Insights

  It’s the time of year when we’re immersing ourselves in fall sports, thinking about the holiday season, preparing budgets for next year, and of course, planning year-end tax strategies. Year-end tax planning for businesses will come with more certainty than in recent years. The passage of the Inflation Reduction Act provided closure for many…

SANTA BARBARA, CA – September 15, 2022 – Bartlett, Pringle, & Wolf, LLP (BPW) was recently named one of the “2022 Best Midsized Accounting Firms to Work For” by Accounting Today. BPW has received this award 10 times for its workplace culture and professional excellence in the industry. Each year, Accounting Today and Best Companies Group present the…

The Inflation Reduction Act (the Act) was recently signed into law on Aug. 16 and contains a number of provisions to increase IRS funding, raise taxes on large corporations, incentivize renewable energy usage, and reduce the cost of prescription drugs. IRS Funding and Resulting Changes The increase in IRS funding has garnered attention due to…

SANTA BARBARA, CA – September 1, 2022 – Bartlett, Pringle & Wolf, LLP (BPW), a leading accounting and consulting firm based in Santa Barbara, CA, is pleased to announce the promotion of Crystal A. Knepler to the position of partner with the firm. BPW is the largest accounting firm on the Central Coast with 7…

Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Settle Estate Revenue Procedure 2022-32 now grants a surviving spouse…

Nonprofits that receive contributions of nonfinancial assets are subject to new financial reporting rules. Because of the nature of nonprofits and the far-reaching impacts of this standard, it’s important to be apprised of these changes and prepare for the additional requirements. What are Gifts-in-Kind? Also known as in-kind donations, gifts-in-kind are charitable non-cash contributions in…

Strict rules govern the timing of retirement account withdrawals. These rules may change in the near future with a new bill moving through Congress, but meanwhile, here’s what you need to know. With a series of recent changes, and some possible future modifications, it can be difficult to keep pace with the withdrawal rules on…

Bartlett, Pringle & Wolf, LLP (BPW) is excited to share that the firm was recently named one of the “Top Regional Leaders” by Accounting Today for the seventh year in a row! Each year, Accounting Today releases rankings of top performing accounting firms across the United States and categorizes them within 10 regions. BPW is…

Cryptocurrency has been in the news a lot lately as it continues to gain traction as an alternative currency. Many are considering whether this is the time to invest in cryptocurrency. After all, the IRS has taken notice and has instituted measures to ensure income from cryptocurrency is accurately reported. Recently, Ernst & Young’s “2022…

The Spousal Lifetime Access Trust is not one of the better-known trusts but has become a popular estate planning strategy for families. A spousal lifetime access trust (SLAT) is an irrevocable trust that authorizes the trustee to make distributions to a spouse if a need arises. It can be designed to benefit one’s children, grandchildren,…