Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many business interests and other assets, which may create some attractive estate planning … Read More
Educators who qualify will see an increased deduction for certain classroom expenses. For 2022, the deduction for unreimbursed expenses rises to $300 (up from $250 for 2021). Married couples who are both eligible educators and who file jointly may claim up to $600. Eligible educators generally include teachers, counselors, principals and aides in kindergarten through … Read More
It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and are preferable to — the competition. Making this distinction isn’t as simple as, “Well, we’re … Read More
Did you know there are five different filing statuses for federal tax returns? They generally depend on a taxpayer’s marital status as of Dec. 31. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least … Read More
Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies could have their sensitive data taken hostage in a ransomware attack that costs millions to … Read More
The IRS and the U.S. Treasury Dept. is falling short on targeting possible advance Child Tax Credit (CTC) recipients, according to a Government Accountability Office (GAO) report. The IRS has been conducting various outreach efforts to increase the public’s awareness of advance CTC payments, the report said. “However, IRS and Treasury have not developed a … Read More
When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required, many small to … Read More
The IRS has issued the 2022 long-term capital gains rate bracket numbers. The maximum income required to qualify for the 0% bracket will be $41,675 for single taxpayers, $83,350 for married taxpayers filing jointly and $55,800 for heads of households. For the 15% bracket, the maximum income for 2022 will be $459,750 for single filers, … Read More
The federal gift and estate tax exemption will be increasing to $12,060,000 for an individual dying in 2022 (from $11,700,000 in 2021). The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million to $10 million, with the amount indexed for inflation. Be aware that the doubled amount will continue to be … Read More
Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks. For example, more employees may be working remotely than ever before. And some workers may be experiencing personal financial distress … Read More