Many people focus on issues of tax and asset-protection when planning their estate—but there’s good reason to plan ahead for your long-term health care needs. The costs of long-term care (LTC) can add up quickly and eat through the savings you rely on to maintain your lifestyle in retirement. They may also deplete the resources…

The rules governing depreciation tax deductions for business automobiles are complicated, and vehicles that are classified as passenger autos—such as SUVs and many pickups—fall under special limitations that may result in full depreciation taking longer than expected. Here is a quick guide to some of the rules governing tax depreciation and deductions for business vehicles.…

The Newly Expanded Employee Retention Credit provides immediate cash-flow relief to eligible employers that have been impacted by the COVID-19 pandemic. Employers can receive as much as $5,000 per impacted employee for 2020 and up to $28,000 per impacted employee for 2021! Wondering what it means for you and how to take advantage of it?…

Despite being a normal and sometimes necessary part of operating a business, related-party transactions have developed a bad reputation because they’re sometimes used to disguise poor performance or dishonest activities. Because of this, it’s important for your external audit process to identify related parties and evaluate your interactions with them—especially when market conditions are as…

The Small Business Administration has declared the week of September 13-17 to be National Small Business Week. Here are three tax breaks you should consider as we celebrate small businesses this week. Tax breaks for asset additions Qualified new and used property that is acquired and placed into service by your business this year is…

The need for social distancing is likely to continue as COVID-19 cases surge in many states—and that may cause additional complications when it comes to estate planning. While planning your estate is as important as it’s ever been, putting a plan together and executing critical documents can be a challenge if you’re trying to avoid…

As the economy reopens, many businesses have started to resume business-related travel and entertainment (T&E) activities—but you should be aware that these expense categories can be vulnerable to incomplete recordkeeping and even fraud. To ensure that reporting is complete, detailed, and accurate, your company will want to implement formal T&E policies. T&E expenses: reporting and…

IRS examiners typically prepare for business audits by researching the specific industries and issues that relate to the taxpayer’s return. In carrying out this research, many auditors use “Audit Techniques Guides,” or ATGs. Some ATGs are concerned with issues that are frequently encountered during audits, including executive compensation, capitalization of tangible property, and passive activity…

Public stock prices are likely to fluctuate in the near future as continuing COVID-19 concerns, mounting inflation, supply shortages, threats of cyberattacks, and geopolitical turmoil continue to unsettle shareholders and disrupt long-term planning. In light of all this, it might not be a bad time to consider escaping the ups and downs by taking your…

It’s not uncommon for people to record their will signings on video in order to provide evidence that their wills possess the requisite testamentary capacity. However, while this strategy may be helpful in preventing a will contest in some cases, there’s also a risk that the recording may be used by those who wish to…

In 2019, new accounting rules for long-term leases took effect for public companies. These changes were deferred for private companies several times by the Financial Accounting Standards Board (FASB), but starting in fiscal year 2022, private companies and private not-for-profit entities will be required to follow suit.  Under this updated guidance, private organizations will be…

A “self-directed” IRA may allow you to increase the benefits of a traditional IRA or Roth IRA—self-directed IRAs can hold nontraditional investments of your choosing and may offer greater returns. However, you should be aware of certain pitfalls that can sometimes result in unfavorable tax consequences. Using IRAs for estate planning Although IRAs were primarily…