Bott & Associates, Ltd.

The Internal Revenue Service is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year he or she reaches…

According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by…

The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The Fair Labor Standards Act, the Family and Medical Leave Act and the Families First Coronavirus…

Many businesses have found themselves operating very differently from the way they did in the past. On-site operations pivoted to virtual, which changed everything. The pace of change was so fast, it has been said the use of technology advanced…

When the FTX exchange collapsed and filed for bankruptcy in November 2022, reverberations rippled across the cryptocurrency universe. Investors across the board lost millions, from venture capitalists, hedge funds and large asset managers (known as “whales”) to tiny accounts of…

Starting on Feb. 24, 2021, the SBA is establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the…

Baby boomers are inheriting their parents’ wealth, and their children are receiving funds transferred through a variety of trusts established under their parents’ estates. You may find yourself responsible for managing the wealth transfer process. In the past, banks and…

The Foreign Account Tax Compliance Act (FATCA) generally requires that foreign financial institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments. Taxpayers must…

Do you dream of getting out of your area once the kids have moved out and you don’t need to commute? When you’re retired, you have fewer obligations, meaning you can move to any location you can afford. Maybe what…