It Truly Is Better to Give Than to Receive

By Meri Grogan, Director of Administration and Finance

Why is December such a popular month for giving? Many would say it is because of the tax benefits, which are a factor. However, at Syverson Strege we believe it is because the holidays bring out the giver in all of us, and as a company we donate 50% of our budget between Thanksgiving and Christmas to organizations that support our primary focuses: food insecurity and financial literacy.

My Sabbatical Journey: Adventure & Connection

By Lance Gunkel, CFP®, CFA, Managing Director

Interview

“What Does Strategic Giving Look Like?” – Iowa Ag Podcast

Chief Planning Officer Matt Roberts sat down with the Iowa Ag Podcast to discuss end-of-year tax planning and charitable giving strategies as they apply to the public, but also specifics farm/ag operations should take note of. You can listen to the full episode here. 

Financial Updates

Corporate Transparency Act Going into Effect Jan. 1, 2024

(The below information was provided by Andrew Karas, JD, MBA, Counselor & Attorney at Law at Hagenow, Gustoff & Karas, LLP in Des Moines)

The Corporate Transparency Act (CTA) was part of a larger legislative package passed by Congress in 2020 and going into effect on Jan. 1, 2024. In short, it’s a new reporting requirement for small businesses and their owners and managers. Here are a few tips:

1. Don’t panic but watch for fraud. If you haven’t received solicitations already, clients who own small businesses may receive official-looking notices and scary-sounding messages urging and threatening them to “comply” right away (the threats include fines and imprisonment). We encourage you to consult with known professionals rather than handing your information to a third party.
2. Don’t sprint to file. The CTA is set to begin on January 1, 2024, but companies existing prior to that date will have until the end of 2024 to report their beneficial ownership information. Reporting is not yet possible, as FinCEN has not released the portal or forms.
3. Don’t procrastinate. That said, don’t delay indefinitely as 32 million business need to file by Dec. 31, 2024. And the penalties for not filing could be severe (up to $10,000 and/or 2 years in prison).
4. Reassess the need for business entities. Since the advent of the limited liability company (LLC), it’s been fairly inexpensive to form an entity for a new business venture, business transition, or asset protection. Our cost-benefit analysis must change because the ongoing reporting costs and liabilities will be greater for reporting entities.

If you have questions about this new act, please contact your financial planning team to discuss.

Inside Look

Upcoming Office Closure Dates

Our office will be closed Monday, Dec. 25 and Tuesday, Dec. 26, as well as Monday, Jan. 1 and Tuesday, Jan. 2 so our team members can spend the Christmas and New Year holidays with their loved ones. We will also be closed Monday, Jan. 15 in observance of Martin Luther King Jr. Day.

Syverson Strege Voted Best Wealth Management Company in West Des Moines!*

The Syverson Strege team is incredibly honored to have been voted Best Wealth Management Company by community vote in the West Des Moines Chamber of Commerce’s 2023 Best of the West awards! We appreciate the votes from our clients, partners, families and friends, and are looking forward to a fulfilling 2024 serving the financial planning and wealth management needs of individuals in central Iowa and beyond!

*Disclaimer: Award rating provided by the West Des Moines Chamber of Commerce on 11/3/23 based on the number of votes Syverson Strege received during the voting period 10/1/23-10/31/23. Syverson Strege did not provide any direct or indirect compensation in return for consideration of the rating.

Goodbye, Twitter/X; Hello, Instagram!

As social media algorithms continue to change, we’ve made the decision to deactivate our Syverson Strege Twitter/X account at the end of 2023. We see very little engagement there but do see the opportunity to share content and engage with current clients and new individuals on Instagram going forward. Though our Instagram account will not be “live” with content until January 2024, please go ahead and follow us @syversonstrege if that is a social media platform you engage with. We will continue to post content on our Facebook and LinkedIn pages. 

Events

Did you know that Syverson Strege offers Retirement Account Management (RAM) for clients who have assets with their employer-sponsored 401(k) and 403(b) plans?

In this webinar, Chief Investment Officer Jason Gunkel will walk you through the following:

• The benefit of professional management in qualified accounts.
• Who should consider the Retirement Account Management service.
• The key features of our Retirement Account Management service.

Register for this event with Deb Longseth at (515) 225-6000 or dlongseth@onlyworkforyou.com. 

Save the Date!

We have an exciting event lineup planned for 2024. More details on each event, as well as registration information, will be shared in the coming weeks, but mark your calendars for the following events planned for Q1:

• Feb. 22: Power of Connection: Women’s Series Kickoff @ Royal Flooring; 4:30-6:30 p.m. (heavy appetizers will be provided)
• March 19: Estate Planning Fundamentals Workshop @ Syverson Strege Office; 8-11:30 a.m. (breakfast will be provided)
• March 27: Challenges of Aging: Caregiver Concerns for the Sandwich Generation & Beyond @ Syverson Strege Office; 11:30 a.m.-1 p.m. (lunch will be provided)

RSVP for any – or all – of these events to Deb Longseth at (515) 225-6000 or dlongseth@onlyworkforyou.com. 

Philanthropy

Festival of Trees and Lights

Syverson Strege was honored to sponsor this beautiful tree decorated in an angel theme – just one of dozens of trees that made up this year’s Festival of Trees and Lights benefitting Blank Children’s Hospital in Des Moines. We chose to donate the tree to The Salvation Army location in Clive for employees and patrons to enjoy this holiday season! 

Out and About

Unconventional Business Network

Sponsors of the Unconventional Business Network (UBN) were recently invited to a VIP breakfast featuring our very own Johnne Syverson, and his son, Matt, who founded his own fee-only financial planning firm in Kansas City. The two shared how incorporating Biblical principles into their companies transformed their careers and relationships with employees and clients, as well as how UBN has been a key component of their support network over the years.