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.
In the News
Thursday, May 26, 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.
Thursday, May 26, 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.
Thursday, May 5, 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.
Thursday, May 5, 2022
The jobs of nearly three-quarters of CFOs are impacted by expectations of how their companies should perform in the environmental, social and governance (ESG) realm, according to a recent survey by Deloitte Consulting. The emphasis on ESG matters is likely to continue.
So far, few companies have ESG performance metrics baked into their variable-pay plans. But that's likely to change. Regulators, including the Securities and Exchange Commission (SEC), are working on plans to mandate corporate disclosure of their performance based on ESG criteria. The challenge for the SEC and businesses is to develop disclosures that would offer meaningful insight into ESG "performance."
Thursday, May 5, 2022
In today's tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff. The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive with other employers, you'll need to be proactive in identifying candidates with the right fit at a reasonable cost.
Tuesday, April 19, 2022
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again!
In IRS audits and in court cases involving money-losing sidelines, the tax agency frequently argues the activities are hobbies, rather than businesses. Be aware that the federal income tax rules for hobby losses aren't in your favor. It can be difficult to prove an activity is a bona fide business. And now, due to a change included in the Tax Cuts and Jobs Act (TCJA), the rules are even less favorable for 2018 to 2025.
Tuesday, April 19, 2022
Congratulations! Your son, daughter or grandchild has earned a college degree and is ready to join the workforce. But there's one last "quiz" for you to administer before your child leaves the nest. The decisions your child makes today about spending and saving can mean the difference between struggling for the rest of his or her life and building a solid financial future.
Here are seven questions to ask your child once the graduation parties end and the reality of becoming a full-fledged adult settles in.
Tuesday, April 5, 2022
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
April 18
Tuesday, April 5, 2022
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules.
Over the years, there have been news stories about political appointees and others who got into trouble because they didn't pay nanny taxes. The same could happen to you.
