News & Updates

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?

Business Deductions: A Quick Review

8/25/2021

You have lots of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense doesn't have to be indispensable to be considered necessary.

How To Manage the 3 Major Supply Chain Risks

8/25/2021

"When will the COVID-19 pandemic finally end?" Many business owners are asking themselves that question. Unfortunately, the answer is not yet clear, and business owners must remain vigilant to the threats to their industry. For many, this means managing the internal and external risks is a top priority.

Do You Have a Hobby or a Business?

8/25/2021

Caterer? Cupcake baker? Craft jeweler? Maybe even a glassblower? Your passion may have led to income. You should know about the special rules and limits for deductions.

What a Will Should NOT Do

8/25/2021

Making a will is the primary way to transfer ownership of your belongings after your death. You’ll often hear that a will should be a comprehensive list of your assets so that they can be found quickly and easily without your estate undergoing probate. But there are some things you can’t or shouldn’t include in your will. For example, certain types of property can best be transferred without one.

Reverse Mortgage: Right for You?

8/11/2021

If you're 62 years of age or older and want money to supplement your income, you might consider a reverse mortgage. You'll be able to convert part of your home equity into cash without having to sell your home or keep paying your mortgage.

What To Know About the New Lease Accounting Standard

8/11/2021

Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022.

<<Previous

Employee Retention Credit: Further Guidance

Myths of the Estate Tax

What Are the Basics of Home Insurance?

Employees' Net Pay: What Are the Calculations?

Business Deductions: A Quick Review

How To Manage the 3 Major Supply Chain Risks

Do You Have a Hobby or a Business?

What a Will Should NOT Do

Reverse Mortgage: Right for You?

What To Know About the New Lease Accounting Standard

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Newsletter articles are posted every 2 weeks.