If you inherit an IRA from your spouse, one advantage is that you’re entitled to transfer the inherited funds to a spousal rollover IRA. For tax purposes, this rollover IRA is treated as your own IRA, which means that you aren’t required to start taking required minimum distributions (RMDs) until the age of 72. By…

The Financial Accounting Standards Board (FASB) updated its accounting standard for events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP) on March 30. For private companies and not-for-profit entities adversely affected by the COVID-19 pandemic, this new, simplified alternative may provide relief. Here are a few things to know. Options for…

Small business owners can save family income and payroll taxes by putting their child (or children) on the payroll. Here are a few things to know. Converting business earnings into low-taxed income Shifting some business earnings to a child as wages for services performed can turn some of your high-taxed income into tax-free or low-taxed…

Your family-owned vacation home can be a relaxing refuge—especially during the COVID-19 pandemic, when options for travel are limited. However, it’s important to have a clear plan and solid ground rules that all the members of your family can agree to—otherwise, conflict and tension could ruin your vacation, or even result in the selling of…

If you’re thinking about buying or replacing a vehicle for use in your business, you may want to consider choosing a heavy sport utility vehicle (SUV)—these vehicles might allow you to benefit from lucrative tax rules. 100% first-year bonus depreciation Under current law, new and pre-owned heavy SUVs, vans and pickups that are acquired and…

As the economy recovers from the COVID-19 pandemic in 2021, audit committees are faced with new challenges in their oversight roles and responsibilities. The following four steps can help to ensure your committee’s effectiveness. 1. Focus your audit on the basics As you finish with financial reporting for fiscal year 2020, it’s worth revisiting your…

To complement a will, many people choose to transfer specific securities to a revocable living trust. Assets transferred to the trust generally aren’t required to go through the time-consuming and expensive probate process. In addition, they can be managed by professionals and are usually protected from creditors. Used correctly, a living trust helps to ensure…

The EBSA Disaster Relief Notice 2021-01, recently issued by the U.S. Department of Labor (DOL), clarifies the duration of certain COVID-19-related deadline extensions. As these deadline extensions apply to health care benefits plans, they should be of interest to employers. Deadline extensions will continue The COVID-19 outbreak period is defined as beginning March 1, 2020,…

As tax-filing season rolls around, you’re probably focused on your income or business tax returns—however, there’s also another type of return you may have to file. If you’ve made substantial gifts of wealth to family members in 2020, you may also need to file a gift tax return. How to file a gift tax return…

Data security is an important piece of the audit risk assessment. In the case that your financial statements are audited, your audit team will specifically investigate critical cyber risks and your internal controls’ effectiveness, and will assess your practices to identify any weaknesses that might require additional inquiry, testing and disclosure. Making cybersecurity a priority…

If you’re considering launching a business with partners, you may be wondering what type of entity to form—and an S corporation could be the most suitable form for your new business to take. Here are a few of the reasons why. The biggest advantage of forming an S corporation (as opposed to a partnership) is…

On March 11, President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) into law—and while relief provided to individuals is perhaps the best known part of the ARPA, there are also several financial benefits and tax breaks and for businesses. Here are a few of the tax implications of the ARPA. Extension of…