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Sunday, 25 October

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Unusual year steers year-end tax strategies

Timothy King

Posted By: Timothy King

Posted October 22, 2020 / No comments

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty

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Understanding the passive activity loss rules

Keith Orr

Posted By: Keith Orr

Posted October 12, 2020 / No comments

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned

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Can employers provide disaster relief for COVID-19?

Robert Tighe

Posted By: Robert Tighe

Posted October 9, 2020 / No comments

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19?

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Is a noncharitable purpose trust right for you?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 9, 2020 / No comments

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve your estate planning goals. Defining an NCP trust Historically, trusts were required

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Why it’s important to plan for income taxes as part of your estate plan

Timothy King

Posted By: Timothy King

Posted October 6, 2020 / No comments

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted

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The easiest way to survive an IRS audit is to get ready in advance

Timothy King

Posted By: Timothy King

Posted October 5, 2020 / No comments

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely

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Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Robert Tighe

Posted By: Robert Tighe

Posted October 5, 2020 / No comments

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy, but there’s a catch: If you wait too long, your intentions may be defeated. Essentially, if ownership of the policy is transferred within three years of your death, the proceeds revert

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The tax rules for deducting the computer software costs of your business

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 3, 2020 / No comments

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software.

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Extended benefit claims and appeals periods during COVID-19

Keith Orr

Posted By: Keith Orr

Posted October 2, 2020 / No comments

In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as well as eligible disability plans and other employee welfare benefit plans. The extension permits the “outbreak

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Gifts in kind: New reporting requirements for nonprofits

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 2, 2020 / No comments

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a charity functions effectively. They may

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