Many people may want to give gifts of stocks or cash to their loved ones, especially as the holiday season draws nearer. Gift giving can also be used as an estate planning tool to reduce the size of your taxable estate. For 2021, the gift exclusion is $15,000. The exclusion covers gifts you make to […]

Theft, including embezzlement, can potentially cause severe financial hardship for businesses. You may be able to recover some of your losses by claiming the theft loss as a deduction on your tax return. To do so you must substantiate the loss. A recent U.S. Tax Court decision regarding embezzlement illustrates how that’s sometimes difficult to […]

The way you market your company can make or break you. For smaller to midsize businesses it is especially important to make sure you are putting your money in the right place for these expenses and to understand how to measure the return on this investment. Here are five questions to ask yourself and your […]

No matter where you live, unexpected disasters will potentially damage your home or personal property. Prior to the Tax Cuts and Jobs Act (TCJA), eligible victims of these casualties could claim a deduction on their tax returns, but there are new restrictions that make it more difficult to take. What’s considered a casualty for tax […]

IRS auditors often do research about the industry or issues when preparing for a business audit. One of these tools are “Audit Techniques Guides” or ATGs which are available for everyone on the IRS website. You can use these guides to make sure you are in compliance with the tax laws and regulations that may […]

Planning out how your business will transition to new ownership can and should happen early on to insure the transition goes as smooth as possible. But if you want to take your succession plan to the next level, consider expanding its scope beyond ownership. Your succession plan could include any employee who’s considered indispensable and […]

At first glance, employer-provided life insurance –specifically group term life insurance– seems like a very desired fringe benefit. However, this benefit could actually be costing you money if the coverage is higher than $50,000.   Tax on income you don’t receive The first $50,000 of group term life insurance coverage that your employer provides is […]

The last thing on one’s mind during a divorce is probably taxes, however, how you handle your assets during the separation could greatly affect the amount you pay in taxes. This is especially true for business owners where many assets are involved.   Tax-free property transfers You can generally divide most assets, including cash and […]

The IRS recently issued guidance on the COBRA premium assistance provisions of the American Rescue Plan Act in notice 2021-46. If your business is required to offer COBRA coverage, it’s important to mind the details of the subsidies and a related tax credit. Here are some highlights of the additional guidance.   Under the ARPA, […]

ABLE accounts are a tax free account that can be used for disability related expenses. They can be an effective toll to help family members without having them lose eligibility for the government benefits they are entitled to.   Who is eligible? ABLE accounts can be created by eligible individuals to support themselves, by family […]