COVID-19 has changed how working parents are handling childcare. With daycares and summer camps closed and many schools operating virtually, parents have turned to nannies and babysitters to make sure their children are cared for.  While this approach to childcare can reduce the risk of COVID-19 transmission, it does raise an important tax issue: “nanny […]

Families come in all shapes and sizes. It’s important for your estate planning to reflect it! If you’ve adopted children or have a blended family with stepchildren, make sure your estate is structured to distribute accordingly. Adopted children Most estate planning situations don’t distinguish between biological and adopted children. Intestate succession laws, which regulate who […]

It’s a scene straight out of the movies. An anxious family comes together following the death of a wealthy pater familias. They’re there to mourn, but also to find out what exactly is written in his will. The will is read - and no one expected that all the family assets were going to his […]

White-collar crime can be costly, but the form with the highest price tag? Financial statement fraud. According to the Association of Certified Fraud Examiners, it brings a median loss of $954,000. However, auditors and forensic accountants are skilled at assessing journal entries to hunt down financial manipulation. Detecting questionable entries  When it comes to financial […]

When it comes to taxes, surprises are rarely welcome, especially when you find out you’re being taxed more than expected. One group that this may happen to is business partners. If you’re a partner in a business, you might discover that you’ve been taxed more on partnership income than was distributed to you. If this […]

If you pay or receive nonemployee compensation, take note. There’s a new IRS form in town for business taxpayers. Beginning in the tax year 2020, payers will have to complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, business owners used […]

Skimming - it sounds low threat, like it doesn’t add up to much. In fact, skimming doesn’t make up a large part of fraud activity for most businesses. According to the Certified Fraud Examiners’ 2020 Report to the Nations, cash receipt theft only makes up 11% of asset appropriation schemes. But the median loss of […]

Trusts can be excellent estate planning tools, helping reduce taxes after death. However, their utility goes beyond end-of-life planning. Trusts can help you protect your assets throughout your lifetime and beyond. Whether you’re concerned about creditors, taxes, ex-spouses or business partners, or spendthrift children, your hard-earned wealth can benefit from the asset protection a trust […]

Planning your estate? Recently inherited assets? Knowing the “cost” or “basis” of property is important - it can have a big impact on your taxes. Fair market value rules The first step is to understand fair market value basis rules. These are also known as “step-up and step-down rules.” Under these guidelines, when an heir […]