When it comes to asset protection, a hybrid DAPT offers the best of both worlds
Posted September 12, 2019 / No comments
A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate tax liability and protect assets from creditors’ claims and lawsuits. The Tax Cuts and Jobs Act reduces or
Read MoreAuditing grant compliance
Posted September 12, 2019 / No comments
Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure compliance at all levels. Federal compliance Federal awards require compliance with the Uniform Administrative Requirements, Cost Principles, and Audit
Read More2019 Q4 tax calendar: Key deadlines for businesses and other employers
Posted September 11, 2019 / No comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October
Read MoreGetting a divorce? There are tax issues you need to understand
Posted September 11, 2019 / No comments
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For
Read MoreIllinois Tax Updates
Posted September 5, 2019 / No comments
The Illinois Dept. of Revenue (IDOR) has issued a compliance alert regarding procedures for reporting the selling price of transaction returns for leases. The alert provides guidance so that dealers are informed on what charges should be included when an alternate selling price is used on Form ST-556-LSE. The IDOR is aware that taxpayers are
Read MoreThe key to retirement security is picking the right plan for your business
Posted September 3, 2019 / No comments
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made
Read MoreThe next estimated tax deadline is September 16: Do you have to make a payment?
Posted September 3, 2019 / No comments
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,
Read MoreCorporate governance in the 21st century
Posted September 1, 2019 / No comments
What’s the purpose of a corporation? For the last 50 years, the answer was “to maximize shareholder value.” But, on August 19, CEOs of 181 leading U.S. businesses, including Amazon, Apple, General Motors and Walmart, pledged to broaden the scope. Beyond shareholder value Putting shareholders first was the doctrine of University of Chicago economist Milton
Read MoreEmployers can truncate SSNs on employees’ W-2s
Posted August 31, 2019 / No comments
The IRS recently issued final regulations that permit employers to voluntarily truncate employee Social Security Numbers (SSNs) on copies of Forms W-2 furnished to employees. The purpose of the regs is to aid employers’ efforts in protecting workers from identity theft. Proposals and comments On September 20, 2017, the IRS issued proposed regs on the
Read MoreOffering group term life insurance through a cafeteria plan
Posted August 30, 2019 / No comments
Many employers wish to offer group term life insurance as a fringe benefit but find the premiums unaffordable. Under such circumstances, you could provide the coverage and have employees pay the premiums pretax through an existing cafeteria plan. Just be sure you understand the tax impact. Magic number Group term life insurance coverage on employees’
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