I think it's still acceptable to wish you a Happy New Year since we're not quite to February. So...Happy New Year! Tax season is once again upon us and will be a focus of client meetings this quarter. Invitations will be going out this week so please keep an eye on your inbox if you have not scheduled a planning review this year. 

 Congress maintained its (almost) annual tradition of hurriedly passing major legislation as close to the end of the year as possible. It was "deuces wild" (as the late great Vin Scully used to say) last year in that there were actually two significant pieces of legislation passed in 2022: The Inflation Reduction Act of 2022 and SECURE Act 2.0.

While it remains to be seen how either of these bills will reduce inflation or make us more secure, one thing we do know is they make changes to many different areas that affect financial planning. These include (but are not limited to) required minimum distributions, student loan repayments, the IRS, estimated tax payments, retirement plan contribution limits, retirement plan required features, 529 plan rules and Roth IRA rules. There are so many areas impacted by these two packages of legislation that we will likely spend much of 2023 sorting through them all before we can begin to adjust your planning strategy accordingly. Stay tuned throughout the year for updates as the new rules are interpreted, adjusted and enacted. 

I became a member of an organization called Alliance of Comprehensive Planners (ACP) toward the end of last year. It is a community of like-minded financial planners around the country who are committed to practicing tax intelligent financial planning and wealth management in a fee-only model. I am very excited to be a part of this organization and am looking forward to bringing a variety of enhancements and tools to you this year as a result. One new tool is a quarterly letter that is a compilation of articles and insights from my fellow ACP members. I expect to contribute to it in future editions as well. I am happy to bring you the Winter 2023 edition and welcome your feedback on the content. You can click on the image below to access the full PDF version. Feel free to print it and share it with friends and family.

I look forward to continuing our progress together in 2023. We cannot know what events or headlines will shape this year. However, I maintain that excellent financial management is not dependent on lucky breaks or other externalities but on the decisions we make in response to life happening. I plan to continue as I have in the past: doing my best to help you make one good decision after another. Thank you for your trust and your time.