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Monday, 11 November

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Thinking about converting from a C corporation to an S corporation?

Robert Tighe

Posted By: Robert Tighe

Posted November 6, 2019 / No comments

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an

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You may be ABLE to save for a disabled family member with a tax-advantaged account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 5, 2019 / No comments

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility

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Small businesses: Stay clear of a severe payroll tax penalty

Timothy King

Posted By: Timothy King

Posted November 4, 2019 / No comments

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the

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Review and revise job descriptions for everyone’s benefit

Robert Tighe

Posted By: Robert Tighe

Posted November 1, 2019 / No comments

A job description may seem like just so many words on a page or website. But those words have power. They can either set an employer and employee on a path toward a positive, fruitful relationship or on a downward spiral into confusion and conflict. To keep your organization on the road to success, review

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How to keep track of small tools and equipment

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 1, 2019 / No comments

Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these

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The net investment income tax is alive and well: How it can affect your estate plan

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 31, 2019 / No comments

The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NIIT in your estate plan, because it can erode your earnings from interest, dividends, capital gains and other investments, leaving less for your heirs. How it

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Don’t worry! A broken trust can be fixed

Keith Orr

Posted By: Keith Orr

Posted October 29, 2019 / No comments

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a beneficiary, what if an irrevocable trust no longer serves your purposes? Depending on applicable state law, you may have options

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IRA charitable donations are an alternative to taxable required distributions

Timothy King

Posted By: Timothy King

Posted October 29, 2019 / No comments

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision

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Must employers distribute initial COBRA notices every year?

Robert Tighe

Posted By: Robert Tighe

Posted October 28, 2019 / No comments

When an employer’s staff size reaches 20 or more, it’s generally required to offer “COBRA” health care coverage to departing employees. (The name comes from the legislation that made it law: the Consolidated Omnibus Budget Reconciliation Act of 1985.) If your organization is subject to COBRA, you may wonder whether you must provide the initial

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Valuing profits interests in LLCs

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 28, 2019 / No comments

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately, relief from the Financial Accounting Standards Board

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