IRS announces max dollar amount for excepted benefit HRAs
October 23, 2020 Knowledge Center
IRS announces max dollar amount for excepted benefit HRAs

In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. More specifically, the amount applies to plan years beginning after December 31, 2020, and before January 1, 2022 — referred to as the […]

4 ways to address elderly parents in your estate plan
October 23, 2020 Knowledge Center
4 ways to address elderly parents in your estate plan

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning. How can you best handle the financial affairs of parents in the later […]

Avoiding conflicts of interest with auditors
October 22, 2020 Knowledge Center
Avoiding conflicts of interest with auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest. What is a conflict of interest? According to the America Institute of Certified Public Accountants (AICPA), “A conflict of interest may occur if a member […]

Buying and selling mutual fund shares: Avoid these tax pitfalls
October 21, 2020 Knowledge Center
Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales  You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund […]

Medical practices are under enough stress — don’t let fraud add to the load
October 20, 2020 Knowledge Center
Medical practices are under enough stress — don’t let fraud add to the load

The COVID-19 pandemic has put enormous pressure on medical practices and healthcare workers. The last thing they need right now is to worry about financial losses and other negative repercussions of occupational fraud. So that physicians and their employees can focus on patient care, they should take a little time now to ensure strong internal […]

What tax records can you throw away?
October 19, 2020 Knowledge Center
What tax records can you throw away?

If you’re finally done filing last year’s return (October 15 was the deadline for individual taxpayers who extended their 2019 tax returns), you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard. The general rules At […]

Can employers provide disaster relief for COVID-19?
October 16, 2020 COVID-19
Can employers provide disaster relief for COVID-19?

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19? […]

Reinforce protection of your company’s mobile devices
October 15, 2020 Knowledge Center
Reinforce protection of your company’s mobile devices

Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks that once kept […]

More time: FASB delays long-term insurance standard … again
October 9, 2020 COVID-19
More time: FASB delays long-term insurance standard … again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]

Is a noncharitable purpose trust right for you?
October 8, 2020 Knowledge Center
Is a noncharitable purpose trust right for you?

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve your estate planning goals. Defining an NCP trust Historically, trusts were required […]

Why it’s important to plan for income taxes as part of your estate plan
October 8, 2020 Knowledge Center
Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]

The red flags are many when borrowing from your retirement plan
October 6, 2020 Knowledge Center
The red flags are many when borrowing from your retirement plan

The COVID-19 pandemic has resulted in many people borrowing from their companies’ qualified retirement plans, and the CARES Act provides some temporary rule changes to this loan type. However, given the risks and costs of borrowing from a retirement plan, it should generally be viewed as a last resort. From an estate planning angle, subtracting […]