Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one up is as easy as providing the bank with a signed POD beneficiary designation form. When you die, your beneficiaries just need to … Read More
The Paycheck Protection Program (PPP) is one way the Small Business Administration (SBA) is helping small employers keep payroll flowing during the novel coronavirus (COVID-19) crisis. The PPP lends businesses the funds to cover payroll, some employee benefit costs, and certain other expenses. Another SBA option is to apply for “employee retention credits,” but only … Read More
A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an … Read More
Guidance from the IRS and the Employee Benefits Security Administration extends certain tax-related deadlines due to the coronavirus (COVID-19) national emergency. Generally, all plans must disregard the period starting March 1, 2020 until 60 days after the emergency’s announced end when determining certain periods and dates. Affected deadlines include the 60-day election period for COBRA … Read More
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are … Read More
The Paycheck Protection Program (PPP) is available to many U.S. small businesses affected by the novel coronavirus (COVID-19). Businesses can qualify for 100% loan forgiveness for amounts used for payroll costs, mortgage interest, rent and utility payments during the eight weeks after receipt of the loan, as long as no more than 25% of the … Read More
Every nonprofit needs an executive search plan. Even if you aren’t facing an imminent vacancy, your organization is smart to prepare for what can be a long process. In fact, executive searches generally take several months — even if you end up hiring someone already known to your nonprofit. So make plans now. Focusing energy … Read More
Certain taxpayers who filed 2019 returns before the onset of the novel coronavirus (COVID-19) pandemic may want a “do over.” The Taxpayer Advocate Service (TAS) noted in a blogpost that while most taxpayers who overpaid their 2019 taxes elected to receive a refund, some chose to have the overpayment applied to their 2020 tax bills. … Read More
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file … Read More
If you’re eligible for an Economic Impact Payment (EIP) but you haven’t yet received it, you may be wondering why. It could be because you haven’t filed your 2019 income tax return. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, tens of millions of EIPs have already been delivered. But the IRS says … Read More