Steve Biegler To Retire After 50 Years of Service

After 50 years of service to his clients and the community, Steve Biegler will be retiring after the October 15 tax deadline.

Since the founding of Biegler & Associates in 1982, Steve and his team’s focus on integrity, quality service, tireless effort and technical expertise have resulted in a prominent name in the business community.

The merger with KWC in 2017, provided a long-term opportunity for his partners and staff to expand service offerings to clients and the business community at large. These efforts made both firms recognizable as the “best of the best” in the Richmond area.

Steve will no doubt approach retirement as passionately as he has his business career, and we hope to get routine updates on his many adventures and travels as he embarks on this next exciting chapter with his loving family and friends.

Transferring Investment Property to a Trust: What You Need to Know

Suppose you own real estate properties for investment purposes. Further assume that you would like to achieve the following:

1. You no longer want to manage the real estate properties.

2. You want your heirs to avoid probate after you die.

3. You want to save on taxes, if possible.

One option to consider is transferring the property to a trust — either revocable or irrevocable. (more…)

The Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16.

The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS. (more…)

KWC Announces Expansion Through Merger With Kimble CPAs

KWC Certified Public Accountants (KWC) today announced its expansion in Richmond, Virginia through a merger with Kimble CPAs.

“We are excited to expand in the Richmond market,” said Connie Hammell, Managing Principal at KWC. “Adding the Kimble team strengthens our existing Richmond presence and provides additional opportunities to serve our mutual clients in this market.”

Kimble CPA has extensive experience in service to closely held interests, not-for-profit entities, and individuals. The firm serves clients located in Virginia, their home base, as well as in California, Florida, Maryland, Texas, West Virginia, and Wyoming. In addition to basic audit, tax and accounting engagements, Kimble has provided counsel on important financial decisions, key employment choices, trust and estate planning, business expansions, and international matters.

“As a StrengthsFinder firm, Kimble has always sought to leverage the talents that each of our partners, managers and staff bring to the table,” said Kimberley VanHuss, Kimble CPA Co-Founder and Tax Partner. “Through this merger with KWC, we are enhancing our commitment to bring the right people to the right project to provide the best results and client experience. I am thrilled for this new venture, which is a win for both our teams and the individuals and businesses we serve.”

Kimble CPA was advised on the transaction by Sterling Point Advisors, an M&A advisory firm based in Richmond, Virginia. “This combination has everything you look for in a great partnership – from alignment of culture to complementary capabilities and services,” added Luke Campbell, Managing Director at Sterling Point. “It has truly been a privilege to help Kimble start this exciting new chapter. They could not have found a better partner.”

Whiteford, Taylor & Preston provided legal counsel to Kimble, and Rees Broome provided legal counsel to KWC.

What Can Employers Do with Forfeited Employee FSA Balances?

When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money. Here is what employers need to know after first covering some necessary background information. (more…)

SEPs vs. SIMPLE IRAs: Smart Retirement Plan Options for the Newly Self-Employed

Are you new to self-employment? Working for yourself doesn’t mean you must forego tax-advantaged retirement savings. In addition to contributing to a traditional IRA, there are two basic retirement plan options that may make sense for self-employed individuals: Simplified Employee Pensions (SEPs) and SIMPLE IRAs. Here are the pros and cons of these plans. (more…)

Your Estate Plan Should Be No Secret

Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you don’t want your children to realize how much they may receive after your death. Or maybe you think your choice of heirs could change in the future. (more…)

Do You Need to Amend Your Tax Return?

The COVID pandemic prompted numerous temporary changes to the tax laws for 2020 and 2021. From Economic Impact Payments, penalty-free IRA distributions and the expanded child tax credit to Employee Retention Credits and credits for paid
leave, taxpayers had ample areas to make mistakes when completing their tax returns — on top of the usual annual tripwires. Here’s what you need to know if you’re considering amending your 2020 or 2021 federal income tax return. (more…)

IRS Boosts Standard Mileage Rates for Second Half of 2022

The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military personnel (IRS Announcement 2022-13). (more…)