Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred […]
S Corporations and PPP Loan Forgiveness
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are […]
What Papers Do You Need To Save?
Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some […]
By the Numbers: The Key Figures Business Owners Must Know
Deciding to open a new business comes with a set of responsibilities. Obviously, providing a good service to your clients and building up a customer base are important. But so is understanding the financial concepts you need to know and measure to be sure your business is profitable and staying on track. In general, businesses […]
Claiming the R&D Tax Credit the Right Way
Every year, the IRS releases the “Dirty Dozen,” a list of tax scams and schemes on which the agency is choosing to focus. In the crosshairs this year is abuse of business tax credits. Says the IRS, “Improper claims for the research and experimentation credit generally involve failures to participate in, or substantiate, qualified research […]
ERISA: Your Retirement Rights
The Employee Retirement Income Security Act of 1974 — better known as ERISA — is, according to the Department of Labor, “a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.” These typically include traditional pension plans, 401(k) plans, […]
