Latest news with #K-1s
Business Wire
2 days ago
- Business
- Business Wire
K1x Named to Selling Power's 2025 List of 60 Best Companies to Sell For Alongside Apple, Microsoft and Salesforce
MORRISTOWN, N.J.--(BUSINESS WIRE)-- K1x, the AI-powered platform transforming tax compliance for institutional filers, has been named to Selling Power magazine's 2025 list of the 60 Best Companies to Sell For. The recognition comes on the heels of the company's first-ever user conference, held June 24–25, which brought customers together to shape the future of the platform. K1x earned the distinction following Selling Power 's in-depth evaluation across five core categories: company overview, compensation and benefits, hiring, sales training and enablement, commitment to diversity and inclusion, and AI integration in sales processes. The annual ranking reflects excellence in both product strength and sales team support. 'For prospective employees, customers, and investors, this recognition is further proof that our product delivers measurable value—and that we've built the right culture to bring it to market,' said Ken Powell, Chief Revenue Officer at K1x. 'We're proud to be recognized and even more proud of the team behind this success.' Just weeks earlier, K1x hosted its first-ever user conference, a two-day in-person event focused on helping customers maximize the platform's capabilities while engaging directly with leadership and product teams. Clients participated in hands-on sessions, shared insights, and contributed to future product planning—underscoring the company's commitment to co-innovation and client success. 'The energy at the conference made it clear: our customers are passionate about K1x and deeply invested in our shared vision,' Powell added. 'That kind of engagement pushes us to keep delivering, evolving, and listening.' With growing adoption, continued product development, and national recognition for its sales culture, K1x enters the second half of 2025 with strong momentum. To view the full Selling Power list, visit Selling Power Magazine. About K1x K1x is the AI tax automation platform trusted by institutional filers to streamline compliance with complex forms such as K-1s, K-3s, 990s, and 1099s. By automating the extraction and distribution of tax data at scale, K1x reduces risk, improves accuracy, and accelerates reporting.
Forbes
02-05-2025
- Business
- Forbes
Unlocking Wealth With SMAs Inside PPLI: Your Guide To Tax-Smart Investing
Anatoly Iofe is founder and CEO of IceBridge Financial Group, a global multifamily office based in Boca Raton, Florida. getty If you're looking for a way to supercharge your wealth while keeping Uncle Sam at bay, let's chat about separately managed accounts (SMAs) inside private placement life insurance (PPLI). This combo is like the dynamic duo of financial planning—customizable, tax-efficient and packed with potential. PPLI is a sophisticated financial tool to combine wealth preservation, tax efficiency and investment flexibility. PPLI offers a unique structure where the cash value of the policy is invested in a customized portfolio tailored to the policyholder's financial goals. It's a potential powerhouse for wealth preservation, growth and estate planning. The flexibility of PPLI stems from its private placement nature, meaning it is not subject to the same regulatory constraints as publicly offered insurance products. Policyholders can work with investment managers to allocate funds across a range of asset classes, such as equities, fixed income, commodities or even bespoke strategies like venture capital or distressed debt. Additionally, the tax-deferred growth of the cash value and the ability to access funds through policy loans provide a compelling advantage, enhancing the appeal of PPLI as both an estate planning tool and an investment vehicle. An SMA is like having your own personal investment chef—they cook up a portfolio just for you, tailored to your tastes, and you own every ingredient directly. Inside a PPLI policy, an SMA is a custom-managed portfolio run by a professional investment manager. They've got the reins to buy, sell and tweak the holdings based on your goals, all while keeping everything compliant with insurance regs (like the IRS's diversification rules under Section 817(h)). You fund your PPLI policy with a premium, which could be cash or existing securities. That money flows into a segregated account, separate from the insurance company's general pool, where your SMA lives. Your investment manager then crafts a portfolio that's uniquely yours, picking investments that match your risk appetite, financial dreams and ideally even your values. All the growth inside that SMA—capital gains and dividends—happens tax-deferred. No 1099s or K-1s, no tax returns and no tax bill if you get your money via policy loans. One of the coolest things about SMAs in PPLI is how flexible they are. Life changes, markets shift and your goals evolve—so why should your investments stay stuck? With an SMA, your manager can pivot on a dime. Want to dial down risk as you near retirement? Done. Spot a hot new sector you want in on? They can make it happen. Unlike rigid investment vehicles, SMAs adapt to you, not the other way around. Plus, you've got control—within limits (more on this below). The IRS's Investor Control Doctrine means you can't micromanage every trade (that's your manager's job). But you can set the vibe—say, 'I want growth with a side of income,' or 'Keep it green and sustainable.' So, what can you toss into an SMA inside PPLI? Pretty much anything that fits the diversification rules and your manager's playbook: stocks, bonds, alternative assets, ETFs and index funds, commodities and insurance-dedicated funds (IDFs). How do IDFs stack up to SMAs? IDFs and SMAs are the two main flavors of investment options inside PPLI, and they're like apples and oranges—both tasty, but they hit different spots. IDFs: These are pooled funds, built specifically for insurance policies. They're managed by pros with a set strategy—like a private credit fund or a hedge fund—and you pick from the insurance company's 'menu.' IDFs are awesome if you want a prepackaged, diversified option but with less customization. You're locked into the fund's strategy, and if it doesn't vibe with your goals, you're out of luck. SMAs: With an SMA, you're not picking from a menu—you're writing the recipe. You own the securities directly, and your manager tailors everything to your needs. Want to mirror a winning strategy you've got outside PPLI? Need to exclude certain sectors or chase a niche opportunity? SMAs got you. In short, IDFs are plug-and-play, great for simplicity and lower entry points. SMAs are custom-built—perfect if you've got the cash and crave control. So, why pair SMAs with PPLI? It's all about the benefits: Tax Efficiency: There are no taxes on gains while they compound inside the policy. Customization: Your portfolio reflects you—your goals, your values, your vision. Transparency: You see every move, every holding, crystal clear. Growth Potential: You have access to alternative investments that might be too tax-inefficient outside PPLI. Legacy Power: The death benefit passes to your heirs income-tax-free, wrapping up your wealth plan with a bow. Perhaps you're a real estate mogul who wants less property exposure in your portfolio. Your SMA manager crafts a mix heavy on tech stocks and private equity, all growing tax-deferred inside PPLI. Or maybe you're a tech exec with a big stock position; your SMA balances it out with bonds and alternatives. That's the beauty of SMAs in PPLI—it's your money, your way. That said, it's not for everyone. The biggest obstacle in PPLI is higher minimums; in my experience, for SMAs, it's usually $20 million. You can still invest via PPLI with much lower minimums, but this will not be SMA. The layered fees of the insurance wrapper, legal structuring and SMA management can add up. In addition, it requires a bit of setup. Ensuring the structure complies with IRS guidelines and life insurance diversification rules requires ongoing legal and tax oversight. Without careful planning and management, the intended tax benefits can be compromised. As mentioned earlier, investor control is also limited. To preserve the tax-deferred status of the PPLI, the policyholder must not have direct control over investment decisions. This limitation can feel restrictive, particularly for HNW individuals used to customizing their portfolios through SMAs. Additionally, the SMA strategies must be approved and managed by a registered investment advisor affiliated with the insurance carrier, which can limit manager selection or strategy flexibility. Finally, PPLI structures are generally illiquid and long-term vehicles, making them unsuitable for investors who may need access to their capital in the short or medium term. If you're sitting on some serious wealth and want to keep more of it out of the IRS's domain, SMAs inside PPLI could be your golden ticket. Again, it's not for everyone—it's best for the high-net-worth crowd—but if you fit the bill, it's worth a conversation with your advisor. Think of it as a VIP pass to tax-smart investing with a custom twist. The information provided here is not investment, tax, legal or financial advice. Consult with a licensed legal or tax professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Forbes
01-04-2025
- Business
- Forbes
How Anyone Can Easily File For A 2024 Tax Extension
Running behind on filing your taxes? How you can easily file for a tax extension. Tax Day is just around the corner. The deadline to file your 2024 taxes is April 15, 2025. If you cannot complete your taxes by the deadline, you can request an automatic six-month extension to file your taxes. The deadline to apply for a tax extension also falls on April 15. With all the turmoil at the IRS these days, I'd rather see you take the time (on extension) to file your taxes properly rather than rushing and having to amend your taxes later. Doing so could lead to delays in processing any refunds owed, among other things. There is some good news for all of you with complex tax-planning needs. Applying for a 2024 tax filing extension will likely be one of the easiest parts of completing your taxes. Reminder: You must actually file for an extension. The IRS does not automatically give you more time. There is no shame in filing for a tax extension. I'm guessing some of you will procrastinate and wait until the night before taxes are due to gather your information (not recommended). As a certified financial planner who does a ton of proactive tax planning, I work with many clients who own businesses and have more complicated tax situations. Even when everything is organized and given to their tax experts early, they often end up filing on an extension. Other times, they need a little extra time to come up with large tax-saving cash balance plan contributions. The reality is that the more complex your tax situation is, the more likely you are to need a tax extension. Some of you may not even have a choice. You may still be waiting on tax forms like 1099s or K-1s. For those who own businesses or are self-employed, you may be filing tax returns for your business and yourself as an individual. The good news is this also brings with it many more opportunities for proactive tax planning, not to mention tax-saving retirement plans like Solo 401(k)s or even Cash Balance Pension Plans, which can potentially save you tens to hundreds of thousands of dollars in taxes each year. An extension is just permission to take additional time to file your taxes. You will still need to pay any taxes owed to the government by April 15. If you cannot pay your taxes in full, the IRS may be willing to offer a payment plan. Go to the IRS website and fill out IRS Form 4868. You can access this form directly at this link and file it yourself. Also, it is free. If you are working with a paid tax preparer or CPA, they will likely take care of this for you, but confirm it has been filed. Form 4868 will only apply to your federal tax extension. Many states will also require you to file for an extension directly with them. I won't be listing each state's requirements here, so take a second and check with your state tax authority to see what form they need to file an extension, if any. For all the do-it-yourself tax preparers, tax software like TurboTax should have the option to file for an extension within their tax filing software. If you are in the middle of filing with them, this may be an easier way to file for a tax extension. If not, you can use the IRS form listed above. You will have to answer a few short questions to file for an extension. The big ones are estimated taxes owed and the approximate amount of taxes paid already. Beyond that, receiving a tax extension is basically an automatic process. You will not be required to provide an excuse for filing late. Your tax extension filing should be granted if you fill in the form completely and correctly. You will have an extra six months to file with a tax extension. That means your new deadline to file your 2024 taxes will be October 15, 2025. Please don't procrastinate again until October 15 to begin filing. It's more likely you will make costly tax mistakes the later you file. Tax mistakes can bring a dreaded IRS audit or leave you paying more taxes than you are legally obligated to do. The IRS likes to pile on penalties and interest on taxpayers who don't meet their deadlines. The late filing penalty is five percent per month on any unpaid taxes. This caps out at 25% of unpaid taxes. For those who file on time but forget to pay on time, you will get slapped with a failure to pay a penalty of 0.5% of unpaid taxes per month. This will continue until you are up to date. For most California counties, the IRS and California Franchise Tax Board extended the federal and state tax deadline to October 15, 2025. This means residents have about six more months to file their returns and make any necessary tax payments.
