The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
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Many spouses operate small businesses together. Here’s a look at some of the tax issues they may face.
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The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.
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Could your nonprofit benefit from having an accountable plan? It provides a tax-advantaged way to reimburse staffers for certain work-related expenses. Read on for more about the advantages and possible drawbacks.
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Do you want to provide for your spouse after your death but ensure that your children ultimately receive the inheritance you desire? A qualified terminable interest property trust may be the answer.
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Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023. Here are the rules.
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If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.
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Even if your nonprofit is gearing up for a holiday fundraising campaign, don’t neglect your ongoing fundraising plan. Don’t have one? We explain how to get started.
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Estate tax exemption “portability” can save married couples substantial estate taxes, but only if the necessary election is made.
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Divorce can be financially complicated, especially if one or both of the spouses owns a business.
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If federal estate tax isn’t an issue for your family, you may want to hold on to your life insurance policy for its estate planning opportunities.
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Recent natural disasters in Hawaii and California should remind all nonprofit organizations to establish a disaster plan. Here’s how to help protect your people, operations and technology.
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If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.
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Because of probate’s public nature, avoiding the process to the extent possible is a goal of many estate plans. Here are some strategies.
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Family members often want to help disabled loved ones financially but don’t want them to lose eligibility for their government benefits. A tax-advantaged ABLE account may be the answer.
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Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone and email solicitations.
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Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through their retirement plans. Here are the details.
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To avoid confusion, pain and possible court proceedings among your surviving family members after your death, maintain only one, original will.
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If you lead a private foundation, you must go out of your way to prevent anything that might be perceived as a conflict of interest or self-dealing. Here’s how to color within the lines and stay out of trouble.
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Learn the reasons why you should have an estate plan even if you’re not married and have no children.
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