What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or … Read More
The $3.5 trillion human infrastructure bill (the “Build Back Better Act”) is progressing through Congress. The House Ways and Means Committee has approved its sections of the bill that mostly address social issues and plans to pay for them with tax increases on the wealthy and corporations. Democratic committee members dispatched some 66 amendments offered … Read More
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file … Read More
Eligible families are now receiving their September advance Child Tax Credit payments. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families. Future payments are scheduled for October 15, November 15 and December 15. Eligible families who didn’t receive payments in July or August and are getting their … Read More
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or … Read More
Did you request an extension from the IRS to file your 2020 tax return? If so, the Oct. 15 deadline is coming up soon. Taxpayers who asked for an extension should file on or before the extension deadline to avoid a penalty for filing late. Although Oct. 15 is the last day for most people … Read More
The IRS recently issued a series of frequently asked questions addressing one of the exceptions to the 10% additional tax on early distributions from qualified retirement plans. Most retirement plan distributions are subject to income tax and may be subject to an additional 10% tax. Generally, the amounts a taxpayer withdraws from an IRA or … Read More
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are … Read More
As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clearly, estate planning is as important today — or arguably more important — than ever. But how do you plan your estate and … Read More
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and your leadership team … Read More