. This means that you, as the grantor, generally can’t modify or terminate the trust after it has been established. (A “revocable trust,” on the other hand, allows the grantor to make modifications.) Once you transfer assets into an irrevocable trust, you’ve effectively removed your rights of ownership to the assets. Because the property is no longer yours, it’s unavailable to satisfy claims against you. It’s important to note that placing assets in a trust won’t allow you to sidestep responsibility for debts or claims that are outstanding at the time you fund the trust. There may also be a substantial “look-back” period that could eliminate the protection your trust would otherwise provide, as well as other restrictions.

Build a fence

If you’re concerned about what will happen to your assets after they pass to the next generation, you may want to consider the defensive features of a “spendthrift” trust. Despite the name, a spendthrift trust does more than protect your heirs from themselves. It can protect your family’s assets against dishonest business partners and unscrupulous creditors. It also can protect loved ones in the event of relationship changes. For example, if your son divorces, his spouse generally won’t be able to claim a share of the trust property in the divorce settlement. Several trust types can be designated a spendthrift trust — you just need to add a spendthrift clause to the trust document. Such a clause restricts a beneficiary’s ability to assign or transfer his or her interests in the trust, and it restricts the rights of creditors to reach the trust assets, as allowed by law.

Trustees play a role in keeping your trust safe

If a trustee is required to make distributions for a beneficiary’s support, a court may rule that a creditor can reach trust assets to satisfy support-related debts. So, for increased protection, consider giving your trustee full discretion over whether and when to make distributions. You’ll need to balance the potentially competing objectives of having the access you want and preventing creditors and others from having access.

Make asset protection a priority

If securing your assets is a priority — and it should be — talk to us about whether a trust can provide the protection you need. There may also be other ways to help shelter wealth — for example, maximizing your use of qualified retirement plans. For more information contact info@atacpa.net. © 2020