As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or […]

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. Therefore, it is important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. SUBSTANTIATING EXPENSES […]

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. However, there […]

Although COVID-19 remains a concern, many people have started traveling again — both for business and pleasure. Unfortunately, as travel demand has increased, so has travel-related fraud. For example, some fraud perpetrators posing as airline employees call would-be victims to try to elicit credit card numbers. Other scam artists send phishing emails that appear to […]

Some organizations struggle to prevent cyberattacks because they rely on cybersecurity tools and techniques that protect only their perimeter. Perpetrators who make it past a single line of defense (such as with a username and password) can gain unfettered access to the company’s network. They can then use ransomware to block access to data or […]

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It does not matter if the scholarship makes a direct […]

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses are not deductible through 2025 if they are considered investment expenses for the production of income. However, they are deductible if they are considered trade or business expenses. For […]

Without trust between you and your employees, your business probably would not be very successful. Delegating responsibility, sharing ideas, working as a team — all require a certain level of trust. However, too much trust can lead to occupational fraud and conflicts of interest. To maintain the proper balance, establish a policy that outlines your […]

Married couples may not be able to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there is an exception […]

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 […]