SERPs: Pros and Cons for Employers and Executives
If your company offers employees a qualified retirement plan, it’s probably a 401(k). But this popular option isn’t the only game in town. You may want to offer an additional retirement savings vehicle — such as a supplementary executive retirement plan (SERP) — to complement the 401(k)s of a select group of employees. Unlike 401(k)s, SERPs…
New Filing Deadline Announced for EEO-1 Report
The Equal Employment Opportunity Commission (EEOC) announced that the due date for the 2019/2020 EEO-1 Component 1 data report has changed. It’s now Monday, August 23, 2021. Basics About the Report The EEO-1 survey is a report required to be submitted to the EEOC by: Employers with federal government contracts of $50,000 or more who have…
Consider Using Advance CTC Payments to Start a College Fund
If you’re eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder whether you should spend the extra cash. Some families are incurring extra child-care costs so the parents can return to work. But others don’t have any imminent child-care-related expenditures to cover. Rather than spend the money…
Got Remote Workers? You Need to Understand Jurisdiction
The pandemic isn’t in the rearview mirror yet, but it’s already clear that the U.S. business landscape has changed. Many employers, for example, are expected to allow their remote workforce to remain working from home even though social distancing may no longer be necessary. If you’re mulling this decision or have already decided to allow employees…
Important Tax Implications to Consider Before Investing in Cryptocurrency
It has been a hot year for cryptocurrencies, even in the midst of a global pandemic. Bitcoin, the largest cryptocurrency by market value, skyrocketed and fluctuated wildly in price between 2020 and 2021. Additionally, other cryptocurrencies such as Ethereum, XRP, and Tether have gained popularity as the public’s comfort level with cryptocurrency increases. Then there…
Remote Work Reinforces the Need for Appropriate Cybersecurity
The abrupt shift to virtual operations during the COVID-19 pandemic exposed the vulnerabilities of some nonprofit organizations and resulted in a painful ‘lesson learned’ for others. Although employees will be allowed to return to the office in 2021, working from home in some form appears to be here to stay. Leadership must recognize that this…
Part of the “New Normal” is More Fraud
According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than before. So if you’re just now fully reopening your business or welcoming employees back in person, know that you…
Qualifying for Tax Breaks for a Dependent Parent
For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed father might still live in his own home, but his pension might not be…
4 Tax-Saving Credits for Families
Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here’s an overview of four key tax credits for families that are currently on the books. 1. Child Credit Through 2025, eligible parents could claim…
Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that “roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further…