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IRS EXTENDS ADMINISTRATIVE RELIEF FOR 401(K) PLANS

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans.   A virtual solution   In IRS Notice 2021-40, the […]

DON’T ASSUME YOUR PROFITABLE COMPANY HAS STRONG CASH FLOW

A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. However, this is not always the case. Taking a closer look at the accounting involved can provide an explanation. Investing in the business What are profits, really? In accounting terms, they are closely […]

WHAT IS “FAIR VALUE” IN AN ACCOUNTING CONTEXT?

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination. Though fair value may better align your company’s financial statements with today’s […]

THE LONG AND SHORT OF SUCCESSION PLANNING

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and do not intend to give up ownership anytime soon. However, if the past year or so have taught us anything, it is that anything can happen. Owners who […]

CASH TALKS — AND FRAUD EXPERTS ARE LISTENING

Fraud perpetrators take whatever they can get their hands on. However, they generally prefer cash because it is virtually untraceable. Fortunately, fraud experts have the expertise and tools to trace even cash-based theft. Multiple opportunities According to the Association of Certified Fraud Examiners, there are three main categories of cash fraud, which includes checks because […]

Tax-favored ways to build up a college fund

If you are a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for […]

Retiring soon? 4 tax issues you may face

If you are getting ready to retire, you will soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here is a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your […]

Many parents will receive advance tax credit payments beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable for 2021. […]

Working in the gig economy results in tax obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. In addition, reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who […]

Tax filing deadline is coming up: What to do if you need more time

  “Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request […]

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