Month: July 2016

What to Do If You Haven’t Filed Last Year’s Tax Return or Can’t Pay the Bill

Unless you’ve extended the due date for filing last year’s individual federal income tax return to October 17, the filing deadline passed you by in April. What if you didn’t extend and you haven’t yet filed your Form 1040? And what if you can’t pay your tax bill? This article explains how to handle these situations. […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

FAQs about Social Security Retirement Benefits

For years, people have questioned the long-term viability of the Social Security system. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds will […]

Posted In: Retirement, Social Security

IRA Charitable Donations: An Alternative to Taxable Required Distributions

You can make cash donations to IRS-approved charities out of your IRA using so-called “qualified charitable distributions” (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the end of 2014, but QCDs were made permanent for 2015 and beyond under the Protecting Americans from Tax Hikes (PATH) Act […]

Posted In: IRA and Roth, Tax Advisor, Tax Deductions, Tax Filing

Save Taxes with Employer-Provided Transportation Fringe Benefits

The Internal Revenue Code allows some worthwhile tax breaks for transportation-related employee fringe benefits. They’re intended to persuade you to give up your gas-guzzling vehicle when commuting to work and instead “go green.” If your employer offers these tax-favored benefits, you should consider signing up. Here are the specifics. Favorable Tax Treatment The employer-provided benefits explained […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Business Interruption Claims Require Professional Help

Smart company owners and executives obtain business interruption insurance — and possibly contingent business income coverage if the operation relies heavily on outsourcing or a particular supplier. The idea is that the policy will compensate the company for lost earnings if a devastating event forces it to temporarily close down. But the calculations and coverage of […]

Posted In: Business

Executive Compensation: How Much is too Much?

With the SEC requiring greater transparency with regard to executive compensation, many organizations — not just public corporations that are bound by SEC disclosure rules — have begun to rethink Tax Implications of High Salaries and Benefits Rather than have perks come under scrutiny by shareholders, or in other public forums, some organizations decide to simply pay […]

Posted In: Business

Summer Weather Brings Dress Code Challenges for Businesses

Courts generally give employers significant latitude in establishing dress code policies. The key is to not implement a policy that would have a disparate impact on “protected class” employees — that is, based on race, gender, religion, age, national origin or disability status. (Other protected categories, such as pregnancy, citizenship, familial status, veteran status and genetic […]

Posted In: Business, Employees

Constructing a construction company future with employees as owners through an ESOP

The difference between company ownership and employment is being recognized by a growing number of construction companies, which are finding it increasingly beneficial financially and operationally to convert to ESOPs (Employee Stock Ownership Plans). In addition to the potential profit and tax savings, employees-as-owners can have a different set of priorities than employees-as-workers only: Motivation:their success is […]

Posted In: Business, Employees

Transfer Business Ownership or Remain Boss?

For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting and […]

Posted In: Business, Tax Advisor

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