How to Get Started with Estate Planning
How to Get Started with Estate Planning Estate planning isn’t just for the rich and famous. You may have family heirlooms (such as jewelry or artwork) or real property that has sentimental value to certain family members. Wills and trusts can help ensure that your estate is divided up in the way you intended. Here…
How Long Should You Retain Tax Returns?
Three years is the general rule to retain tax records, including the paper and electronic records that support your tax return like receipts, bank and investment account statements, K-1s, W-2s, and 1099s. But don’t be hasty: failure to keep a paper trail for the information provided on your returns could lead to problems if you’re…
Meeting Your Organization’s Tax-Filing Obligations
The 2022 tax-filing deadline is fast approaching for many not-for-profit organizations. If you operate on a calendar-year basis, your filing deadline is May 15, 2023. Otherwise, you must file by the 15th day of the fifth month following the close of your nonprofit’s fiscal year. Whichever deadline you’re aiming for, your tax records need to be organized (and, hopefully, by this time turned over to your tax preparer) so you’ll be able to file without any major hiccups.
How Much FDIC Coverage Do You Have?
In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See “Two Banks Collapse in One Week” at right.)
Supreme Court Rejects Claim for Exemption from Overtime Pay
Employers and employees are often at odds over the issue of overtime pay. Naturally, employers are inclined to argue that an employee isn’t entitled to overtime pay when it would boost the overall compensation that must be paid to the employee. The employer’s position may be bolstered by applicable regulations from the U.S. Department of Labor (DOL). On the flip side, certain employees — even those who are paid relatively high salaries — may claim that they’re entitled to overtime pay under DOL rules and regulations.
Should You File for an Extension on Your 2022 Tax Return?
In addition to giving the IRS extra time to work the “bugs” out of the current tax code, filing for an extension can give you extra breathing room. This can come in handy if, for example, you haven’t received all the paperwork (including W-2s, 1099s and K-1s) or finished all the necessary transactions to complete…
Top 3 Federal Tax Law Changes that Could Affect Your Business Return
Every tax season, business owners must familiarize themselves with federal tax law changes that went into effect for that tax year. Fortunately, businesses don’t have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file 2022 federal income tax returns. 1. Reduced Cap on…
Update on Deducting Business Meal and Entertainment Expenses
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into effect,…
Understanding Cost Basis – A Primer for Investors
If you’re thinking about selling stocks, mutual funds or other investments, you need to first gain an understanding of cost basis rules and their implications for your tax bill. Learning the rules may help you significantly reduce the amount of capital gains that will be subject to taxation as a result of the sale. Why…
Your 2022 Tax Bill May be Higher
Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are not as favorable to many individual taxpayers. That means that you may owe more than you have in recent years. Here are some tax breaks subject to significant changes in 2022. Child Tax…