A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit your property. Will contests and similar challenges often occur when … Read More
They say we live in an on-demand world. Right now, many business owners are demanding one thing: more workers. Unfortunately, the labor market is somewhat less than forthcoming. In the so-called “Great Resignation” of 2021, droves of people voluntarily left their jobs, and many aren’t rushing back to work. Neither are many of those who … Read More
At the start of the new tax season, the IRS is reminding taxpayers to be alert for scam phone calls. Criminals make aggressive calls posing as IRS agents in an attempt to steal money or personal information. Here are tips from the IRS on how spot a scam call. IRS agents will never demand a … Read More
As the year winds down, business owners have many calendar months to look back on to determine how successfully their products or services have sold. While reviewing the numbers, think about your people, too. To achieve success in 2022, you’ll need a strong sales team in place. However, it’s a difficult time to hire skilled … Read More
The IRS faces COVID-19-related hurdles again, placing a burden on many taxpayers and tax practitioners. Problems include lack of funding and staff, and a daunting backlog of returns. Tax organizations including the American Institute of Certified Public Accountants (AICPA) have joined forces to urge changes on behalf of taxpayers. “…The IRS is preparing for the … Read More
Foreign entities subject to the Foreign Account Tax Compliance Act (FATCA) should mark July 1, 2022, on their calendars. Foreign financial institutions and some other nonfinancial foreign entities (collectively, FFIs) must report to the IRS by that date on assets held by U.S. owners as of Dec. 31, 2021. Otherwise, payments made by U.S. owners … Read More
Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. Although historical financial statements are often the starting point for forecasts, you’ll need to do more than just multiply last … Read More
The U.S. Treasury Department has announced the launch of a revamped website, ChildTaxCredit.gov, with new tools intended to help eligible taxpayers access the remainder (or the full amount) of the expanded Child Tax Credit (CTC). The American Rescue Plan Act (ARPA) expanded the CTC and gave low-income families access to the full amount of the … Read More
The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits. SECURE Act’s effects on stretch IRAs For years, a stretch IRA was an effective tool that allowed your children or other … Read More
Do you have a child age 17 or older or another dependent? You can’t claim the child credit for such an individual but you may qualify for the credit for other dependents. The maximum credit is $500 for each dependent who meets certain conditions. The person can be a dependent age 17 or older (such … Read More