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Conflict-of-interest policies are too important to neglect
Does your not-for-profit organization have a conflict-of-interest policy in place? Do your board members, trustees and key employees understand how the policy affects them? If you answer “no” to either (or both) of these questions, you have some work to do. A duty...
401(k) plan highlights of the SECURE Act
Late last year, Congress passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Among its most notable rule changes are those pertaining to 401(k) plans. Here are some key highlights. New tax credit...
4 new tax law changes that may affect your retirement plan
If you save for retirement with an IRA or other retirement plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four...
New tax law provides a variety of small business tax breaks
While you were celebrating the holidays, you may not have noticed that Congress passed a tax law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20,...
Congress gives a holiday gift in favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
Small business owners still have time for year-end tax planning
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few tax-saving strategies. Here are three tax planning ideas to implement before the end of the year. Buying assets Thinking about...
What filing status are you eligible to use on your income tax return?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...
Holiday gifts and parties can help provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them holiday gifts or hosting holiday parties. It’s a good idea to understand the tax rules...
What it takes to deduct medical expense on your tax return
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...
Get your small business ready to prepare your 1099-MISC returns
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies...
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