Richardson, Steere & Associates, CPA

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Richardson, Steere & Associates, CPA

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11/10/2025

Sure, 401(k) plans can help you save for a secure retirement. But they may offer another important benefit — hardship withdrawals. If you need emergency cash for medical bills, tuition or funeral costs (among other eligible expenses), you may be able to withdraw funds from your 401(k) account. Unlike loans, hardship withdrawals don’t have to be repaid. But you'll need to pay income tax and possibly a 10% early withdrawal penalty. Contact us (401) 941-0900 for details.

11/07/2025

Investors willing to make long-term investments in economically distressed communities have a tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program. It allows investors to defer the tax (and potentially ultimately reduce it) on recognized capital gains by reinvesting those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in QOZs. The IRS has issued guidance on two QOZ program-related provisions of the One Big Beautiful Bill Act: the definition of “rural area” and the application of the substantial improvement threshold for certain improvements to property in a QOZ located entirely in a rural area. Contact us at (401) 941-0900 for more information.

11/05/2025

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. You can count on us to handle these chores for you. Call us at (401) 941-0900 to schedule a consultation.

11/04/2025

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax returns and keeping your books in order, we can help you improve cash flow, safely plan for expansion and make smarter financial decisions. Let’s talk about how our advisory services can strengthen your strategic planning, streamline operations, and uncover new opportunities for long-term growth and success. Call us today at (401) 941-0900 to schedule a consultation.

11/03/2025

The One Big Beautiful Bill Act (OBBBA) brings major tax savings and planning opportunities for many businesses. Here are four highlights: 1) 100% first-year bonus depreciation for qualified new and used assets and production property, 2) an enhanced research and experimentation deduction, 3) expanded gain exclusions for qualified small business stock. 4) permanent 20% qualified business income deduction for pass-through businesses and sole proprietorships. Contact us at (401) 941-0900 to review your tax strategies and lock in benefits under the OBBBA.

10/31/2025

Does your business incur research and experimentation (R&E) expenses? The One, Big, Beautiful Bill Act reinstates the immediate deduction for research activities conducted in the United States, beginning in 2025. Before the new law was enacted, R&E expenses had to be capitalized and amortized over five years, beginning on or after Jan. 1, 2022. What if you began to amortize R&E expenses in 2022, 2023 and/or 2024? You can deduct the remaining amount on your 2025 return or split it between your 2025 and 2026 returns, rather than continuing to amortize over what remains of the five-year period. Contact us at (401) 941-0900 with questions.

10/29/2025

The One Big Beautiful Bill Act permanently increases the federal gift and estate tax exemption amount to $15 million ($30 million for married couples) beginning in 2026. The amount will continue to be adjusted annually for inflation. The estate tax rate remains at 40%, and the generation-skipping transfer (GST) tax exemption will match the increased estate and gift tax exemption. If your estate exceeds, or is expected to exceed, the exemption amount, implement planning techniques today that can help you reduce or avoid gift and estate taxes in the future. Contact us at (401) 941-0900 for assistance.

10/28/2025

Looking to reduce your tax bill and benefit a family member? If you have appreciated or dividend-producing investments, consider transferring them to an adult child in the 0% long-term capital gains tax bracket. Your son or daughter may be able to sell those assets and pay no federal tax on the gains or receive dividends free of federal tax. This strategy can be powerful, but it comes with some fine print. Let’s talk about how it could work in your situation. Contact us at (401) 941-0900.

10/27/2025

Estate tax laws are complex, and failing to plan could mean leaving your loved ones with less than what you’d expected. Now is the time to take action by reviewing your estate plan, updating beneficiary designations, and exploring strategies such as gifting or establishing trusts that may help minimize tax exposure. Every situation is unique, and the right approach depends on your family’s needs, assets and long-term goals. Contact us at (401) 941-0900 to ensure that your estate is structured in the most tax-efficient way possible.

10/24/2025

Individuals with sizable estates can breathe a sigh of relief when it comes to the federal estate tax. Currently, the federal gift and estate tax exemption is $13.99 million for individuals ($27.98 million for married couples). This exemption was scheduled to revert to $5 million (plus inflation adjustments) in 2026. But under the One, Big, Beautiful Bill Act, it has been made permanent. For 2026, the exemption will rise to $15 million ($30 million for married couples) and will be adjusted annually for inflation after that. This much-needed certainty provides planning flexibility and enables affluent families to preserve their wealth across generations. Questions? Contact us at (401) 941-0900.

10/22/2025

According to a recent Gallup poll, only 59% of Americans have saved money in an IRA, 401(k) or other work-based retirement plan. Unfortunately, most people can’t enjoy a secure retirement with Social Security benefits alone. If other priorities have prevented you from investing, contact us at {Phone%}. We can review your income, budget and goals and assist you in establishing a retirement savings plan that will help you catch up!

10/21/2025

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gift and estate tax exemption amount. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (401) 941-0900 for details.

Address

300 Centerville Road 205W
Warwick, RI
02886

Website

http://rsacpari.com/

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