As a survivor, executor or administrator of an estate, you are obligated to file an income tax return reporting all the deceased's income up to his or her date of death. You will need to be aware of all the credits and deductions the deceased is allowed as if that person had been alive to do it themselves.
As a manager, you are responsible for ensuring that your team is motivated, engaged and productive. This is true in any organization, but it has special meaning in a nonprofit, where you are all (hopefully) working toward a common mission. Indeed, how you go about this process is just as important as the process itself. How can you be a better manager for your staff and make them feel valued in your organization? Here are some tips you can use starting today.
Once you have at least one person working for your business, you're an employer. Being an employer comes with a wide range of responsibilities, including withholding, depositing and paying employment taxes. How can you make sure you're fulfilling all your tax duties to avoid getting hit with fines and fees?
Municipal bonds are stable, income-producing vehicles that are used to fund local and state government projects, such as buildings and highways. They are also tax free at the federal level. Are they right for you? What else should you be weighing in your decision about whether to invest in tax-free municipal bonds?
The Health Insurance Portability and Accountability Act protects Americans with health-related conditions from exclusions, limitations and discrimination in group health coverage. It also imposes confidentiality rules on medical professionals regarding patients' records. Indeed, cyber thieves see data as a commodity, and patients' digital medical records are 50 times more valuable than financial information, according to security experts. Civil penalties for breaking HIPAA rules range from $100 for an unknowing violation to $1.5 million for willful neglect.
According to the IRS, the EITC is one of the government's largest refundable tax credits for low-to-moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket.
In a flexible work arrangement, employees typically get to choose their work location and their work arrival and departure times. They may also have the ability to schedule their workday however they see fit. But as noted by the Department of Labor, "Under some [flexible work] policies, employees must work a prescribed number of hours a pay period and be present during a daily 'core time.'"
Have you given thought to your tax responsibilities, and the choices you need to make about them, as you start a business? To begin with, you have to consider what form of business entity to establish. Some common forms are sole proprietorship, partnership, corporation and S corporation. There's also the limited liability company, a business structure allowed by state statute. For federal tax purposes, it is considered a corporation or partnership.
The IRS has updated its Recovery Rebate Credit FAQ, which is organized into eight categories. The full document is available online, but you can find some of the updates below.
Property taxes can be confusing, as there doesn't appear to be an obvious, consistent rate. Still, there is a method to the apparent madness.
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