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Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for your children or other heirs after your death. Here are a few insurance options … Read More

An audit from the Treasury Inspector General for Tax Administration (TIGTA) calls for refining “complex and inconsistent” rules for the earned income tax credit (EITC) and the additional child tax credit (ACTC). The audit evaluated the reasons for disallowance of the credits’ claims. An analysis of 698,000 tax returns with an automated review claiming one … Read More

If an employer has both a defined contribution retirement plan and a defined benefit retirement plan, what are the limits on contribution deductions? The IRS answered that question in an “Issue Snapshot.” Generally, an employer’s contributions to a qualified plan are deductible if they’re ordinary and necessary expenses and compensation for services rendered. However, contributions … Read More

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to hold life insurance Do you own an insurance policy on your … Read More

The IRS, the Dept. of Labor and the Dept. of Health and Human Services have issued interim final regulations about “surprise medical bills.” The regulations have been issued to implement the No Surprises Act, which was part of the Consolidated Appropriations Act. They detail the federal arbitration process that providers, facilities, or providers of air … Read More

In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation now when … Read More

The IRS, the U.S. Department of Labor and the Pension Benefit Guaranty Corporation jointly announced a notice of proposed revisions to the Form 5500 Annual Return/Report filed for employee pension and welfare benefit plans. The proposals are intended to implement changes to the Form 5500 annual reporting under the SECURE Act, which was enacted in … Read More

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible … Read More

An important payroll tax deadline is coming up for certain employers. To provide relief from the economic ravages of COVID-19, the CARES Act allowed employers to defer their share of Social Security tax from March 27 through Dec. 31, 2020. Those employers must now pay 50% of the deferred tax by Dec. 31, 2021, and … Read More