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Making Lifetime Gifts Continues To Be A Smart Estate Planning Strategy

September 22, 2020

With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benefits — even if your estate isn’t taxable under the current rules. Let’s examine reasons why gifting remains an important part of estate planning.

2020 Q4 Tax Calendar: Key Deadlines For Businesses and Other Employers

September 17, 2020

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Reporting Discontinued Operations Today

September 15, 2020

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under the complex discontinued operations rules under U.S. Generally Accepted Accounting Principles.

5 Key Points About Bonus Depreciation

September 11, 2020

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years.

Forecasting Financial Results For A Start-Up Business

September 8, 2020

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.

Fortify Your Assets Against Creditors With A Trust

September 3, 2020

You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now and later. After all, the better protected your assets are, the more you’ll have to pass on to loved ones.

The Possible Tax Consequences of PPP Loans

September 1, 2020

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

CARES Act Made Changes To Excess Business Losses

August 27, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about the changes.

The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?

August 25, 2020

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.

Financial Reporting for Nonprofits That Have Teamed Up

August 20, 2020

Not-for-profits sometimes team up with other entities to boost efficiency, save money and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two organizations. How you handle reporting depends on the nature of your new relationship.

Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

August 18, 2020

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

File Cash Transaction Reports For Your Business — On Paper or Electronically

August 13, 2020

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.

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