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Does your small business have an emergency succession plan?
For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have...
How’s your buy-sell agreement doing these days?
Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and liability coverage. For a company with more than one owner, there’s an additional type of risk-management arrangement that needs to be established: a...
A nonworking spouse can still have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has...
IRS addresses CARES Act relief for retirement plan distributions and loans
The IRS recently issued frequently asked questions (FAQs) regarding retirement plan distribution and loan relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act. This relief applies to qualified individuals affected by the novel coronavirus...
There’s still time to make a deductible IRA contribution for 2019
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you...
Do you have tax questions related to COVID-19? Here are some answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an...
The CARES Act liberalizes net operating loss rules
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief...
PPP Loan Recipients get Bad News from IRS
The Internal Revenue Service recently issued Notice 2020-32 concerning expenses paid from funds received through the Paycheck Protection Program. In this guidance, the IRS explains that any expenses paid with forgiven PPP loan funds will not be deductible. Background...
IRA account value down? It might be a good time for a Roth conversion
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA...
Answers to your questions about your Economic Impact Payment
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here...
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