Corporate Transparency Act
Property/Casualty Insurance
Beneficiary Deemed Owner Trusts
SECURE Act 2.0
Potpourri
100
This report must be filed with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
What is the Beneficial Ownership Information Report (BOIR)
100
This is the number of gallons wasted if you accidentally leave the bath tub running for 15 minutes.
What is 75 gallons
100
Ordinary income tax rates for trusts and estates currently range from 10% to as much as this % for the 2024 tax year.
What is 37%
- $0 – $3,100: 10%
- $3,100 – $11,150: 24%
- $11,150 – $15,200 35%
- $15,200+: 37%
100
This is what "SECURE" stands for.
What is "Setting Every Community Up for Retirement Enhancement"
100
This is the website for the Mahoning Shenango Valley Estate Planning Council.
What is https://msvepc.com/
200
Changes in beneficial ownership information must be reported to FinCen within this many days of the change.
What is 30 days
200
An organization's overall cybersecurity readiness, including how well it can identify, protect against, detect, respond to, and recover from cyber threats, is defined as this.
What is "cybersecurity posture"
200
A "Beneficiary Deemed Owner Trust" (BDOT) is a trust that grants a beneficiary powers only over this.
What is taxable income
A BDOT grants a beneficiary powers over taxable income only, but is not considered to be owned by the beneficiary for estate, gift, or asset protection purposes, because it does not grant a power over principal.
200
This is the year when Required Minimum Distributions will increase from age 73 to 75.
What is 2033
200
This organization is tonight's meeting sponsor.
What is Community Foundation of the Mahoning Valley
300
Willful failure to report complete beneficial ownership information may result in civil penalties of up to this amount per day. It may also result in criminal penalties of up to 2 years in prison and a fine up to this amount.
What is $500 and $10,000
300
Insurance that insurance companies buy to limit their own risks is called this.
What is reinsurance
300
BDOTs are subject to state income tax in the state of residence of this party to the trust.
What is the beneficiary
300
Employers must automatically enroll employees in a retirement plan with at least this contribution percentage.
What is 3%
300
This is the official name of the MSVEPC organization pursuant to the Articles of Association.
What is "The Estate Planning Council of the Mahoning Shenango Valley"
400
A "beneficial owner" is any individual who, directly or indirectly, owns or controls at least 25% of the ownership interests of a reporting company
-OR-
exercises this type of control over a reporting company.
What is substantial control.
An individual exercises substantial control over a reporting company if the individual meets any of four general criteria: (1) the individual is a senior officer; (2) the individual has authority to appoint or remove certain officers or a majority of directors of the reporting company; (3) the individual is an important decision-maker; or (4) the individual has any other form of substantial control over the reporting company.
400
The increase in claim severity above what could be anticipated under the usual scope of economic inflation and claim trends is known as this.
What is social inflation
400
On which tax form is income generated in a BDOT reported?
What is the beneficiary's 1040
I.R.C. § 678 allows all taxable income to be shifted to a beneficiary. According to I.R.C. § 678, a person other than the grantor can be treated as the owner of any portion of a trust in which the person has sole power to vest the corpus or the income in themselves. Accordingly, a BDOT that grants a beneficiary the power to withdraw all taxable income and the power is exercisable solely by that beneficiary, deems the beneficiary the owner of the trust income. The taxable income can then be reported on the beneficiary’s individual 1040 and taxed at the beneficiary’s income tax rate. The trust is ignored as a separate taxpayer.
400
This is the penalty percentage for failing to take an RMD in 2024. This is the percentage if corrected in a timely manner.
What is 25% and 10%
400
These are the four months of the year when the MSVEPC typically meets.
What are February, May, September, and November
500
The Corporate Transparency Act is primarily aimed at stopping money laundering and this.
What is tax evasion
500
A verdict in favor of the plaintiff with a damage award that surpasses $10 million is known as this.
What is a nuclear verdict
500
A BDOT is also sometimes referred to as this section of the Internal Revenue Code.
What is I.R.C. § 678
500
Beginning January 1, 2025, individuals ages 60 to 63 can make catch-up contributions to their retirement plans up to this dollar amount.
What is $11,250
The catch-up contribution limit that generally applies for employees aged 50 and over who participate in most 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan remains $7,500 for 2025. Therefore, participants in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan who are 50 and older generally can contribute up to $31,000 each year, starting in 2025. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63 who participate in these plans. For 2025, this higher catch-up contribution limit is $11,250 instead of $7,500.
500
These members of the MSVEPC are the current President, President-Elect, Past President, and Secretary/Treasurer for 2024.
Who are Bill Flevares, Shannon Greene-Day, Debbi Grinstein, and Jamie Dietz
600
This is the number of professional designations that Joe Mersol has after his name.
What is 9