Form I-9 is changing; comments requested by May 31
April 29, 2022 Knowledge Center
Form I-9 is changing; comments requested by May 31

Form I-9, “Employment Eligibility Verification,” is used to verify the identity and employment authorization of individuals hired for employment in the United States. As you’re no doubt aware, all U.S. employers must properly complete a Form I-9 for everyone hired, including citizens and noncitizens. Both employees and employers (or authorized representatives of an employer) need to fill […]

Leveraging internal audits
April 28, 2022 Knowledge Center
Leveraging internal audits

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think beyond compliance. Internal auditors who understand the big picture can expand their department’s influence by helping their organizations mitigate risk, improve […]

Want to turn a hobby into a business? Watch out for the tax rules
April 27, 2022 Knowledge Center
Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses […]

How to qualify for — and keep — cyber insurance coverage
April 25, 2022 Knowledge Center
How to qualify for — and keep — cyber insurance coverage

These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S. Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020. But in the event of a loss, processing such claims can be expensive, and […]

Understanding the terms of health care directives
April 21, 2022 Knowledge Center
Understanding the terms of health care directives

Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names given to those directives, depending on one’s jurisdiction. In any event, regardless of what they’re called in the state where you reside, it’s important to create these documents and keep […]

Are pretax HSA contributions allowed without a cafeteria plan?
April 20, 2022 Knowledge Center
Are pretax HSA contributions allowed without a cafeteria plan?

By now, many employers have chosen to offer employees a high-deductible health plan (HDHP) along with a Health Savings Account (HSA). One interesting issue that’s arisen is, at some organizations, employees have asked whether they can make pretax HSA contributions. Doing so would enable them to save on income taxes every pay period rather than […]

Thinking about converting your home into a rental property?
April 19, 2022 Knowledge Center
Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a […]

Taking a red pen to financials for valuation purposes
April 18, 2022 Knowledge Center
Taking a red pen to financials for valuation purposes

Financial statements are an important source of data for valuing a business. But they tell only part of the story. An accurate business valuation hinges on a comprehensive understanding of the subject company’s relative performance and its future earnings power. To help clarify matters, experts often make various adjustments to the financials. Here are some […]

Congress eyes further retirement savings enhancements
April 15, 2022 Knowledge Center
Congress eyes further retirement savings enhancements

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act […]

Opening up to SLAT opportunities
April 14, 2022 Knowledge Center
Opening up to SLAT opportunities

Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law. Fortunately, […]

Once you file your tax return, consider these 3 issues
April 13, 2022 Knowledge Center
Once you file your tax return, consider these 3 issues

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: You can throw some tax records away now You should hang onto tax records related to […]

Keep cybercriminals from stealing your business’s brand
April 12, 2022 Knowledge Center
Keep cybercriminals from stealing your business’s brand

When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if a cybercrook steals a company’s identity and uses it to engage in fraud? This situation can be more complicated — and expensive — to resolve. Fraudsters […]