Blog Archives

Sick and Family Leave Reporting Guidance

9/22/2021

The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families First Coronavirus Response Act as amended by the COVID-Related Tax Relief Act of 2020 and the American Rescue Plan Act of 2021.

Should You Go with a Medicare Broker?

9/22/2021

How can you be sure that an insurance salesman is being honest with you? Talk to a broker instead of a corporate representative. Because Medicare brokers work for many different insurance companies, they can try to find the right fit for you rather than pushing one carrier. Your Medicare broker will be able to review all options available and search for a plan that most closely fits your individual needs and budget.

IRS Clarifies Charity Benefits

9/22/2021

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Here is a summary of the provisions (more details are available on the IRS site):

Recordkeeping: The Key to Smooth Tax Transactions

9/22/2021

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice.

You must keep records such as receipts, cancelled checks and other documents that support an item of income, a deduction or a credit appearing on a return. They may be needed to back up everything you put on your tax return, generally until the period of limitations for that return expires.

Employee Retention Credit: Further Guidance

9/8/2021

In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021.

Myths of the Estate Tax

9/8/2021

If you think you can avoid the federal estate tax, you're probably right. The federal estate tax applies to Americans only if their estates total more than $11.7 million for individuals and $23.4 million for couples. For these very wealthy families, the rate can go as high as 40%.

What Are the Basics of Home Insurance?

9/8/2021

Homeowners insurance covers serious damage or destruction of your house, but what else is covered? Generally, clothing, furniture, appliances and most other contents of your home are covered if they're destroyed in an insured disaster. You can also get off-premises coverage to file a claim for lost jewelry, no matter where in the world you lost it, although there are typically limits. If you own a lot of high-priced possessions — fine art or antiques, fine jewelry or designer clothes — you may want to purchase a rider or buy a separate policy to cover them. Liability coverage protects you from lawsuits filed by others, so that if your dog bites your neighbor, your insurer will pay her medical expenses.

Employees' Net Pay: What Are the Calculations?

9/8/2021

If your payroll provider handles your payroll-processing responsibilities, you might not see the need to learn the ins and outs of calculating net pay. But imagine an employee seeking clarification on his or her take-home pay — do you know all the details?

Sick and Family Leave Reporting Guidance

Should You Go with a Medicare Broker?

IRS Clarifies Charity Benefits

Recordkeeping: The Key to Smooth Tax Transactions

Employee Retention Credit: Further Guidance

Myths of the Estate Tax

What Are the Basics of Home Insurance?

Employees' Net Pay: What Are the Calculations?

Newsletter articles are posted every 2 weeks.

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Newsletter articles are posted every 2 weeks. ​

Archives

Categories

Newsletter articles are posted every 2 weeks.