COVID-19 Pandemic Poses Complex HR Policy Questions
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. Guidance issued almost daily from the Centers for Disease Control (CDC), the U.S. Department of…
Has the TCJA Lowered Your Taxes?
We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into effect? Not surprisingly, the answer depends on your specific situation. Perception vs. Reality After most people filed their 2018 tax returns, only 40% believed that…
Should You Extend Your 2019 Tax Return?
Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did the number of extensions surge last year? Most changes under the Tax Cuts and Jobs Act went into effect in 2018. So, many people…
Is Your Family Medical Leave Policy Up-to-Date?
The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here’s a sampling. A recent case deals with whether an employee’s time away from work to…
New e-Filing Requirements for Tax-Exempt Organizations
Under a little-noticed provision buried deep in the Taxpayer First Act, tax-exempt organizations will be required to file certain information returns and related forms electronically. Your nonprofit organization should be prepared for this change that goes into effect for tax years beginning after July 1, 2019. Background Information The Taxpayer First Act, signed by President…
Follow the Rules for Nonprofit Participation in the Election
As another year of presidential election campaigns heats up, nonprofit organizations may be tempted to join the fray. Although it’s been said that politics and tax exemptions for nonprofits don’t mix, that’s an oversimplification of the restraints imposed on Section 501(c)(3) organizations. Granted, Section 501 nonprofits can’t engage in political campaigning. Because of the consequences,…
Congress Approves New Disaster-Area Tax Relief
A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package. However, there are some lesser-known changes that you might not know about. Specifically, the disaster-related provisions…
Creating a Budget When Income is Irregular
If you’re one of the millions of Americans who are self-employed — or if you have a side gig or work on commission — the idea of creating a monthly personal budget may seem daunting. The main reason: Most budgeting systems and expert advice tell you to start your budget by pinpointing your “regular monthly…
10 Tax Elections to Save Money on Your 2019 Return
2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key “elections” this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end…
Why Is the Valuation Date so Important?
When one considers how the value of an asset will be determined, it’s common to think about which method the appraiser will use or whether discounts may apply. A critical factor that might not immediately come to mind is the appraisal date. This article explains why the “as-of” date matters and how the purpose of…