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Tuesday, 11 August

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Because of COVID-19, college-aged children need a basic estate plan

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 9, 2020 / No comments

It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop — consider having your child “pack”

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Forecasting financial results for a start-up business

Stephen Leazzo

Posted By: Stephen Leazzo

Posted August 9, 2020 / No comments

There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also use forecasts as yardsticks for evaluating and improving performance over time. However, forecasting can be

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Will your organization’s health insurance still be “affordable” next year?

Keith Orr

Posted By: Keith Orr

Posted August 8, 2020 / No comments

The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage you offer employees will still be considered “affordable” as defined

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The rules have changed regarding your IRAs, RMDs and estate plan

Robert Tighe

Posted By: Robert Tighe

Posted August 8, 2020 / No comments

Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct effect on IRAs. In a nutshell, the CARES Act waives required minimum distribution (RMD) rules

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IRS guidance provides RMD rollover relief

Stephen Leazzo

Posted By: Stephen Leazzo

Posted July 2, 2020 / No comments

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs

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Some people are required to return Economic Impact Payments that were sent erroneously

Timothy King

Posted By: Timothy King

Posted June 30, 2020 / No comments

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have

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Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 29, 2020 / No comments

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier

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Launching a business? How to treat start-up expenses on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 22, 2020 / No comments

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should

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COVID-19-related deadline relief affects HSAs and retirement plans

Stephen Leazzo

Posted By: Stephen Leazzo

Posted June 12, 2020 / No comments

The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to employment taxes; exempt organizations; employee benefit plans, including 401(k)s; Health Savings Accounts (HSAs); IRAs; and other specified accounts. With some exceptions, the extensions

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Concealing a trust could run afoul of state law

Keith Orr

Posted By: Keith Orr

Posted June 11, 2020 / No comments

You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if your children or other beneficiaries know about the trust, they might set aside educational or career pursuits. Be aware, however, that the law in many states forbids this practice by requiring a trust’s trustee to

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