Now may be the time to forgive intrafamily loans

Now may be the time to forgive intrafamily loans If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear…

IRA account value down? It might be a good time for a Roth conversion

IRA account value down? It might be a good time for a Roth conversion The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional…

Hiring independent contractors? Make sure they’re properly classified

Hiring independent contractors? Make sure they’re properly classified As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal…

The rules have changed regarding your IRAs, RMDs and estate plan

The rules have changed regarding your IRAs, RMDs and estate plan Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid,…

Answers to questions you may have about Economic Impact Payments

Answers to questions you may have about Economic Impact Payments Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part…

New COVID-19 law makes favorable changes to “qualified improvement property”

New COVID-19 law makes favorable changes to “qualified improvement property” The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred…

COVID-19: Expanded Federal tax filing and payment relief

COVID-19: Expanded Federal tax filing and payment relief The Treasury Department and IRS announced that Notice 2020-23 (PDF) extends additional key tax deadlines. The extensions generally now apply to all taxpayers that have a filing or payment deadline falling on…