Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it is uncertain whether that proposal will...
Non-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Section 501(c)(7), and other provisions, non-profits are tax-exempt. Keep in mind that your tax-exempt status is fragile. If you do not follow the...
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an ‘Exchange’). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed...
The housing market in many parts of the country is strong this spring. If you are buying or selling a home, you should know how to determine your ‘basis.’ How it Works You can claim an itemized deduction on your tax return for real estate taxes and...
As counterintuitive as it may seem, law firms are not immune to criminal activity. Because some firms place enormous pressure on attorneys to produce billable work, they may be particularly vulnerable to fraud. Your firm needs to know what to look for and how to...
Are you thinking about setting up a retirement plan for yourself and your employees, but you are worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a ‘simplified employee pension’ (SEP) or a ‘savings...
During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits....
A 401(k) plan, or some other type of retirement savings vehicle, has become imperative for most employers. Among the biggest challenges organizations face when implementing a 401(k) is managing the complex array of IRS rules for nondiscrimination testing regarding elective deferrals and matching contributions. Some employers...
One advantage of inheriting an individual retirement account (IRA) from your spouse is that you are entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking...
High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, ‘Philanthropy and COVID-19 in the first half of 2020,’ from the Center for Disaster Philanthropy and information service...