In the News

Copyright 2022
Some people are worried that they will wind up in a nursing home with their life savings wiped out. But that doesn't have to be the case. You can buy some peace of mind with long-term care insurance. But caveat emptor: These policies can be expensive, complicated and they don't always cover all the costs involved.
Copyright 2022
Not-for-profit organizations often struggle with valuing non-cash and in-kind donations, including the value of houses and other real estate. Whether for recordkeeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn't easy. Although the amount that a donor can deduct generally is based on the donation's fair market value (FMV), there's no single formula for calculating FMV for every type of gift. Note: A donor can't claim a tax deduction for the contribution of services. Thus, this article focuses on valuing gifts of property for tax purposes rather than financial accounting purposes.
Copyright 2022
For most small business owners, closing up shop is relatively simple -- perhaps they take down their signs, get rid of inventory and turn the lights off. But for a health care practitioner closing a practice, the issues are more complex. You have a duty to preserve medical records and ensure your patients have access to them. There may even be liability issues after your death that must be addressed in your estate plan. If you sell your practice, the buyer should agree in writing to store your patients' medical records for a specific period of time, ideally the length of your own legal responsibility for them.
Copyright 2022
Builders and contractors who buy commercial general liability (CGL) insurance policies with the impression that they will keep them safe from allegations of inadequate or faulty work must be aware of what their policies cover. It's important to know that a CGL policy does not provide coverage for work that is faulty. In order to qualify for payment under a CGL policy, there must be a specific type of occurrence that causes property damage. The terms in these policies define an occurrence as an accident. This includes repeated or continuous exposure to conditions that result in bodily injury or property damage. The damages or injuries must occur during the policy period in order to qualify for coverage. These injuries or damages must not be intentional.
Copyright 2022
One of the basic costs of doing business is insuring your workers against injury on the job. Escalating medical bills and other factors have caused workers' compensation insurance premiums to increase dramatically. Explore options for reducing the cost of coverage with your insurance agents.
Copyright 2022
individual taxpayers who own appreciated vacant land should know the tax consequences before they sell or subdivide. Here's critical federal tax guidance for these individuals. Important: For purposes of this article, we'll assume that you own the lots either 1) directly as an individual, or 2) indirectly through a partnership, a multimember limited liability company (LLC) that's treated as a partnership for federal income tax purposes, or a single-member LLC that's treated as your tax alter ego and disregarded for federal income purposes.
Copyright 2022
you and your valued employees who work far from headquarters can encounter two administrative issues that possibly neither of you contemplated when the remote-working arrangement was agreed to: 1. What happens to health benefits if there are no providers in your plan's network where the remote employee has moved, and 2. When employees move to another state, which taxing jurisdiction has a claim on them? Here are points to consider and some alternatives.
Copyright 2022
It's a simple "yes" or "no" question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency? According to the IRS, some examples of a transaction involving virtual currency are the receipt of virtual currency as payment for goods or services; the receipt or transfer of virtual currency for free that doesn't qualify as a bona fide gift; a trade of virtual currency for another virtual currency; and a sale of virtual currency. Your tax advisor can help determine how you should answer this question.
Copyright 2022
Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they'll get to "someday." But that's a mistake. Like making future plans in your private life, creating a succession plan for your organization is a necessity. And the earlier you start planning, the better. You'll come across information that needs to be documented for the successor — and you might also spot some issues that need to be cleared up before the transition.
Copyright 2022
Like any well-run business, a medical practice needs to step back periodically and try to get a bird's-eye view of where it has been and where it is going. A good time to perform such a review is at the end of the calendar year. Go into the meeting with a plan, prepared to focus on three critical areas: corporate, financial and operational planning.

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