Prevent Identity Theft with an IP PIN
Prevent Identity Theft with an IP PIN Identity theft is at an all-time high with how digital the world has become. To protect yourself within IRS, we highly recommend obtaining an Identity Protection Pin (IP PIN). This six-digit code is now considered best practice for safeguarding your tax return against identity theft. An IP […]
April 2020 Question and Answer
Question: My company has problems keeping employees, a problem that has escalated this year. What can I do? Answer: Record low unemployment has made this a job seeker’s market, but a history of problems retaining employees might suggest that you take a new look at your company’s practices. Start by comparing your salaries, benefits and […]
Exploring Trusts for Your Estate
While the federal estate tax basic exclusion amount has risen dramatically in recent years, some states have not followed suit by raising their exemptions. Even with higher current exemptions, the future of taxes is unpredictable, so you need a strategy to deal with potential estate taxes if you own significant assets. A trust could be […]
Secure for Business
The SECURE Act also creates big changes for companies offering qualified retirement plans. Here are a few of them: Easier Access More small businesses are eligible to start a qualified retirement plan for employees, as the new law allows two or more unrelated employers to join a pooled employer plan. More parttime workers are eligible […]
A Different Type of Enterprise
If you’re looking to expand your business, moving to a Qualified Enterprise Zone may provide an opportunity to grow in a tax-smart way. A PRIMER Enterprise zones have been around for decades. And while federal tax breaks for enterprise zones expired, companies that meet certain requirements may gain state and local tax credits in exchange […]
New Retirement Rules
Please note the CARES Act waives all required minimum distributions (RMD) for 2020. Congress capped off last year by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a larger spending bill. This is the biggest change in retirement saving rules in more than a decade. We urge you to […]
A Qualified Opportunity
When you sell appreciated assets, you pay taxes on them in the year you realize capital gains. But when you invest in a Qualified Opportunity Fund (QOF), you defer capital gains taxes and potentially receive tax-free appreciation. If you invest outside of a qualified retirement plan, you might explore how these types of funds could […]
March 2020 Short Bits
WHAT RETIREMENT? According to a survey by The Harris Poll for TD Ameritrade, most Americans age 40 and older intend to work past “retirement.” The poll found that 92% of respondents age 40-49 planned to work in retirement, while 66% of respondents in their 60s and 52% of those in their 70s said the same. […]
A Primer on Excise Taxes
The sheer number of taxes companies must pay surprises many new business owners. They can be assessed for unemployment, Social Security and a variety of excise taxes, to mention a few. The latter affects businesses dealing with everything from sports wagering and gasoline to indoor tanning and tire sales. They are imposed by some states […]
Loan Consequences
If your company offers a 401(k) plan loan, it can be among your most cost-effective options for short-term needs (five or fewer years). However, these loans come with potential drawbacks. Before you take money from your 401(k), understand all the consequences. THE BASICS Not every 401(k) plan will allow loans, but the majority that do […]