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June 30, 2021
Dealing with Unknowns: Accounting Estimates and Current Challenges

Predicting the metrics that underlie your company’s accounting estimates can be a challenge, especially in today’s unprecedented market conditions. There are several important “unknowns,” including how much longer certain issues involving the COVID-19 pandemic will continue, how the economy will be affected by federal stimulus spending over the long term, and to what extent tax […]

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June 29, 2021
Estate Planning with Family Advancement Sustainability Trusts

In the past, estate planning has tended to focus on objectives like protecting assets against creditors’ claims or lawsuits and minimizing gift and estate taxes. While these are still important goals, many affluent families are now turning their focus to less technical but equally important considerations, such as ensuring the younger generation’s education, preparing them […]

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June 24, 2021
Important Tax Calendar Deadlines for Employers: Q3 2021

Here are a few important tax-related deadlines for the third quarter of 2021 that will affect businesses and other employers. This isn’t an all-inclusive list, so keep in mind that other additional deadlines may apply to you. If you want to make sure you’re meeting all applicable deadlines or have questions about the filing requirements, […]

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June 23, 2021
Managing Working Capital

An organization’s working capital is the difference between its current assets and current liabilities. Although the optimal amount of working capital varies depending on the industry and the nature of operations, organizations need a certain amount of working capital to run their operations smoothly. And if working capital management is inefficient, it can hinder performance […]

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June 21, 2021
Tax and Nontax Benefits of Hiring Your Minor Children for the Summer

Tax breaks and other nontax benefits are available for business owners who hire their children this summer. By hiring your child, you may be able to: Realize payroll tax savings, depending on how your business is organized and your child’s age Convert high-taxed income into income that is low-taxed or tax-free Enable retirement plan contributions […]

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June 16, 2021
Keeping Your Assets Safe with “Hybrid” Domestic Asset Protection Trusts

Although President Biden has suggested that he wants to roll back current federal gift and estate tax exemption amounts (reducing the estate tax exemption to $3.5 million, imposing a top estate tax rate of 45%, and reducing the gift tax exemption to $1 million), any proposals would have to be passed in Congress. In the […]

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June 15, 2021
Just Filed Your Tax Return? Some Answers to Common Questions

You may find that you have questions about your 2020 tax return, even after you’ve successfully filed with the IRS. Here are three quick answers to some of the most frequently asked questions at this time of year. When will I receive my refund? You can check the status of your refund using the IRS’ […]

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June 10, 2021
Tax Obligations from Working in the Gig Economy

The number of workers engaged in the “gig” or sharing economy had already been growing before the COVID-19 pandemic hit, according to several reports. During the pandemic, reductions in working hours have resulted in even more people turning to gig work to make up lost income. People who perform these jobs—which include delivering food, providing […]

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June 8, 2021
How to Avoid Having Your Independent Contractors Reclassified as Employees by the IRS

If you’re one of the many businesses that use independent contractors to help keep down costs, you’ll want to ensure that these workers are classified properly for federal tax purposes. It can be a costly mistake if the IRS reclassifies them as employees. Determining whether a worker is an employee or an independent contractor for […]

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