SVA Certified Public Accountants professional Eric Trost, CPA, MST has been interviewed for an article in the Milwaukee Business Journal’s Guide to Wealth Management titled “Significant Side Effects: The Pandemic Has Disrupted the Way Investors Look at Their Portfolios”.
When the COVID-19 pandemic hit, business owners had to give serious consideration to the future of their organizations. Some had to slash their salaries to keep their companies afloat or lost a substantial amount of the pass-through income they were setting aside for retirement. The federal CARES Act and the Payroll Protection Program (PPP) included provisions that allowed business owners to borrow up to $100,000 from their retirement plans without penalty and with the ability to repay it over three years, which helped to soften the blow.
Trost is also keeping an eye on potential changes to estate taxes, which could impact the largest item in many business owners’ portfolios – their businesses. “If the estate tax threshold is reduced from the current $20 million to something closer to $7 million, you are going to impact a fairly large swath of small businesses,” he says.
Eric is a Principal at SVA Certified Public Accountants. His vast experience and technical knowledge in tax compliance, research, and planning have given him the opportunity to work in a variety of tax areas and industries. Eric assists corporations and partnerships with tax savings through his extensive knowledge of transaction structuring, tax credits, and accounting methods. He works closely with businesses to plan their cash flow for tax liabilities through quarterly estimate planning. To maximize family wealth, Eric also focuses his attention on succession planning, including gift and multi-state tax issues.
SVA has been serving family-owned and closely-held companies since 1974. As we near our 50th anniversary, SVA is committed to remaining an independent CPA firm investing in our future growth. Our culture of innovation and agility provides the platform for our core goal. Serve. People. Better.
Our team members' expertise spans the areas of business consulting, tax, accounting, and audit in a diverse set of industries. We work towards meeting the strategic vision of each business and the owner's personal financial goals. We’re proud to say that this expertise has made SVA a perennial award winner as one of the nation’s Top 100 Accounting Firms, as well as a recipient of Forbes America’s Best Accounting Firms in 2021.