How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — to take a different approach to splitting assets and setting maintenance payments than under prior law. To illustrate, consider Pat and Chris, a hypothetical married…
Spotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major impact…
Elements of Successful Cybersecurity
Government Contractors are more reliant on technology than ever before to deliver on their obligations. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than…
IT Security is More Critical than Ever for Government Contractors
By Melissa Musser, CPA, CITP, CISA, Principal With employees working from home, many government contractors (particularly smaller organizations) are more concerned than ever about information technology (IT) security. The issue is of even greater concern to organizations whose employees use their personal laptops and other electronic equipment to do their job remotely. With this in…
Election 2020: Where do the candidates Stand on Business Tax issues?
With both major political party conventions behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. Do you know where the candidates stand on major business tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s important…
Taxes on Roth IRA Withdrawals Today
If you’re experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it’s important to understand the federal income tax consequences, especially if you’re under 59½. Common Misconception You may think that all withdrawals from…
Tax Considerations for Principal Residence Foreclosures Today
Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal…
Managing Risk for Remote Workforces in a Post-COVID-19 World
Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic. “While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it…
Outsourcing Can Help Solve Understaffing Problems
The COVID-19 pandemic has businesses and nonprofits alike carefully examining their number one expense ― labor costs. What should you do if your nonprofit organization is short on staff and you don’t have the funds or confidence in the future to hire employees — or even to retain all the ones you have? Skip Steps…
Monitor These 3 Things as Your Nonprofit’s Priorities Change
Several months into the COVID-19 crisis, most nonprofit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning that reprioritizes objectives. Specifically, your nonprofit needs to focus on three areas: social impact, economic viability and capacity to deliver. Let’s take a look. Social Impact What…