When little things mean a lot: Estate planning for personal property
August 11, 2022 Knowledge Center
When little things mean a lot: Estate planning for personal property

Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. Squabbling over these items may lead to emotionally charged disputes and even litigation. In some cases, the legal fees and court costs can eclipse the monetary value of […]

Employer violated ERISA by terminating employee
August 9, 2022 Knowledge Center
Employer violated ERISA by terminating employee

Many employers offer health care plans and other benefits that fall under the purview of the Employee Retirement Income Security Act (ERISA). A recent federal court decision serves as a reminder that employers need to know their legal rights and limits regarding employee terminations and ERISA-protected benefits. Plaintiff’s argument In Kairys v. S. Pines Trucking, Inc., […]

CHIPS Act poised to boost U.S. businesses
August 5, 2022 Knowledge Center
CHIPS Act poised to boost U.S. businesses

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also […]

The kiddie tax: Does it affect your family?
August 4, 2022 Knowledge Center
The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie […]

Taking employee benefits to the next level with an NQDC plan
August 1, 2022 Knowledge Center
Taking employee benefits to the next level with an NQDC plan

Does your organization offer a 401(k) plan to its employees? This is a common fringe benefit for the rank and file. However, some employers might want to take their benefits packages to the next level by offering special options to key employees. In such cases, a nonqualified deferred compensation (NQDC) plan could fit the bill. Qualified […]

Businesses: Act now to make the most out of bonus depreciation
July 29, 2022 Knowledge Center
Businesses: Act now to make the most out of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has […]

Last call for lease accounting
July 27, 2022 Knowledge Center
Last call for lease accounting

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal […]

Take a balanced approach to retirement and estate planning using a split annuity
July 27, 2022 Knowledge Center
Take a balanced approach to retirement and estate planning using a split annuity

If you’re approaching retirement or have already retired, one of the biggest challenges is balancing the need to maintain your standard of living with your desire to preserve as much wealth as possible for your loved ones. This balance can be difficult to achieve, especially when retirement can last decades. One strategy to consider is […]

Spotlight on a critical antifraud tool: Risk assessments
July 25, 2022 Knowledge Center
Spotlight on a critical antifraud tool: Risk assessments

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. These tools have become more prevalent in recent years, according to “Occupational Fraud 2022: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). But although almost 50% of businesses perform fraud assessments, many owners […]

Estates now have an additional three years to file for a portability election
July 22, 2022 Knowledge Center
Estates now have an additional three years to file for a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return (Form 706). The return […]

The Power of Value-Driven Teams and Organizations | LABJ
July 21, 2022 In the News
The Power of Value-Driven Teams and Organizations | LABJ

by Kiran Sanghera, PHR | “Now, more than ever, successfully managing and retaining teams requires leading with intention by clearly communicating goals and expectations, and remembering to do so, first and foremost, with humility and empathy.”  

When should you turn down an inheritance?
July 20, 2022 Knowledge Center
When should you turn down an inheritance?

“Thanks, but no thanks.” If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been […]