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Tuesday, 5 July

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Will You Have to Pay Tax on Your Social Security Benefits?

Timothy King

Posted By: Timothy King

Posted August 25, 2020 / No comments

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your

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The President’s action to defer payroll taxes: What does it mean for your business?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 17, 2020 / No comments

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.

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5 good reasons to turn down an inheritance

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 13, 2020 / No comments

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax savings. This is often cited as

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What does the executive action deferring payroll taxes mean for employers and employees?

Robert Tighe

Posted By: Robert Tighe

Posted August 13, 2020 / No comments

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the action directs U.S. Treasury Secretary Steven

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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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