Claiming the New Employer Tax Credit for Family and Medical Leave
The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1, 2018 and December 31, 2019 — unless Congress extends the deal. Here…
Create an Accountable Plan to Reimburse Employees for Business Expenses
Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025? Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. Playing by a New Set…
Understanding Marginal Income Tax Brackets
By any measure, the United States tax code is huge. At the end of 2014, Commerce Clearing House’s Standard Federal Tax Reporter was up to 74,608 pages.1 And each Monday, the Internal Revenue Service (IRS) publishes a 20 to 50-page bulletin about various aspects of the tax code.2 Fortunately, it’s not necessary to wade through these…
Tips to Prevent the Number One Cause of Marital Rift
One survey found financial matters is “the most common source of discord among American couples.” 1 Further, the survey concluded, arguments over money predominantly involve a differing opinion of “needs” versus “wants,” unexpected expenses and insufficient savings. Fortunately, couples may be able to head off many of the problems in a marriage that money can cause. Ten Tips…
Tax Reform: Which Changes Are Temporary vs. Permanent?
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them. Here’s a scorecard to help you keep track of the…
Looking for a Business Loan? Be Prepared
If you’re building up a small business but haven’t yet needed to borrow funds to expand or smooth out cash flow irregularities, you’re doing something right. Or if you have borrowed and everything went smoothly, kudos again. Otherwise, keep in mind that anticipating the need for credit well in advance will put you in a much…
Thinking about Starting Your Own Law Firm?
Once you get some legal experience under your belt, you may think about opening your own firm. Setting up and running a law practice can be a daunting prospect, but taking certain steps will help to ensure that your firm grows and remains profitable. Here are some guidelines to help accomplish the task successfully: Develop a…
Employers: Consider Telemedicine and Make Sure Employees Use It
Telemedicine continues to change the way that medical professionals and patients interact. In a survey by the Mercer consulting firm, nearly three-quarters of employers with at least 500 workers said they make telemedicine services available. Yet employers with programs in place reported that only 7% of eligible employees used telemedicine at least once. And despite its wide…
Keeping Good Records Is Good Business
Maintaining good records is important to help meet your tax and legal obligations. The right record-keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system. What Records Do You Need to Keep? The first step is identifying the records you need to…
The Lure of the For-Profit Subsidiary
For-profit subsidiaries of not-for-profit organizations are strikingly diverse. Consider these real-life examples: In one part of the country, a not-for-profit health maintenance organization (HMO) creates a for-profit subsidiary to offer health insurance unavailable through HMOs. Elsewhere, a university business school starts a venture capital company to fund worthy startups and give students a first-hand look at…