LanguageEnglish
+

Friday, 20 May

Search Engine

What do the 2021 cost-of-living adjustment numbers mean for you?

Keith Orr

Posted By: Keith Orr

Posted November 2, 2020 / No comments

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax

Read More

Year-end tax planning strategies must take business turbulence into account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 28, 2020 / No comments

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches

Read More

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

Read More

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

Read More

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?

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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.

Read More