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Because of COVID-19, college-aged children need a basic estate plan

Because of COVID-19, college-aged children need a basic estate plan It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to…

Frequently Asked Questions on PPP Loan Forgiveness

Frequently Asked Questions on PPP Loan Forgiveness Small Business Administration released guidance to address borrower and lender questions concerning forgiveness of PPP loans. The FAQ are divided into four sections: general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll…

The tax implications of employer-provided life insurance

The tax implications of employer-provided life insurance Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income”…

Does your business receive large amounts of cash or cash equivalents?

Does your business receive large amounts of cash or cash equivalents? Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person…

Avoid “bad blood” among family members: Protect your will from legal challenges

Avoid “bad blood” among family members: Protect your will from legal challenges You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch.…

Why do partners sometimes report more income on tax returns than they receive in cash?

Why do partners sometimes report more income on tax returns than they receive in cash? If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be…

Fortify your assets against creditors with a trust

Fortify your assets against creditors with a trust You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now…