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…
The Questions Surrounding Social Security Seem to Never End
Members of the Baby Boomer generation continue to join the retirement ranks. As they arrive, or get close to their mid-sixties, they have many questions: How does the future of the system look? How are benefits affecting personal circumstances, such as divorce, remarriage or the availability of private pensions? Here are the answers to these…
New Tax Law Provides 10 Key Breaks for Individual Taxpayers
A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals. Reduced Threshold for Medical Expense Deductions The Tax Cuts and Jobs Act…
More to Business Valuation Than Meets the Eye
Valuing a business requires more than merely dropping numbers into a “black box” and waiting for the answer to be spit out. Using their professional judgment and specialized training, appraisers consider a broad range of internal and external factors before arriving at reliable conclusions of value. Most business owners and attorneys know the basics of the…